Transocean Inc. operations in Nigeria disrupted by labor strike

Transocean Inc. has ceased drilling operations on four of its mobile offshore drilling units offshore Nigeria due to a strike that began on April 16 on the semisubmersible rig M.G. Hulme, Jr. and on April 19 on the semisubmersible rig Sedco 709 and the jackup rigs Trident VI and Trident VIII by local members of the National Union of Petroleum and Natural Gas Workers (NUPENG).

Transocean Inc. has ceased drilling operations on four of its mobile offshore drilling units offshore Nigeria due to a strike that began on April 16 on the semisubmersible rigM.G. Hulme, Jr. and on April 19 on the semisubmersible rig Sedco 709 and the jackup rigs Trident VI and Trident VIII by local members of the National Union of Petroleum and Natural Gas Workers (NUPENG). The strike was allegedly called to protest the continuation of disciplinary proceedings against certain personnel belonging to NUPENG. The company is attempting to resolve the labor stoppage. At this time it cannot estimate the possible length of the strike or its financial impact.

04/22/03

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