Petrobras contracts semisub Cajun Express for Brazil operations

Offshore staff

ZUG, Switzerland -- Petrobras has awarded Transocean a three-year contract for the ultra deepwater semisubmersible rig Cajun Express. Petrobras has the right within one year of contract execution to convert the three-year contract to a five-year contract.

Estimated contracted revenues for the three-year contract term and five-year contract term are approximately $558.5 million and $894.3 million, respectively

The contract is expected to begin in 1Q 2010 following the completion of the rig's current contract.

07/21/2009