Transocean Inc. announces contract awards for three high-specification rigs

Transocean Inc. announced that two clients have awarded contracts totaling a possible $257 million for three of the company's high-specification rigs, the ultra-deepwater rigs Cajun Express and Discoverer Deep Seas and the deepwater rig Transocean Marianas.

Transocean Inc. announced that two clients have awarded contracts totaling a possible $257 million for three of the company's high-specification rigs, the ultra-deepwater rigsCajun Express and Discoverer Deep Seas and the deepwater rig Transocean Marianas.

ChevronTexaco has awarded a two-year contract for the ultra-deepwater semisubmersible rigCajun Express starting June 2005 and has awarded the ultra-deepwater drillship Discoverer Deep Seas a one-year contract extension starting January 2006. The contracts are for exploration and development drilling work in the US Gulf of Mexico. Revenues of approximately $151.3 million could be generated over the 730-day contract for the Cajun Express. Revenues of approximately $87.6 million could be generated over the 365-day contract extension for the Discoverer Deep Seas.

Separately, Murphy Oil Corp. has awarded an estimated 120-day contract for the deepwater semisubmersible rigTransocean Marianas for a one-well drilling program in the US Gulf of Mexico. The contract will start in direct continuation of the rig's current drilling program, on or around Dec. 1. Revenues of approximately $18 million could be generated over the estimated 120-day contract duration.

TheCajun Express is a dynamically positioned, ultra-deepwater semisubmersible rig capable of working in water depths of up to 8,500 ft. The Discoverer Deep Seas is a dynamically positioned ultra-deepwater drillship capable of working in water depths of up to 10,000 ft. Both rigs entered service in 2001 as newbuild units. The Transocean Marianas, which was upgraded to its current specifications in 1998, is a moored semisubmersible rig capable of operating in water depths of up to 7,000 ft. The rigs are three of 32 high-specification floaters in the Transocean fleet, 17 of which are capable of drilling in water depths of 7,000 ft or greater.

11-09-04

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