Transocean Inc. receives contract extension for GSF Development Driller II

Transocean Inc.'s ultra deepwater semisubmersible GSF Development Driller II, capable of drilling in water depths of 7,500 ft (2,286 m), has been awarded a five-year contract extension, beginning in November 2008, by a subsidiary of BP PLC.

Offshore staff

HOUSTON -- Transocean Inc.'s ultra deepwater semisubmersible GSF Development Driller II, capable of drilling in water depths of 7,500 ft (2,286 m), has been awarded a five-year contract extension, beginning in November 2008, by a subsidiary of BP PLC.

Estimated contract revenues that could be generated over the five-year extension period are approximately $1.06 billion, Transocean says.

TheGSF Development Driller II, which entered service in 2005 and is currently in the Gulf of Mexico, is one of 39 high-specification floaters in the Transocean fleet, 18 of which are ultra deepwater floaters capable of drilling in water depths of 7,500 ft or greater.

06/19/2008

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