Petrobras contracts four Transocean rigs

Petrobras has contracted with Transocean for four rigs totaling 22 rig years and approximately $3 billion in combined estimated contract revenues.

Offshore staff

HOUSTON -- Petrobras has contracted with Transocean for four rigs totaling 22 rig years and approximately $3 billion in combined estimated contract revenues.

- The five-year contract approved for the dynamically positioned semisubmersible rigSedco 707 is expected to begin in December 2009 following the completion of the rig's current contract commitments. Estimated generated revenue is approximately $841 million

- The five-year contract approved for the dynamically positioned drillshipDeepwater Navigator is expected to begin in March 2011 following the completion of the rig's current contract commitment. Estimated generated revenue is approximately $801 million

- The six-year contract approved for the dynamically positioned semisubmersible rigSedco 710 is expected to begin in November 2010 following the completion of the rig's current contract commitment. Estimated generated revenue is approximately $730 million

- The six-year contract approved for the moored semisubmersible rigTransocean Driller is expected to begin in August 2010 following the completion of the rig's current contract commitment. Estimated generated revenue is approximately $680 million.

The approved contracts are expected to be executed by subsidiaries of Petrobras and Transocean in the next 30 to 60 days.

07/15/2008

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