Offshore staff

HOUSTON -- Transocean has granted Pride International a worldwide and non-exclusive license to use Transocean's patents for offshore dual activity drilling methods and structures.

In return, Pride has agreed to pay Transocean $10 million for the first dual activity rig that Pride builds in a patented country, plus a 5% on day rate revenue generated by that rig in any patented country.

In addition, Pride will pay Transocean $15 million for each subsequent dual activity rig that Pride builds in any patented country, plus a 5% royalty on day rate revenue.

Transocean says it developed its dual activity drilling design in 1996 as part of a project to more efficiently construct wells in deepwater through the use of two drilling systems, allowing for parallel drilling operations to be conducted on a single well that saves operators both time and money, compared with conventional rigs.

Transocean has patented the structure and methods of operations associated with its dual activity invention in the US (US patent nos. 6,085,851; 6,047,781; 6,056,071; and 6,068,069) and in other parts of the world where dual activity rigs may be built or used.

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7/9/2007