Transocean Wins Contracts for Two Drillships

Transocean Inc. subsidiaries have been awarded contracts for two High-Specification Floater rigs, the drillships Deepwater Frontier and Deepwater Pathfinder.

Petrobras has awarded the drillship Deepwater Frontier an estimated 700-day contract for drilling services offshore Brazil. The contract is expected to commence during March 2004 in direct continuation from the rig's current drilling program, also with Petrobras in Brazil. The 700-day contract could generate revenues of up to approximately $101 million.

The drillship Deepwater Pathfinder has received an estimated 110-day contract from Marathon Oil Corporation for drilling services offshore Nova Scotia in Eastern Canada. The rig is expected to commence the contract in May 2004, following the completion of its current drilling program in the U.S. Gulf of Mexico. The estimated 110-day contract could generate revenues of up to approximately $17 million.

The drillships Deepwater Frontier and Deepwater Pathfinder are two of the company's 32 High-Specification Floater rigs, 28 of which are capable of operating in water depths of 4,500 feet and greater.
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