The Sedco 600, idle in Singapore since April 2003, is currently being reactivated in preparation for an expected one-well contract. The rig is expected to complete the drilling project during the fourth quarter of 2004, with expected closing of the transaction to follow. The sale of the Sedco 602, idle in Singapore since February 2003, is expected to close during the second quarter of 2004.
Closing of the sale of both rigs is subject to certain closing conditions and regulatory approval.
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