Transocean Sedco Forex Announces Rig Contracts
Transocean Sedco Forex Inc. announced that its ultra-deepwater semisubmersible Cajun Express has received a one-well, estimated 45-day contract from Ocean Energy Inc. for drilling operations in the U.S. Gulf of Mexico. The contract is expected to generate revenues of approximately $3.5 million and commence during August 2001.
In addition, the company has signed contracts and received a contract extension valued at an estimated combined $72 million for two semisubmersible rigs and three jackup rigs operating in international markets. The semisubmersible Sedco 702 has received a one-well, estimated 60-day contract from Newfield Exploration Australia Ltd. for continuing work in Australia. The contract commenced during August 2001 and is expected to generate revenues of $6.0 million. The semisubmersible Polar Pioneer has received a six-month contract extension for continuing work in Norway following Norsk Hydro's decision to exercise one of five, six-month options on the rig. The six-month extension is expected to commence in February 2002 and generate revenues of approximately $23.9 million, the maximum revenue allowed with the option. The terms associated with the four remaining six-month options provide for the possibility of improving dayrates, as dictated by prevailing market conditions. The Trident 9, a MODEC 400-C cantilever jackup designed for water depths of up to 400 feet, has received a two-well, estimated six-month contract from Vietsovpetro in Vietnam. The contract is expected to commence in September 2001 and generate revenues of approximately $13.5 million. The Trident 12, a Baker BMC 300-IC cantilever jackup designed for water depths of up to 300 feet, has received a six-month contract from Cairn Energy India Pty Ltd. for work in India. The contract is expected to commence during October 2001 following the completion of maintenance programs in a Singapore shipyard and mobilization to India. Revenues are expected to total approximately $11.7 million. Finally, the Trident 17, a MODEC 300-C cantilever jackup designed for water depths of up to 300 feet, has received a minimum 240-day contract from Kodeco Energy Co. Ltd. in Indonesia. The contract commenced in August 2001 and is expected to generate revenues of approximately $16.8 million for the minimum term.