Transocean Wins Contracts for Three High-Specification Rigs

Transocean Inc. reports that two clients have awarded contracts totaling a possible $257 million for three of the company's High-Specification rigs, the ultra-deepwater rigs Cajun Express and Discoverer Deep Seas and the deepwater rig Transocean Marianas.

ChevronTexaco has awarded a two-year contract for the ultra-deepwater semisubmersible rig Cajun Express starting June 2005 and has awarded the ultra-deepwater drillship Discoverer Deep Seas a one-year contract extension starting January 2006. The contracts are for exploration and development drilling work in the U.S. Gulf of Mexico. Revenues of approximately $151.3 million could be generated over the 730-day contract for the Cajun Express. Revenues of approximately $87.6 million could be generated over the 365-day contract extension for the Discoverer Deep Seas.

Separately, Murphy Oil Corporation (NYSE:MUR) has awarded an estimated 120-day contract for the deepwater semisubmersible rig Transocean Marianas for a one-well drilling program in the U.S. Gulf of Mexico. The contract will commence in direct continuation of the rig's current drilling program, on or around December 1, 2004. Revenues of approximately $18.0 million could be generated over the estimated 120-day contract duration.

The Cajun Express is a dynamically positioned, ultra-deepwater semisubmersible rig capable of working in water depths of up to 8,500 feet. The Discoverer Deep Seas is a dynamically positioned ultra-deepwater drillship capable of working in water depths of up to 10,000 feet. Both rigs entered service in 2001 as newbuild units. The Transocean Marianas, which was upgraded to its current specifications in 1998, is a moored semisubmersible rig capable of operating in water depths of up to 7,000 feet. The rigs are three of 32 High-Specification Floaters in the Transocean fleet, 17 of which are capable of drilling in water depths of 7,000 feet or greater.

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