Shell Awards Contracts to Two Transocean Semisubs

Transocean Inc. reports that Shell Exploration and Production Company has awarded a contract and contract extension totaling a possible $228 million for two of the company's High-Specification Floaters, the Discoverer Spirit and Deepwater Nautilus.

The drillship Discoverer Spirit received an 18-month contract, expected to commence in September 2005, in direct continuation of the rig's current drilling assignment. The semisubmersible rig Deepwater Nautilus received a 12-month contract extension, expected to begin during September 2005. Revenues of approximately $148 million could be generated over the 18-month program for the Discoverer Spirit, while revenues of an estimated $80 million are possible over the 12-month contract extension for the Deepwater Nautilus.

The Discoverer Spirit is a dynamically positioned, Fifth-Generation drillship capable of working in water depths of up to 10,000 feet and is equipped with the company's patented dual-activity drilling technology, which saves time by allowing drilling tasks to be performed in parallel, rather than sequentially as with conventional offshore drilling rigs. The Deepwater Nautilus is a Fifth-Generation semisubmersible rig capable of working in water depths of up to 8,000 feet. Both rigs entered service in 2000 following their construction and represent two of the company's 32 High-Specification Floaters, 13 of which are Fifth-Generation deepwater floaters.

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