Two Transocean Drillships Win Contracts

Transocean has been awarded contracts for two high-specification drillships, the Deepwater Millennium and the Deepwater Expedition, for drilling operations in the U.S. Gulf of Mexico and offshore Egypt, respectively.

The Deepwater Millennium, a fifth-generation, dynamically positioned drillship, has been awarded a two-year contract by Anadarko Petroleum for drilling operations in the U.S. Gulf of Mexico. Revenues of approximately $209 million could be generated over the two-year contract, which went into effect last week. This contract takes the place of a six-month firm contract with two previously reported and unexercised options with Anadarko that could have generated maximum, combined revenues of approximately $146 million over the 18-month period. The new contract assures Anadarko rig access for its deepwater portfolio over the next two years. The current contract and replaced contract with options are exclusive of revenues for mobilization, demobilization and client reimbursables.

The Deepwater Expedition, also a fifth-generation, dynamically positioned drillship, has been awarded a three-well, estimated 90-day contract plus a 30-day option well from a Shell subsidiary for drilling operations offshore Egypt in the eastern Mediterranean Sea. Following the completion of the rig's current contract with Petrobras in Brazil, which is expected to conclude in October 2005, the Deepwater Expedition will commence an estimated 30-day mobilization to Egypt and is expected to begin the 90-day contract in November 2005. Revenues of approximately $22 million could be generated over the estimated 90-day contract period. Estimated contract revenues are exclusive of revenues for mobilization, demobilization and client reimbursables.

The Deepwater Millennium and Deepwater Expedition are two of 32 High-Specification rigs in the Transocean Inc. fleet, 13 of which are Fifth-Generation Deepwater Floaters. The rigs entered active service as newbuild drillships in 1999.

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