Deepwater Frontier Awarded Two-Year Contract

Transocean reports that its High-Specification drillship, the Deepwater Frontier, has been awarded a two-year contract by an international oil and gas operator. The contract is expected to commence in the late-third quarter or early-fourth quarter of 2006. The Deepwater Frontier is currently under contract to Petroleo Brasileiro S.A. (Petrobras) in Brazil until approximately May 2006. Revenues of an estimated $234 million could be generated over the two-year contract period, excluding revenues for mobilization, demobilization and client reimbursables.

The Deepwater Frontier, a dynamically positioned, Fifth-Generation drillship, is one of 32 High-Specification rigs in the Transocean Inc. fleet, 13 of which are Fifth-Generation Deepwater Floaters. The rig, which is capable of operating in water depths of up to 10,000 feet, entered active service in 1999 following its construction in Korea.

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