TODCO Completes Visual Inspection of Rig Fleet

TODCO reported that in the aftermath of Hurricane Rita, it has completed a visual inspection of its offshore Gulf of Mexico and inland barge rig fleet. All rigs were accounted for during the visual inspection. While several rigs appear to have sustained minor damage, it does not appear that any rigs will be out of service for an extended period of time. All the company's rigs are insured against damage under a hull and machinery insurance policy with a total incident deductible of $1 million.

Mr. Jan Rask, President and Chief Executive Officer of TODCO commented "Our mat supported jackups, which were purpose built for the Gulf of Mexico environment, have yet again managed to weather hurricane forces. The mat design allows the drilling unit to skid across a soft sea-bed thus avoiding severe leg loading which could lead to failure."

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