Deepwater Pathfinder Wins Long-Term Contract Offshore Nigeria

Transocean's high-specification drillship, the Deepwater Pathfinder, has been awarded an estimated 800-day contract by an operator consortium led by Shell Nigeria Exploration and Production Company for drilling operations offshore Nigeria. The contract is expected to commence in April 2006, immediately following the conclusion of the rig's current contract. Revenues of an estimated $315 million could be generated over the 800-day contract period, excluding revenues for mobilization, demobilization and client reimbursables.

The Deepwater Pathfinder, a dynamically positioned, Fifth-Generation drillship capable of operating in waters depths of up to 10,000 feet, is one of 32 High-Specification rigs in the Transocean Inc. fleet, 13 of which are fifth-generation deepwater floaters. The rig, which is currently operating offshore Nigeria for a consortium of operators led by Devon Energy, entered active service in 1998 following its construction in Ulsan, Korea.

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