Transocean: New Contract Awards Keeping Rigs Busy

Transocean reports that the Transocean Leader, a fourth-generation, deepwater semisubmersible rig, has been awarded a one-year contract from Statoil for exploration and development drilling operations offshore Norway. The Transocean Leader is expected to commence the contract by September 2007, in direct continuation of the rig's current contract, also with Statoil in Norway. Revenues of approximately $133 million could be generated over the one-year contract period.

In addition, the company announced that Oil and Natural Gas Corporation Ltd. (ONGC) of India has awarded the ultra-deepwater drillship Discoverer Seven Seas a three-year contract for drilling operations offshore India. The drillship is expected to complete its current three-year contract with ONGC by February 2007 and commence the new contract by the end of May 2007, following an estimated 90-day planned shipyard program. Revenues of approximately $345 million could be generated over the three-year contract period, excluding revenues for comprehensive services that include well planning, operations support and logistics management.

The estimated contract revenues for each rig are exclusive of revenues for mobilization, demobilization and client reimbursables.

The Transocean Leader and Discoverer Seven Seas are two of 32 High-Specification rigs in the Transocean Inc. fleet, 13 of which are Fifth-Generation Deepwater Floaters. The rigs can operate in water depths of up to 4,500 feet and 7,000 feet, respectively.

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