Transocean Completes Damage Assessment to Rigs Damaged During Hurricanes

Transocean's Deepwater Nautilus
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Transocean Marianas
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Hurricane Rita 9-20
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Transocean reported that damage assessments of the moored semisubmersible rigs Transocean Marianas and Deepwater Nautilus, which sustained damage during the recent hurricanes in the Gulf of Mexico, are substantially complete and an estimate of repair time has been made for each unit.

The company reported on September 27, 2005 that the Transocean Marianas was forced off its drilling location during Hurricane Rita, causing damage to the rig's mooring system. Further investigation also revealed damage to the unit's thrusters mounted beneath its hull and some hull damage, which caused the partial flooding of one column. The Transocean Marianas is scheduled to enter a shipyard in Brownsville, Texas, as early as this week where repairs to the unit are anticipated to take from three to four months. The company expects the rig to return to service in the first quarter of 2006.

The company reported on August 31, 2005 that the Deepwater Nautilus sustained damage to its mooring system and lost approximately 3,200 feet of marine riser and a portion of its subsea well control system during Hurricane Katrina. The rig sustained additional damage, primarily to thrusters mounted beneath its hull, when it was grounded following the failure of a tow line utilized by a vessel engaged in towing the rig to a location away from the projected path of Hurricane Rita. The Deepwater Nautilus is expected to mobilize over the next week to a location in the Gulf of Mexico to attempt to retrieve the portion of its subsea well control system lost during Hurricane Katrina. Assuming the subsea equipment is retrieved and is functional, the rig is expected to utilize a pre-laid mooring system to carry out drilling operations in the Gulf of Mexico while awaiting the eventual replacement of damaged mooring system components with items currently on order. The company expects the rig to experience approximately 30 days of out-of-service time during the fourth quarter of 2005, with approximately 60 days of additional out-of-service time required during the first half of 2006 to complete all repairs to the rig. The marine riser lost during Hurricane Katrina has been replaced.

The company's insurance program covers physical damage to its fleet and includes a $10 million deductible per event, plus a $20 million annual aggregate deductible. Transocean does not carry insurance coverage for loss of revenue.

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