Three Transocean Deepwater Semisubs Land Contracts

Transocean Marianas
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Jack Bates
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Sedco 709
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Transocean reports that three of the company's High-Specification Deepwater Floaters, the Transocean Marianas, Jack Bates and Sedco 709 have been awarded contracts of two to three years in duration for drilling operations in the U.S. Gulf of Mexico and West Africa.

The semisubmersible rig Transocean Marianas has been awarded a three-year contract from BP. The contract is expected to commence in approximately December 2006, in direct continuation of the rig's current contract, also with BP. Revenues of $476 million are possible over the three-year period. The Transocean Marianas is presently in a shipyard in Brownsville, Texas repairing damage sustained during Hurricane Rita. The rig is expected to exit the shipyard by the end of the first quarter of 2006, at which time the rig should resume operations in the U.S. Gulf of Mexico under the current contract from BP. An additional 30 days of out-of-service time is expected during 2006 to complete rig repairs and anticipated upgrades.

The semisubmersible rig Jack Bates has been awarded a two-year contract from Woodside Energy (USA), with an expected commencement date in the U.S. Gulf of Mexico of approximately November 2006, following an estimated 60-day period for mobilization from Australia, maintenance and contract preparation projects. Revenues of $248 million are possible over the contract period. The Jack Bates is presently drilling at the Woodside-operated Enfield field development program offshore Australia until approximately April 2006. Following the Woodside program, the rig is expected to commence a contract with Chevron (NYSE: CVX) on Chevron's Greater Gorgon project and should conclude the assignment in July 2006. The rig's mobilization from Australia to the U.S. Gulf of Mexico could commence as late as September 2006, depending on the arrival of a designated dry tow vessel.

The semisubmersible rig Sedco 709 has been awarded a two-year contract from Shell Nigeria Exploration and Production Company (SNEPCO) for drilling on SNEPCO's Bonga field development program offshore Nigeria. The contracted is expected to commence in approximately September 2006, following the estimated completion in March 2006 of an existing contract with ExxonMobil (NYSE: XOM) offshore Angola, and an estimated 150 days of out-of-service time for mobilization, maintenance and contract preparation. Revenues totaling $150 million are possible over the two-year contract.

Estimated contract revenues exclude revenues for mobilization, demobilization, contract preparation and client reimbursables.

The Transocean Marianas, Jack Bates and Sedco 709 are three of Transocean's 32 High-Specification Deepwater Floaters, each capable of operating in water depths of 4,500 feet and greater.

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