BP Extends Discoverer Enterprise Contract

Transocean reports that BP America Production Company has awarded the company's fifth-generation deepwater drillship, Discoverer Enterprise, a three-year contract extension which is expected to commence in December 2007, in direct continuation of the rig's current contract commitment, also with BP. The rig is expected to be utilized in the U.S. Gulf of Mexico, with revenues possible over the three-year contract period of approximately $569 million, excluding revenues for mobilization, demobilization and client reimbursables.

The dynamically positioned Discoverer Enterprise is one of 32 High-Specification Deepwater Floaters in the Transocean Inc. fleet, 13 of which are Fifth-Generation Deepwater Floaters. The rig, which is capable of operating in water depths of up to 10,000 feet, entered active service in 1999 following its construction in El Ferrol, Spain, and Pascagoula, Mississippi. The rig has been under contract to BP and utilized in the U.S. Gulf of Mexico since it began service. The Discoverer Enterprise is one of three drillships in the company's fleet to incorporate Transocean's patented dual-activity drilling process that utilizes two drilling systems in a single derrick, allowing for parallel drilling operations designed to save time and money in deepwater well construction, compared with conventional rigs.

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