In addition, the company announced that Total E&P UK PLC has awarded a one-year drilling contract extension to the company's semisubmersible rig Sedco 714 for operations in the U.K. North Sea. The one-year contract is expected to commence in November 2007 following the rig's present contract commitments with Total. Revenues which could be generated over the one-year extension to the contract are approximately $128 million.
The Transocean Searcher and Sedco 714 are two of 20 Other Floaters, or mid-water rigs, in the Transocean Inc. fleet. The Transocean Searcher is capable of operating in water depths of up to 1,500 feet. The rig entered service in 1983 and was upgraded to its current specifications in 1988. The Sedco 714 is capable of operating in water depths of up to 1,600 feet. The rig entered service in 1983 and was upgraded to its current specifications in 1997.
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