Transocean Richardson Wins Chevron Contract

Transocean reports that a subsidiary of Chevron Corporation has awarded the company's semisubmersible rig, the Transocean Richardson, a three-year contract for exploration and appraisal drilling offshore in global Chevron operating areas which may include Southern Africa. The three-year contract is expected to commence in July 2007, following the completion of an existing contract commitment offshore Angola. Revenues of approximately $493 million are possible over the three-year contract, excluding a performance bonus opportunity of up to 10% of the contractual operating dayrate.

The Transocean Richardson is one of 33 High-Specification Floaters in the Transocean Inc. fleet, 13 of which are Fifth-Generation floaters. The rig, which entered service in 1988, is capable of operating in water depths of up to 5,000 feet.

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