Transocean Sedco Forex Inc. reports that its semisubmersible, Transocean 96, experienced an apparent anchor winch failure while under tow on Friday, January 21st. An anchor dropped into water approximately 440 feet deep and damaged the Poseidon Pipeline in Ship Shoal Block 332 in the U.S. Gulf of Mexico. No injuries resulted from the incident. Oil was observed on the surface at approximately 10 a.m. at the site, which is located about 75 miles south of Houma, Louisiana. The slick does not pose an immediate threat to coastal areas. All appropriate governmental agencies have been notified and the operator of the pipeline, Equilon Pipeline Company, has shut down the pipeline. Transocean Sedco Forex is working with Equilon's emergency response team and with all appropriate governmental agencies with respect to remediation efforts, which are already under way. Transocean Sedco Forex is continuing to investigate the incident, but expects that insurance will substantially cover any potential liability associated with this matter.

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