DISCOVERER ENTERPRISE

Transocean Sedco Forex announced that it has received a letter styled as a "notice of default" from BP Amoco regarding the five-year contract on the deepwater drillship Discoverer Enterprise. The notice was stated to be issued in response to problems arising from the rig's BOP system. The drillship remains on contract and is currently on location at Mississippi Canyon 822 in the U.S. Gulf of Mexico. Transocean Sedco Forex's position is that it is not in "default" and is meeting with BP Amoco to resolve the matter. Both companies are willing to work together to facilitate a resolution to this dispute.
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