ONGC Awards Transocean Contracts for Three Jackups

Transocean Inc. has been awarded contracts for three international jackup rigs from Oil and Natural Gas Corporation (ONGC), the state-oil company of India.

The ONGC contracts for the three jackup rigs, Trident XII, Ron Tappmeyer and Randolph Yost, are each for a duration of three years with an expected commencement date of October 2003, following the completion of each unit's current drilling program and mobilization to India. Revenues expected to be generated from the three contracts total approximately $203 million, exclusive of mobilization fees to be paid for each unit by the customer.

The jackup rig Trident XII is a Baker Marine BMC-class unit with a maximum water depth of 300 feet. The unit is currently operating offshore Vietnam and is expected to complete its current drilling assignment in August 2003.

The jackup rigs Ron Tappmeyer and Randolph Yost are Marathon Le Tourneau Class C-116 units with a maximum water depth of 300 feet. The Ron Tappmeyer is expected to complete its current drilling assignment offshore Indonesia in August 2003, while the Randolph Yost, currently operating offshore Equatorial Guinea, is expected to complete its current drilling program in July 2003.
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