Transocean Scores 3-Year Contract from ONGC

DISCOVERER SEVEN SEAS
Transocean Inc. revealed that the deepwater drillship Discoverer Seven Seas has been awarded a three-year contract from Oil and Natural Gas Corporation Ltd. (ONGC) of India. The integrated services contract is expected to commence in the first quarter of 2004, following the mobilization of the rig from a Brazilian shipyard to India. Exclusive of a mobilization fee, the contract includes revenue for the Discoverer Seven Seas of approximately $137 million over three years, plus revenues for comprehensive services that include well-planning, operations support and logistics-management.

The Discover Seven Seas is a dynamically positioned drillship capable of drilling in water depths up to 7,000 feet.
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