Sedco Express Wins Greater Plutonio Work from BP

Transocean Inc. reports that its fifth-generation semisub, Sedco Express, has been selected by BP to provide contract drilling services on the BP-operated Greater Plutonio project located offshore Angola. The Sedco Express is expected to commence operations on the Greater Plutonio project during the second quarter of 2005, with a contract duration of three years plus options for further drilling on the project. Revenues of approximately $181 million could be generated over the three-year contract duration, exclusive of a mobilization fee and the cost of certain rig modifications, both covered by BP.

The Sedco Express is one of 32 high specification rigs in the Transocean Inc. fleet, 28 of which are capable of operating in water depths of 4,500 feet and greater. The rig entered active service in May 2001, following its construction in Brest, France, and is capable of working in water depths of up to 7,500 feet. The Sedco Express is currently under contract to Petrobras offshore Brazil through August 2004 and is expected to enter a shipyard in January 2005 for modifications ahead of the commencement of the Greater Plutonio project. Transocean is currently evaluating contract opportunities for the rig in both Brazil and West Africa for the four-month period following the conclusion of the current contract with Petrobras and the commencement of shipyard activities.

The project to develop six fields will be the first development in Angola's Block 18 and the first BP-operated project in Angola. The fields Galio, Cromio, Paladio, Plutonio, Cobalto and Platina, collectively known as Greater Plutonio, are located in water depths of 3,900 feet to 4,900 feet.