Blowout on Transocean Semisub Offshore Egypt

Transocean Inc. reports that its semisubmersible rig Jim Cunningham experienced a well control incident on Friday, August 20, 2004, while operating offshore Egypt in the BG-operated West Delta Deep Marine concession. A fire resulted from the incident and was contained within the rig floor before being extinguished. Following the safe evacuation of all crew members on Friday, essential personnel are in the process of re-boarding the rig to assess the situation. The company is unable at this time to estimate the length of rig downtime or costs to repair the rig.

The Jim Cunningham has operated in the Mediterranean Sea, location of the West Delta Deep concession, since August 2002 and recently commenced a two-well contract with an expected date of completion of late 2004.