Deepwater Millennium Wins Gulf of Mexico Work from Anadarko

Transocean reports that its ultra-deepwater drillship, the Deepwater Millennium, has been awarded a six-month contract from Anadarko Petroleum for drilling activities in the U.S. Gulf of Mexico. The contract is expected to commence on December 1, 2004 and contains options to extend the contract over three, six-month intervals at mutually agreed pricing. Revenues which could be generated over the initial six-month contract period total approximately $36.4 million.

The Deepwater Millennium is a dynamically positioned, fifth-generation drillship capable of operating in water depths of up to 10,000 feet. The rig entered active service during the fourth quarter of 1999, following construction at the Samsung Shipyard in Korea. The rig is currently operating in the U.S. Gulf of Mexico under a contract that is expected to conclude by the end of September 2004.