Two Transocean Deepwater Rigs Win Contracts

Transocean reports that BP has awarded contracts for two of the company's High-Specification semisubmersible rigs, the Deepwater Horizon and the Transocean Marianas.

The Fifth-Generation, dynamically positioned semisubmersible rig Deepwater Horizon has been awarded a five-year contract for drilling operations in the U.S. Gulf of Mexico. The five-year contract is expected to commence during September 2005, in direct continuation of the rig's current contract, also with BP in the U.S. Gulf of Mexico. The initial two years of the contract could generate revenues of approximately $200 million. The dayrate for the final three years of the contract will generally be set using a quarterly average of the stated contract dayrates on the company's other Fifth-Generation, dynamically positioned rigs operating in the U.S. Gulf of Mexico.

The Transocean Marianas has been awarded an estimated 340-day contract for drilling operations in the U.S. Gulf of Mexico, where the rig is currently operating. The contract is expected to commence in January 2006. Revenues of approximately $85 million could be generated over the estimated 340-day contract period.

The Deepwater Horizon and Transocean Marianas are two of 32 High-Specification rigs in the Transocean Inc. fleet, 13 of which are Fifth-Generation units. The Deepwater Horizon entered active service in September 2001, following its construction in Ulsan, South Korea, and it is capable of working in water depths of up to 10,000 feet. The rig currently holds the world water depth drilling record for a semisubmersible rig at 9,657 feet. The Transocean Marianas, which was upgraded to its current specifications in 1998, is a moored semisubmersible rig capable of operating in water depths of up to 7,000 feet.

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