Transcoean's Deepwater Nautilus Drifts Off Location

Transocean Inc.

Transocean reports that its moored semisubmersible Deepwater Nautilus has drifted off location in the aftermath of Hurricane Katrina. The rig's present location is being monitored remotely by a transponder beacon onboard the unit. All personnel had previously been safely evacuated and the well was secured before the approach of the storm. The U.S. Coast Guard has been notified of the situation.

Three other Transocean moored vessels were safely evacuated and have remained on location in the aftermath of the storm. The company's six dynamically positioned vessels all successfully moved out of the main track of the storm prior to its arrival.

Plans are in place to re-man the moored vessels and assess their condition. The company will provide an update when more information becomes available.