Transocean Wins Contracts for Discoverer Spirit and Deepwater Millennium

Transocean Inc. reports that Anadarko Petroleum has awarded three-year contracts valued at an estimated $985 million in combined revenues for the company's High-Specification drillships Discoverer Spirit and Deepwater Millennium.

The Discoverer Spirit and Deepwater Millennium contracts are expected to commence in June 2007, immediately following the conclusion of current contract commitments with Shell and Anadarko, respectively, in the U.S. Gulf of Mexico. Revenues of approximately $520 million could be generated over the three-year contract for the Discoverer Spirit, while revenues from the Deepwater Millennium three-year contract could total approximately $465 million.

The Fifth-Generation, dynamically positioned drillships Discoverer Spirit and Deepwater Millennium are two of 32 High-Specification rigs in the Transocean Inc. fleet, 13 of which are Fifth-Generation Deepwater Floaters. Both units are capable of operating in water depths of up to 10,000 feet. The Discoverer Spirit entered service in 2000 following its construction in El Ferrol, Spain and Corpus Christi, Texas, while the Deepwater Millennium commenced operations in 1999 following the rig's construction in Ulsan, Korea.

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