Transocean to Reactivate Transocean Winner Following Commitment from Hydro

Transocean Inc. reports that Norsk Hydro has awarded a three-year contract for the semisubmersible rig Transocean Winner for drilling operations on the Norwegian Continental Shelf. The rig is expected to commence operations under the contract by October 2006 following the completion of a reactivation program, which has begun. The planned reactivation program does not involve an upgrade of the rig's current capabilities. Revenues of approximately $383 million could be generated over the three-year contract period, excluding revenues for mobilization, demobilization and client reimbursables.

The Transocean Winner has been located in Norway since it began active service in 1983, although it has been idle since August 2002. The rig is capable of operating in water depths of up to 1,500 feet. The reactivation of the Transocean Winner reduces the company's idle floater capacity to three semisubmersible rigs and one drillship.

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