Transocean's Deepwater Nautilus Receives Two Year Extension from Shell

Transocean says that a subsidiary of Royal Dutch Shell has awarded a two-year contract extension for the company's Fifth-Generation moored semisubmersible rig Deepwater Nautilus. The two-year contract extension is expected to commence in December 2006, in direct continuation of the rig's current contract. Revenues of approximately $310 million could be generated over the two-year extension period, excluding revenues for mobilization, demobilization and client reimbursables.

The Deepwater Nautilus is currently operating for Shell Exploration and Production in the U.S. Gulf of Mexico. The rig recently returned to Shell's Pathfinder project in Green Canyon Block 390, where the rig was moored prior to the arrival of Hurricane Katrina, following the successful retrieval of the portion of its subsea well control system lost during the storm. The Deepwater Nautilus is expected to continue drilling operations for the remainder of 2005 and into 2006 before requiring an estimated 60 days of out-of-service time during 2006 to complete repairs of all remaining storm-related damage, which pertains mainly to the rig's mooring system.

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