TODCO Moves Damaged Jackup into the Shipyard for Repairs

TODCO updates the status of jackup rig, THE 202, that sustained damage during a jacking operation in November 2005. THE 202 is now in a shipyard and repairs to the jacking system and damaged legs are underway.

The estimated cost to repair the rig is approximately $14 million. Under the Company's hull and machinery insurance policy, the deductible for rig damage is approximately $4 million and the Company is self-insured for 30% of all losses above the applicable deductible. As such, the net cost to the Company for the repairs should be approximately $7 million. THE 202 is expected to return to drilling operations in May 2006.

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