Transocean Wins Three Year Extension from Reliance

Reliance Industries has awarded the Transocean's fifth-generation deepwater drillship, Deepwater Frontier, a three-year contract extension for drilling operations offshore India. The contract is expected to commence around December 2008 following the completion of current operations offshore Brazil, scheduled out-of-service time and an existing two-year contract commitment with Reliance. Revenues possible over the three-year extension could total $522 million, excluding revenues for mobilization, demobilization and client reimbursables.

The Deepwater Frontier is scheduled to continue operating offshore Brazil until approximately June 2006, when the unit will require an estimated 90 days of out-of-service time for maintenance and mobilization to India. The rig is expected to commence a previously announced two-year contract commitment with Reliance in approximately September 2006. Prior to commencement of the three-year extension, the rig is expected to require an estimated 30 days of out-of-service time for maintenance.

The dynamically positioned Deepwater Frontier is one of 32 High-Specification rigs in the Transocean Inc. fleet, 13 of which are Fifth-Generation Deepwater Floaters. The rig, which is capable of operating in water depths of up to 10,000 feet, entered active service in 1999 following its construction in Koje Island, South Korea.

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