Transocean Sedco Forex Wins Contracts for Three Jackups

Transocean Sedco Forex Inc. announced that Oil and Natural Gas Corporation Limited (ONGC) has awarded two-year contracts for three of the company's international jackup rigs for drilling programs offshore India. Revenues expected to be generated from the three, two-year contracts could total $106 million, excluding mobilization fees. The three jackup rigs are the J.T. Angel, F.G. McClintock and C.E. Thornton, all 300 foot, independent-leg, cantilevered units, currently operating offshore India. The two-year contracts on the J.T. Angel and C.E. Thornton are expected to commence during May 2002, immediately following the completion of drilling programs in progress. The two-year contract on the F.G. McClintock is expected to commence in September 2002, following the completion of a drilling program in progress and a scheduled minor upgrade of the unit.