|Thursday, February 24, 2000
Transocean Sedco Forex, Inc announced today that an operating subsidiary has received a letter of commitment from BP Amoco for the ultra-deepwater drillship Discoverer 534. The letter of commitment covers two firm wells and one optional well. Work is expected to commence in the U.S. Gulf of Mexico during April 2000, after the completion of a drilling assignment in progress and a brief, seven-to-ten-day upgrade of certain systems on the rig. Revenues over the 180-to-220-day duration of the work assignment are estimated at $26 million. The Discoverer 534 is one of three ultra-deepwater, dynamically positioned drillships presently active in the Transocean Sedco Forex fleet. The rig is currently completing drilling operations for Elf Exploration in the U.S. Gulf of Mexico in approximately 7,000 feet of water.