Transocean Sedco Forex Receives Contract for Semisub Sovereign Explorer

Transocean Sedco Forex Inc. (NYSE: RIG) today announced that it has entered into a contract for the semisubmersible Sovereign Explorer to drill two wells for Statoil (U.K.) Limited. The contract, which is valued at an estimated $16.8 million, is expected to begin in April 2001, with an approximate duration of 105 days.

Currently, the Sovereign Explorer is conducting drilling operations for Ranger Oil (U.K.) Limited in the U.K. North Sea.

The Sovereign Explorer is a high-specification semisubmersible, capable of drilling in water depths of up to 4,500 feet. It is one of 41 semisubmersibles currently active in the Transocean Sedco Forex fleet, of which 12 are high-specification units, possessing advanced drilling features that allow for operations in deepwater and harsh environments around the world.

Statements regarding estimated contract commencement dates, duration and revenues, as well as any other statements that are not historical facts in this release, are forward-looking statements that involve certain risks, uncertainties and assumptions. These include but are not limited to operating hazards and delays, risks associated with drilling operations, actions by customers and other third parties, the future price of oil and gas, and other factors detailed in the company's filings with the Securities and Exchange Commission (SEC), which are available free of charge on the SEC's website at Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated.

Transocean Sedco Forex Inc. is the world's largest offshore drilling contractor, with an equity market capitalization in excess of $12 billion.

The company's mobile offshore drilling fleet is comprised of 71 rigs, including five newbuilds not yet active. This modern and versatile fleet is located in every major offshore oil and gas drilling region. Transocean Sedco Forex Inc. specializes in technically demanding segments of the offshore drilling business, including industry-leading positions in deepwater and harsh environment drilling services. The company is listed on the New York Stock Exchange under the symbol "RIG".