Transocean Acquires Remaining Interest in Deepwater Frontier

Transocean Inc. reports that a subsidiary has purchased ConocoPhillips' 40% interest in the Deepwater Frontier joint venture, Deepwater Drilling II L.L.C. The company already owns the other 60% interest in the joint venture, which is a party to a lease-financing arrangement for the drillship. The Deepwater Frontier joint venture will now be consolidated with Transocean's financial statements and the related lease obligation will be reflected on Transocean's balance sheet.