UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (date of earliest event reported): September 24, 2004 TRANSOCEAN INC. (Exact name of registrant as specified in its charter) CAYMAN ISLANDS 333-75899 66-0587307 (State or other jurisdiction of (Commission (I.R.S. Employer incorporation or organization) File Number) Identification No.) 4 GREENWAY PLAZA HOUSTON, TEXAS 77046 (Address of principal executive offices and zip code) Registrant's telephone number, including area code: (713) 232-7500 (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
ITEM 7.01. REGULATION FD DISCLOSURE. Transocean Inc. (the "Company") issues a monthly report entitled "Monthly Fleet Update," which includes drilling rig status and contract information, including contract dayrate and duration. This month's report is dated as of September 24, 2004 and is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference. You may also subscribe to the free Transocean Financial Report Alert which will alert you to new Monthly Fleet Updates. This service will send you an automated email which will provide a link directly to the web page containing the updated report. You may subscribe to this service at the "Investor Relations / Email Alerts" section of the site by selecting "Transocean Financial Report Alert" and providing your email address. The Company's website may be found at www.deepwater.com. The statements made in the Monthly Fleet Update that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements made in the Monthly Fleet Update include, but are not limited to, statements involving the estimated duration of client contracts, contract dayrate amounts and future contract commencement dates and locations. Such statements are subject to numerous risks, uncertainties and assumptions, including but not limited to, uncertainties relating to the level of activity in offshore and U.S. inland marine oil and gas exploration and development, exploration success by producers, oil and gas prices, competition and market conditions in the contract drilling industry, actions and approvals of third parties, possible cancellation or suspension of drilling contracts as a result of mechanical difficulties or performance, the Company's ability to enter into and the terms of future contracts, the availability of qualified personnel, labor relations and the outcome of negotiations with unions representing workers, operating hazards, political and other uncertainties inherent in non-U.S. operations (including the risk of war and civil disturbance, seizure or damage of equipment and exchange and currency fluctuations), the impact of governmental laws and regulations, the adequacy of sources of liquidity, the effect of litigation and contingencies and other factors described above and discussed in the Company's Form 10-K for the year ended December 31, 2003 and in the Company's other filings with the SEC, which are available free of charge on the SEC's website at www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. You should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to publicly update or revise any forward looking statements. The information in Item 7.01 of this report, including Exhibit 99.1, is being furnished, not filed. Accordingly, the information in Item 7.01 of this report will not be incorporated by reference into any registration statement filed by the Company under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference. The furnishing of the information in this report is not intended to, and does not, constitute a determination or admission by the Company that the information in this 2
report is material or complete, or that investors should consider this information before making an investment decision with respect to any security of the Company. ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS. The following exhibit is furnished pursuant to Item 7.01: EXHIBIT NUMBER DESCRIPTION - -------------- ----------- 99.1 Transocean Inc. Monthly Fleet Update 3
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. TRANSOCEAN INC. Date: September 24, 2004 By: /s/ Eric B. Brown -------------------------------------- Name: Eric B. Brown Title: Senior Vice President, General Counsel and Corporate Secretary 4
INDEX TO EXHIBITS Exhibit Number Description -------------- ----------- 99.1 Transocean Inc. Monthly Fleet Update
[Logo] Transocean The information contained in this Monthly Fleet Update report (the "Information") is as of the date of the report only and is subject to change without notice to the recipient. Transocean Inc. assumes no duty to update any portion of the Information. DISCLAIMER. NEITHER TRANSOCEAN INC. NOR ITS AFFILIATES MAKE ANY EXPRESS OR IMPLIED WARRANTIES (INCLUDING, WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE) REGARDING THE INFORMATION CONTAINED IN THIS REPORT, WHICH INFORMATION IS PROVIDED "AS IS." Neither Transocean Inc. nor its affiliates will be liable to any recipient or anyone else for any inaccuracy, error or omission, regardless of cause, in the information set forth in this report or for any damages (whether direct or indirect, consequential, punitive or exemplary) resulting therefrom. NO UNAUTHORIZED PUBLICATION OR USE. All information provided by Transocean Inc. in this report is given for the exclusive use of the recipient and may not be published, redistributed or retransmitted without the prior written consent of Transocean Inc. CLIENT CONTRACT DURATION AND DAYRATES AND RISKS ASSOCIATED WITH OPERATIONS. The duration of the client contracts is the estimated duration only, and client contracts are subject to cancellation or suspension for a variety of reasons, including some beyond the control of Transocean Inc. Also, the dayrates set forth in the report are estimates based upon the full contractual operating dayrate. However, the actual average dayrate earned over the course of any given contract will be lower and could be substantially lower. The actual average dayrate will depend upon a number of factors (rig downtime, suspension of operations, etc.) including some beyond the control of Transocean Inc. Our client contracts and operations are generally subject to a number of risks and uncertainties, and we urge you to review the description and explanation of such risks and uncertainties in our filings with the Securities and Exchange Commission (SEC), which are available free of charge on the SEC's website at www.sec.gov. NEW FLEET CLASSIFICATION. Transocean Inc. has created a new rig classification to its listing of semisubmersible rigs and drillships to better reflect the company's strategic focus on the ownership and operation of premium, high specification floating rigs. The new rig classification, "High Specification Fleet," is comprised of "5th Generation Deepwater," which refers to the latest generation of semisubmersible rigs and drillships possessing the latest technical drilling capabilities and the ability to operate in water depths in excess of 7,000 feet, "Other Deepwater," which refers to semisubmersible rigs and drillships that possess the ability to drill in water depths equal to or greater than 4,500 feet and "Other High Specification," comprised of four of the company's premium harsh environment rigs, the semisubmersibles Henry Goodrich, Paul B. Loyd, Jr., Transocean Arctic and Polar Pioneer. The previous category entitled "Mid-water Fleet" has been renamed "Other Floaters," which represents semisubmersible rigs and drillships that possess the ability to drill in water depths of up to 4,499 feet. This report does not include contract status information for the fleet of TODCO, a publicly traded company in which Transocean owns a majority voting interest.
[TRANSOCEAN LOGO] Transocean Inc. (NYSE: RIG) Monthly Fleet Update Updated: September 24, 2004 NEW CONTRACTS AND CONTRACT EXTENSIONS NOTED IN BOLD - ------------------------- DYNAMICALLY POSITIONED * - ------------------------- FLOATER YR. ENTERED(1) WATER DRILLING RIG TYPE/NAME TYPE SERVICE DEPTH (FT.) DEPTH LOCATION CLIENT ------- -------------- ----------- ------------ ---------------- ------------------- HIGH SPECIFICATION FLOATERS: 5TH GENERATION DEEPWATER (13) - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Discoverer Deep Seas ship * 2001 10,000 35,000 USGOM ChevronTexaco - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Discoverer Enterprise ship * 1999 10,000 35,000 USGOM BP - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- USGOM BP - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Discoverer Spirit ship * 2000 10,000 35,000 USGOM Unocal - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Deepwater Discovery ship * 2000 10,000 30,000 Nigeria ChevronTexaco - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Nigeria ExxonMobil - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Deepwater Frontier ship * 1999 10,000 30,000 Brazil Petrobras - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Deepwater Millennium ship * 1999 10,000 30,000 USGOM Kerr-McGee - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- USGOM Kerr-McGee - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- USGOM ANADARKO - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Deepwater Pathfinder ship * 1998 10,000 30,000 USGOM PIONEER - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Deepwater Expedition (9) ship * 1999 10,000 30,000 Brazil Petrobras - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Deepwater Horizon semi * 2001 10,000 30,000 USGOM BP - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Cajun Express semi * 2001 8,500 25,000 USGOM Dominion - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- USGOM Dominion - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- USGOM Dominion - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Deepwater Nautilus (4) semi 2000 8,000 30,000 USGOM Shell - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Sedco Energy semi * 2001 7,500 25,000 Nigeria ChevronTexaco - --------------------------------- -------------- ----------- ------------ ------------------- Sedco Express (9) semi * 2001 7,500 25,000 Brazil Petrobras - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Brazil - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Angola BP - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Other Deepwater (15) - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Deepwater Navigator ship * 2000 7,200 25,000 Brazil PETROBRAS - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Discoverer 534 ship * 1975/1991 7,000 25,000 India Reliance - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Discoverer Seven Seas ship * 1976/1997 7,000 25,000 India ONGC - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Transocean Marianas semi 1998 7,000 25,000 USGOM Nexen - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Sedco 707 (9) semi * 1976/1997 6,500 25,000 Brazil Petrobras - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Jack Bates (9) semi 1986/1997 5,400 30,000 Enroute - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Australia Santos - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Australia Woodside - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Peregrine I (5) ship * 1996 5,280 25,000 Brazil - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Sedco 709 semi * 1977/1999 5,000 25,000 Nigeria Shell - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Nigeria - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- M.G. Hulme, Jr.(6) semi 1983/1996 5,000 25,000 Nigeria Total - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Transocean Richardson semi 1988 5,000 25,000 Ivory Coast CNR - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Jim Cunningham(11) semi 1982/1995 4,600 25,000 Egypt British Gas - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Sedco 710 (9) semi * 1983 4,500 25,000 Brazil Petrobras - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Transocean Rather semi 1988 4,500 25,000 Angola - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Transocean Leader(10) semi 1987/1997 4,500 25,000 Norway - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Norway Statoil - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Sovereign Explorer semi 1984 4,500 25,000 Trinidad British Gas - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Venezuela Statoil - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Trinidad British Gas - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Other High Specification (4) - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Henry Goodrich semi 1985 2,000 30,000 E. Canada Terra Nova - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Paul B. Loyd, Jr. semi 1987 2,000 25,000 UKNS BP - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- UKNS BP - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Transocean Arctic semi 1986 1,650 25,000 NNS Statoil - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Polar Pioneer semi 1985 1,500 25,000 NNS - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- NNS Norsk Hydro - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- NNS - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- NNS Statoil - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- - ------------------------- CURRENT DYNAMICALLY POSITIONED * CONTRACT CURRENT PREVIOUS - ------------------------- START/IDLE ESTIMATED (2) CONTRACT CONTRACT RIG TYPE/NAME DATE EXPIRATION DAYRATE(3) DAYRATE(3) ------------- ----------------------------------------- -------------- -------------- HIGH SPECIFICATION FLOATERS: 5TH GENERATION DEEPWATER (13) - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Discoverer Deep Seas Jan-01 Jan-06 $205,000 N/A - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Discoverer Enterprise Dec-99 Dec-04 $198,600 N/A - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Dec-04 Dec-07 $182,500 $198,600 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Discoverer Spirit Sep-00 Sep-05 $204,000 N/A - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Deepwater Discovery Jul-04 Oct-04 $165,000 $165,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Oct-04 Nov-04 $170,000 $165,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Deepwater Frontier Mar-04 Jan-06 $145,000 $158,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Deepwater Millennium Jul-04 Sep-04 $195,000 $130,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Sep-04 Oct-04 $195,000 $195,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- DEC-04 MAY-05 $200,000 $195,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Deepwater Pathfinder SEP-04 OCT-04 $175,000 $157,300 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Deepwater Expedition (9) Oct-99 Sep-05 $135,000 N/A - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Deepwater Horizon Sep-04 Sep-05 $165,000 $200,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Cajun Express Sep-04 Nov-04 $155,000 $150,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Nov-04 Dec-04 $125,000 $155,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Dec-04 May-05 $140,000 $125,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Deepwater Nautilus (4) Jun-00 Jun-05 $201,800 N/A - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Sedco Energy May-03 Oct-04 $186,400 $181,400 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Sedco Express (9) Jan-03 Oct-04 $125,000 $110,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Jan-05 90 day shipyard program / mobilization - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Apr-05 Apr-08 $165,000 $125,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Other Deepwater (15) - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Deepwater Navigator SEP-04 MAR-05 $99,300 $94,300 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Discoverer 534 Dec-03 Oct-04 $110,000 $110,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Discoverer Seven Seas Feb-04 Feb-07 $125,000 $125,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Transocean Marianas Aug-04 Nov-04 $90,000 $85,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Sedco 707 (9) Feb-04 Nov-05 $100,000 $100,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Jack Bates (9) Aug-04 $125,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Oct-04 Nov-04 $125,000 $125,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Dec-04 Oct-05 $89,000 $125,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Peregrine I (5) Apr-04 idle $70,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Sedco 709 Jul-04 Oct-04 $150,000 $150,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Oct-04 28 day planned shipyard program - --------------------------------- ------------- ----------------------------------------- -------------- -------------- M.G. Hulme, Jr.(6) Aug-04 Oct-04 $85,000 $125,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Transocean Richardson Oct-03 Oct-05 $85,000 $45,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Jim Cunningham(11) Aug-04 Dec-04 $65,000 $67,500 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Sedco 710 (9) Oct-01 Oct-06 $109,500 $71,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Transocean Rather(10) Aug-04 idle $95,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Transocean Leader Jul-04 operations disrupted by labor strike - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Jul-04 Sep-05 $173,500 $107,500 - --------------------------------- ------------- ---------------------------------------------------------- -------------- Sovereign Explorer Sep-04 Oct-04 $65,000 $85,000 - --------------------------------- ------------- ---------------------------------------------------------- -------------- Nov-04 Feb-05 $65,000 $65,000 - --------------------------------- ------------- ---------------------------------------------------------- -------------- Feb-05 Aug-05 $65,000 $65,000 - --------------------------------- ------------- ---------------------------------------------------------- -------------- Other High Specification (4) - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Henry Goodrich Feb-04 Feb-05 $106,600 $116,600 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Paul B. Loyd, Jr. Mar-04 Mar-05 $120,000 $107,500 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Mar-05 Mar-07 $144,000 $120,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Transocean Arctic Aug-04 Mar-06 $168,000 $200,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Polar Pioneer Jul-04 operations disrupted by labor strike - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Jan-04 Oct-04 $110,200 $106,400 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Oct-04 21-day planned shipyard program - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Oct-04 Jun-06 $170,000 $110,200 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Transocean Inc. Fleet Page 2
[TRANSOCEAN LOGO] Transocean Inc. (NYSE: RIG) Monthly Fleet Update Updated: September 24, 2004 NEW CONTRACTS AND CONTRACT EXTENSIONS NOTED IN BOLD - ------------------------- DYNAMICALLY POSITIONED * - ------------------------- FLOATER YR. ENTERED(1) WATER DRILLING RIG TYPE/NAME TYPE SERVICE DEPTH (FT.) DEPTH LOCATION CLIENT ------- -------------- ----------- ------------ ---------------- ------------------- Other Floaters (25) - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Peregrine III ship * 1976 4,200 25,000 USGOM - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Sedco 700 semi 1973/1997 3,600 25,000 E. Guinea A. Hess - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Transocean Legend semi 1983 3,500 25,000 Brazil - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Transocean Amirante semi 1978/1997 3,500 25,000 USGOM - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- C. Kirk Rhein, Jr. semi 1976/1997 3,300 25,000 USGOM - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Transocean Driller(9) semi 1991 3,000 25,000 Brazil Petrobras - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Brazill Petrobras - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Falcon 100 semi 1974/1999 2,400 25,000 USGOM - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Sedco 703 semi 1973/1995 2,000 25,000 Australia Woodside - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Australia Antrim - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Australia Apache - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Australia BHPB - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Australia ENI - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Sedco 711 semi 1982 1,800 25,000 UKNS Shell - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- UKNS SHELL - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Transocean John Shaw semi 1982 1,800 25,000 UKNS Oilexco - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Sedco 712 semi 1983 1,600 25,000 UKNS - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Sedco 714 semi 1983/1997 1,600 25,000 UKNS British Gas - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- UKNS British Gas - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- UKNS British Gas - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Actinia semi 1982 1,500 25,000 Enroute - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Sedco 600 semi 1983 1,500 25,000 Russia BP - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Sedco 601 semi 1983 1,500 25,000 Indonesia Santos - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Indonesia Santos - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Indonesia Unocal - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Sedneth 701 semi 1972/1993 1,500 25,000 Angola ChevronTexaco - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Angola Total - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Sedco 702 semi 1973/1992 1,500 25,000 Australia - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Transocean Winner semi 1983 1,500 25,000 NNS - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Transocean Searcher semi 1983/1988 1,500 25,000 NNS - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- NNS Statoil - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Transocean Prospect semi 1983/1992 1,500 25,000 UKNS - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Transocean Wildcat semi 1977/1985 1,300 25,000 UKNS - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Transocean Explorer semi 1976 1,250 25,000 UKNS - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- J.W. McLean semi 1974/1996 1,250 25,000 UKNS ConocoPhillips - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Sedco 704 semi 1974/1993 1,000 25,000 UKNS Venture - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- UKNS Venture - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- UKNS Venture - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- UKNS Venture - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- UKNS VENTURE - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Sedco 706 semi 1976/1994 1,000 25,000 UKNS - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- - ------------------------- CURRENT DYNAMICALLY POSITIONED * CONTRACT CURRENT PREVIOUS - ------------------------- START/IDLE ESTIMATED (2) CONTRACT CONTRACT RIG TYPE/NAME DATE EXPIRATION DAYRATE(3) DAYRATE(3) ------------- ----------------------------------------- -------------- -------------- Other Floaters (25) - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Peregrine III idle N/A - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Sedco 700 Oct-03 Dec-04 $84,000 $84,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Transocean Legend May-04 idle $55,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Transocean Amirante Feb-02 idle $50,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- C. Kirk Rhein, Jr. Mar-02 idle $63,500 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Transocean Driller(9) Apr-04 Sep-04 $52,000 $55,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Sep-04 Jul-06 $53,000 $52,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Falcon 100 Sep-03 idle $42,500 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Sedco 703 Aug-04 Sep-04 $77,000 $72,500 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Sep-04 Oct-04 $77,000 $77,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Oct-04 Nov-04 $73,700 $77,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Nov-04 Dec-04 $75,000 $73,700 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Dec-04 Mar-05 $75,000 $75,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Sedco 711 Apr-04 Dec-04 $45,100 $43,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- DEC-04 DEC-05 $50,000 $45,100 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Transocean John Shaw Sep-04 Nov-04 $60,000 $45,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Sedco 712 Nov-03 idle $47,700 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Sedco 714 Jun-04 Sep-04 $55,000 $44,500 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Oct-04 Oct-04 $50,000 $55,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Nov-04 Jan-05 $45,000 $50,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Actinia mobilization to India $44,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Sedco 600 Jul-04 Sep-04 $60,000 $52,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Sedco 601 Jul-04 Oct-04 $56,000 $75,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Oct-04 Nov-04 $66,000 $56,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Nov-04 Dec-04 $66,000 $56,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Sedneth 701 Nov-03 Oct-04 $63,000 $55,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Nov-04 Dec-04 $63,000 $63,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Sedco 702 Apr-03 idle $80,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Transocean Winner Aug-02 idle $120,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Transocean Searcher Jul-04 operations disrupted by labor strike - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Aug-04 May-05 $120,000 $103,800 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Transocean Prospect Oct-02 idle $98,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Transocean Wildcat Oct-01 idle $85,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Transocean Explorer Jan-99 idle $145,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- J.W. McLean Aug-04 Nov-05 $51,000 $60,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Sedco 704 Sep-04 Oct-04 $52,000 $55,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Nov-04 Nov-04 $47,000 $52,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Dec-04 Jan-05 $45,000 $47,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Jan-05 Mar-05 $63,500 $45,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- MAR-05 MAR-06 $91,000 $63,500 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Sedco 706 Sep-03 idle $57,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Transocean Inc. Fleet Page 3
[TRANSOCEAN LOGO] Transocean Inc. (NYSE: RIG) Monthly Fleet Update Updated: September 24, 2004 NEW CONTRACTS AND CONTRACT EXTENSIONS NOTED IN BOLD - ------------------------- DYNAMICALLY POSITIONED * - ------------------------- FLOATER YR. ENTERED(1) WATER DRILLING RIG TYPE/NAME TYPE SERVICE DEPTH (FT.) DEPTH LOCATION CLIENT ------- -------------- ----------- ------------ ---------------- ------------------- Jackups (26) - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Interocean III 1978/1993 300 25,000 Egypt GPC - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Shelf Explorer 1982 300 20,000 E. Guinea - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Transocean Comet 1980 250 20,000 Egypt GUPCO - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Transocean Mercury 1969/1998 250 20,000 Egypt GUPCO - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Transocean Nordic 1984 300 25,000 India Reliance - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Trident II 1977/1985 300 25,000 India ONGC - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Trident IV(12) 1980/1999 300 25,000 Egypt IEOC - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Italy ENI - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Trident VI 1981 220 21,000 Enroute - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- India RELIANCE - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Trident VIII 1982 300 21,000 Cabinda ChevronTexaco - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Trident IX 1982 400 20,000 Vietnam JVPC - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Trident XII 1982/1992 300 25,000 India ONGC - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Trident XIV 1982/1994 300 20,000 Cabinda ChevronTexaco - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Trident 15 1982 300 25,000 Thailand Unocal - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Thailand UNOCAL - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Trident 16 1982 300 25,000 Vietnam TruongSon - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Thailand ChevronTexaco - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Cambodia ChevronTexaco - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Thailand ChevronTexaco - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Trident 17 1983 355 25,000 Vietnam Petronas - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Trident 20 2000 350 25,000 Caspian - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Caspian Petronas - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Ron Tappmeyer 1978 300 25,000 India ONGC - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Randolph Yost 1979 300 25,000 India ONGC - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- D.R. Stewart(12) 1980 300 25,000 Egypt IEOC - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Italy ENI - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- G.H. Galloway 1984 300 25,000 Italy ENI - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Harvey H. Ward 1981 300 25,000 Malaysia Talisman - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Roger W. Mowell 1982 300 25,000 Malaysia Talisman - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Malaysia Talisman - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- J.T. Angel 1982 300 25,000 India - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- F.G. McClintock 1975 300 25,000 India ONGC - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- C.E. Thornton 1974 300 25,000 India ONGC - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Jupiter 1981/1997 170 16,000 UAE - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- - ------------------------- CURRENT DYNAMICALLY POSITIONED * CONTRACT CURRENT PREVIOUS - ------------------------- START/IDLE ESTIMATED (2) CONTRACT CONTRACT RIG TYPE/NAME DATE EXPIRATION DAYRATE(3) DAYRATE(3) ------------- ----------------------------------------- -------------- -------------- Jackups (26) - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Interocean III May-03 Oct-04 $38,000 $39,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Shelf Explorer Aug-04 idle $58,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Oct-04 planned mobilization to SE Asia - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Transocean Comet Oct-03 Oct-05 $32,000 $27,300 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Transocean Mercury DEC-03 FEB-05 $33,500 $30,500 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Transocean Nordic Feb-04 Jan-05 $57,800 $72,100 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Trident II May-03 May-06 $60,000 $34,900 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Trident IV(12) SEP-04 JAN-05 $78,600 $59,900 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Jan-05 Jul-05 $57,500 $78,600 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Trident VI Aug-04 $53,200 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- NOV-04 JAN-05 $55,000 $53,200 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Trident VIII Jul-04 Dec-04 $43,000 $37,500 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Trident IX Sep-04 Sep-05 $60,000 $56,300 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Trident XII Nov-03 Nov-06 $62,250 $57,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Trident XIV May-04 Apr-05 $60,000 $75,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Trident 15 Feb-03 Feb-05 $53,500 $70,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- FEB-05 MAY-05 $59,800 $53,500 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Trident 16 Jul-04 Oct-04 $57,500 $44,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Oct-04 Jan-05 $60,000 $53,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Jan-05 Mar-05 $67,700 $60,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Mar-05 Apr-05 $60,000 $67,700 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Trident 17 May-04 Mar-06 $57,500 $62,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Trident 20 Jul-04 Contract suspended pending repairs $90,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Dec-04 May-05 $90,000 $90,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Ron Tappmeyer Nov-03 Nov-06 $62,250 $50,100 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Randolph Yost Nov-03 Nov-06 $60,750 $64,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- D.R. Stewart(12) SEP-04 FEB-05 $76,000 $51,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Feb-05 Mar-05 $51,000 $76,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- G.H. Galloway Jul-04 Jul-05 $51,000 $48,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Harvey H. Ward Jul-04 Jul-05 $46,350 $45,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Roger W. Mowell Dec-02 Nov-04 $45,000 $54,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Nov-04 Nov-05 $46,350 $45,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- J.T. Angel Jul-04 idle $50,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Sep-04 planned mobilization to SE Asia - --------------------------------- ------------- ----------------------------------------- -------------- -------------- F.G. McClintock Oct-02 Oct-04 $50,000 $55,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- C.E. Thornton OCT-04 OCT-07 $45,000 $45,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Jupiter Sep-98 idle - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Transocean Inc. Fleet Page 4
[TRANSOCEAN LOGO] Transocean Inc. (NYSE: RIG) Monthly Fleet Update Updated: September 24, 2004 NEW CONTRACTS AND CONTRACT EXTENSIONS NOTED IN BOLD - ------------------------- DYNAMICALLY POSITIONED * - ------------------------- FLOATER YR. ENTERED(1) WATER DRILLING RIG TYPE/NAME TYPE SERVICE DEPTH (FT.) DEPTH LOCATION CLIENT ------- -------------- ----------- ------------ ---------------- ------------------- Self-ErectingTenders (4) - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Searex 9 1981 400 20,000 Congo - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Searex 10 1983/1994 450 21,000 Nigeria ENI - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Angola ChevronTexaco - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Charley Graves 1975 500 20,000 Malaysia Premier - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Thailand Unocal - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- W.D. Kent 1977 400 20,000 Malaysia - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Non-U.S. Drilling Barges (4) - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Searex 4 1981/1989 21 25,000 Indonesia Total - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Searex 6 1981/1991 25 25,000 Cameroon - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Searex 12 1982/1992 25 25,000 Nigeria Shell - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Hibiscus 1979/1993 25 16,000 Indonesia Total - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Platform Rigs (1) - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Cliffs # 1 1988/98 18,000 China - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Other (2) - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Joides Resolution (8) ship * 1978 27,000 30,000 Worldwide IODP - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- Sedco 135D 1966/77/01 600 Brazil SLB - --------------------------------- -------------- ----------- ------------ ---------------- ------------------- - ------------------------- CURRENT DYNAMICALLY POSITIONED * CONTRACT CURRENT PREVIOUS - ------------------------- START/IDLE ESTIMATED (2) CONTRACT CONTRACT RIG TYPE/NAME DATE EXPIRATION DAYRATE(3) DAYRATE(3) ------------- ----------------------------------------- -------------- -------------- Self-ErectingTenders (4) - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Searex 9 Apr-04 idle $42,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Searex 10 Nov-03 Oct-04 $44,000 $43,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Nov-04 40-day planned shipyard program - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Jan-05 Dec-05 $41,000 $44,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Charley Graves Aug-04 Oct-04 $40,000 $40,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Oct-04 Nov-06 $40,500 $40,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Mar-05 30-day planned shipyard program - --------------------------------- ------------- ----------------------------------------- -------------- -------------- W.D. Kent Jan-03 idle $35,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Non-U.S. Drilling Barges (4) - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Searex 4 Sep-04 Sep-09 $39,200 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Searex 6 Jul-02 idle $27,500 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Searex 12 Jun-04 Jun-05 $49,000 $49,000 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Hibiscus (7) Jan-04 Jan-07 $47,700 $44,300 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Platform Rigs (1) - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Cliffs # 1 idle - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Other (2) - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Joides Resolution (8) May-04 May-05 $66,000 $88,750 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Sedco 135D Jun-01 Jun-09 $28,500 - --------------------------------- ------------- ----------------------------------------- -------------- -------------- Footnotes: (1) Dates shown are the original service date and the date of the most recent upgrade, if any. (2) Expiration dates represent the company's current estimate of the earliest date the contract for each rig is likely to expire. Some rigs have two contracts in continuation, so the second line shows the estimated earliest availability. Many contracts permit the client to extend the contract. (3) Represents the full operating dayrate, although the average dayrate over the term of the contract will be lower and could be substantially lower. Does not reflect incentive programs which are typically based on the rig's operating performance against a performance curve. (4) The rig is leased from its owner, an unrelated third party, pursuant to a fully defeased lease arrangement. (5) Although originally constructed in 1982, this unit was substantially upgraded in 1996. (6) Accounted for as an operating lease as a result of the sale/leaseback transaction in November 1995. (7) Owned by a joint venture in which the company has a 75% interest. (8) Operated under a management contract with the rig's owner. The rig is currently engaged in scientific geological coring activities and is owned by a joint venture in which the company has a 50% interest. Dayrate indicated reflects 100% of contract rate. (9) Current contract provides for a bonus incentive opportunity not reflected in the stated current contract dayrate. (10) Dayrate reflects a base level to be paid over the estimated 450-day contract period. The rig will receive a dayrate higher than the stated base level when utilized in a water depth of greater than 2,000 feet. (11) As previously announced, the rig experienced a well control incident on August 20, 2004. An investigation of the incident has commenced, however the company is unable at this time to estimate the length of rig downtime or costs to repair the rig. (12) Rig was assigned by ENI to IEOC in Egypt in early September and is expected to return to ENI in Italy following the completion of work in Egypt. Increase in dayrate reflects higher operating costs associated with work in Egypt. Transocean Inc. Fleet Page 5