================================================================================
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): February 28, 2005
TRANSOCEAN INC.
(Exact name of registrant as specified in its charter)
CAYMAN ISLANDS 333-75899 66-0582307
(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))
1
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 February 28,
2005 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: February 28, 2005 By: /s/ William E. Turcotte
---------------------------------
Name: William E. Turcotte
Title: Associate General Counsel
4
INDEX TO EXHIBITS
Exhibit Number Description
- -------------- -----------
99.1 Transocean Inc. Monthly Fleet Update
1
Transocean Inc. (NYSE: RIG) Monthly Fleet Update
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.
FORWARD-LOOKING STATEMENT
- -------------------------
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 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, possible cancellation or suspension of letters of intent, 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 most
recently completed fiscal year, in the Company's Forms 10-Q for subsequent
periods 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.
FLEET CLASSIFICATION. Transocean Inc. uses a rig classification for its
- ----- --------------
semisubmersible rigs and drillships to reflect the company's strategic focus on
the ownership and operation of premium, high specification floating rigs. The
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 category titled "Other Floaters" represents
semisubmersible rigs and drillships that possess the ability to drill in water
depths of up to 4,499 feet.
Transocean Inc. Fleet Page 1
Transocean Inc. (NYSE: RIG) Monthly Fleet Update
Updated : February 28, 2005
NEW FIRM CONTRACTS AND CONTRACT EXTENSIONS NOTED IN BOLD
YR. CONTRACT
ENTERED WATER START/
DYNAMICALLY POSITIONED X FLOATER (1) DEPTH DRILLING IDLE
RIG TYPE/NAME TYPE SERVICE (FT.) DEPTH LOCATION CLIENT DATE
- ----------------------------- ------- ----------- ------- -------- ----------- ----------------- --------
HIGH SPECIFICATION FLOATERS:
5th Generation Deepwater (13)
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Discoverer Deep Seas ship X 2001 10,000 35,000 USGOM ChevronTexaco Jan-01
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
USGOM ChevronTexaco Jan-06
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Discoverer Enterprise ship X 1999 10,000 35,000 USGOM BP Dec-04
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Discoverer Spirit ship X 2000 10,000 35,000 USGOM Unocal Sep-00
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
USGOM Shell Sep-05
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Deepwater Discovery ship X 2000 10,000 30,000 Nigeria ExxonMobil Dec-04
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Ivory Coast Vanco Feb-05
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Nigeria Jul-05
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Deepwater Frontier ship X 1999 10,000 30,000 Brazil Petrobras Mar-04
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Brazil APR-05
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Deepwater Millennium ship X 1999 10,000 30,000 USGOM Anadarko Dec-04
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
USGOM Anadarko Jun-05
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Deepwater Pathfinder ship X 1998 10,000 30,000 Nigeria Devon Dec-04
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Deepwater Expedition (9) ship X 1999 10,000 30,000 Brazil Petrobras Oct-99
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Brazil Apr-05
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Deepwater Horizon semi X 2001 10,000 30,000 USGOM BP Sep-04
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Cajun Express semi X 2001 8,500 25,000 USGOM Dominion Dec-04
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
USGOM ChevronTexaco Jun-05
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Deepwater Nautilus (4) semi 2000 8,000 30,000 USGOM Shell Jun-00
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
USGOM Shell Sep-05
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Sedco Energy semi X 2001 7,500 25,000 Nigeria ChevronTexaco Nov-04
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Sedco Express (9) semi X 2001 7,500 25,000 Brazil Jan-05
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Angola BP May-05
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Other Deepwater (15)
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Deepwater Navigator(5) ship X 2000 7,200 25,000 Brazil Petrobras Sep-04
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Brazil APR-05
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Discoverer 534 ship X 1975/1991 7,000 25,000 India Reliance Jan-05
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Discoverer Seven Seas ship X 1976/1997 7,000 25,000 India ONGC Feb-04
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Transocean Marianas semi 1998 7,000 25,000 USGOM Murphy Dec-04
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
USGOM BP Apr-05
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Sedco 707 (9) semi X 1976/1997 6,500 25,000 Brazil Petrobras Feb-04
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Brazil Jul-05
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Jack Bates semi 1986/1997 5,400 30,000 Australia Woodside Feb-05
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Peregrine I (5) ship X 1996 5,280 25,000 Brazil Apr-04
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Sedco 709 semi X 1977/1999 5,000 25,000 Ivory Coast CNR Jan-05
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
M.G. Hulme, Jr. (6) semi 1983/1996 5,000 25,000 Nigeria Nov-04
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Transocean Richardson semi 1988 5,000 25,000 Ivory Coast CNR Oct-03
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Jim Cunningham semi 1982/1995 4,600 25,000 Egypt BG Feb-05
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Sedco 710 (9) semi X 1983 4,500 25,000 Brazil Petrobras Oct-01
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Transocean Rather semi 1988 4,500 25,000 UKNS BP Feb-05
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
UKNS BP Oct-05
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
UKNS BP Dec-05
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Transocean Leader (10) semi 1987/1997 4,500 25,000 Norway Statoil Jul-04
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Sovereign Explorer semi 1984 4,500 25,000 Venezuela Statoil Dec-04
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Trinidad BG Feb-05
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Other High Specification (4)
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Henry Goodrich semi 1985 2,000 30,000 E. Canada Terra Nova Feb-04
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
E. Canada Feb-05
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Paul B. Loyd, Jr. semi 1987 2,000 25,000 UKNS BP Mar-04
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
UKNS BP Mar-05
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Transocean Arctic semi 1986 1,650 25,000 NNS Statoil Aug-04
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Polar Pioneer semi 1985 1,500 25,000 NNS Statoil Nov-04
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
CONTRACT CONTRACT
DYNAMICALLY POSITIONED X ESTIMATED (2) DAYRATE DAYRATE
RIG TYPE/NAME EXPIRATION (3) (3)
- ----------------------------- -------------------- ---------- ----------
HIGH SPECIFICATION FLOATERS:
5th Generation Deepwater (13)
- ----------------------------- -------------------- ---------- ----------
Discoverer Deep Seas Jan-06 $ 205,000 N/A
- ----------------------------- -------------------- ---------- ----------
Jan-07 $ 240,000 $ 205,000
- ----------------------------- -------------------- ---------- ----------
Discoverer Enterprise Dec-07 $ 182,500 $ 198,600
- ----------------------------- -------------------- ---------- ----------
Discoverer Spirit Sep-05 $ 204,000 N/A
- ----------------------------- -------------------- ---------- ----------
Mar-07 $ 270,000 $ 204,000
- ----------------------------- -------------------- ---------- ----------
Deepwater Discovery Feb-05 $ 170,000 $ 165,000
- ----------------------------- -------------------- ---------- ----------
Mar-05 $ 195,000 $ 170,000
- ----------------------------- -------------------- ---------- ----------
planned 14-day $ 170,000
shipyard program
- ----------------------------- -------------------- ---------- ----------
Deepwater Frontier Mar-06 $ 145,000 $ 158,000
- ----------------------------- -------------------- ---------- ----------
PLANNED 14-DAY $ 145,000
SHIPYARD PROGRAM
- ----------------------------- -------------------- ---------- ----------
Deepwater Millennium Jun-05 $ 200,000 $ 195,000
- ----------------------------- -------------------- ---------- ----------
Dec-05 $ 230,000 $ 200,000
- ----------------------------- -------------------- ---------- ----------
Deepwater Pathfinder Apr-06 $ 190,000 $ 175,000
- ----------------------------- -------------------- ---------- ----------
Deepwater Expedition (9) Oct-05 $ 135,000 N/A
- ----------------------------- -------------------- ---------- ----------
planned 7-day $ 135,000
shipyard program
- ----------------------------- -------------------- ---------- ----------
Deepwater Horizon Sep-05 $ 165,000 $ 200,000
- ----------------------------- -------------------- ---------- ----------
Cajun Express May-05 $ 140,000 $ 125,000
- ----------------------------- -------------------- ---------- ----------
Jun-07 $ 207,300 $ 140,000
- ----------------------------- -------------------- ---------- ----------
Deepwater Nautilus (4) Sep-05 $ 195,100 N/A
- ----------------------------- -------------------- ---------- ----------
Sep-06 $ 220,000 $ 195,100
- ----------------------------- -------------------- ---------- ----------
Sedco Energy Mar-05 $ 175,000 $ 186,400
- ----------------------------- -------------------- ---------- ----------
Sedco Express(9) 105 day shipyard $ 125,000
program / mob
- ----------------------------- -------------------- ---------- ----------
May-08 $ 165,000 $ 125,000
- ----------------------------- -------------------- ---------- ----------
Other Deepwater (15)
- ----------------------------- -------------------- ---------- ----------
Deepwater Navigator (5) Mar-05 $ 99,300 $ 94,300
- ----------------------------- -------------------- ---------- ----------
PLANNED 45-DAY $ 99,300
SHIPYARD PROGRAM
- ----------------------------- -------------------- ---------- ----------
Discoverer 534 Mar-05 $ 98,300 $ 110,000
- ----------------------------- -------------------- ---------- ----------
Discoverer Seven Seas Feb-07 $ 125,000 $ 125,000
- ----------------------------- -------------------- ---------- ----------
Transocean Marianas Apr-05 $ 150,000 $ 90,000
- ----------------------------- -------------------- ---------- ----------
Nov-05 $ 180,000 $ 150,000
- ----------------------------- -------------------- ---------- ----------
Sedco 707 (9) Nov-05 $ 100,000 $ 100,000
- ----------------------------- -------------------- ---------- ----------
planned 20-day $ 100,000
shipyard program
- ----------------------------- -------------------- ---------- ----------
Jack Bates Sep-05 $ 89,000 $ 125,000
- ----------------------------- -------------------- ---------- ----------
Peregrine I (5) idle $ 70,000
- ----------------------------- -------------------- ---------- ----------
Sedco 709 Apr-05 $ 80,000 $ 70,000
- ----------------------------- -------------------- ---------- ----------
M.G. Hulme, Jr. (6) idle $ 85,000
- ----------------------------- -------------------- ---------- ----------
Transocean Richardson Dec-05 $ 85,000 $ 45,000
- ----------------------------- -------------------- ---------- ----------
Jim Cunningham Aug-05 $ 65,000 $ 65,000
- ----------------------------- -------------------- ---------- ----------
Sedco 710 (9) Oct-06 $ 109,500 $ 71,000
- ----------------------------- -------------------- ---------- ----------
Transocean Rather Oct-05 $ 165,000 $ 95,000
- ----------------------------- -------------------- ---------- ----------
Dec-05 $ 190,000 $ 165,000
- ----------------------------- -------------------- ---------- ----------
Feb-06 $ 165,000 $ 190,000
- ----------------------------- -------------------- ---------- ----------
Transocean Leader (10) Feb-06 $ 173,500 $ 107,500
- ----------------------------- -------------------- ---------- ----------
Sovereign Explorer Feb-05 $ 65,000 $ 65,000
- ----------------------------- -------------------- ---------- ----------
Aug-05 $ 65,000 $ 65,000
- ----------------------------- -------------------- ---------- ----------
Other High Specification (4)
- ----------------------------- -------------------- ---------- ----------
Henry Goodrich Aug-05 $ 106,600 $ 116,600
- ----------------------------- -------------------- ---------- ----------
planned 40-day $ 106,600
shipyard program
- ----------------------------- -------------------- ---------- ----------
Paul B. Loyd, Jr. Mar-05 $ 120,000 $ 107,500
- ----------------------------- -------------------- ---------- ----------
Mar-07 $ 144,000 $ 120,000
- ----------------------------- -------------------- ---------- ----------
Transocean Arctic Mar-06 $ 168,000 $ 200,000
- ----------------------------- -------------------- ---------- ----------
Polar Pioneer Jul-06 $ 170,000 $ 110,200
- ----------------------------- -------------------- ---------- ----------
Transocean Inc. Fleet Page 2
Transocean Inc. (NYSE: RIG) Monthly Fleet Update
Updated : February 28, 2005
NEW FIRM CONTRACTS AND CONTRACT EXTENSIONS NOTED IN BOLD
YR. CONTRACT
ENTERED WATER START/
DYNAMICALLY POSITIONED X FLOATER (1) DEPTH DRILLING IDLE
RIG TYPE/NAME TYPE SERVICE (FT.) DEPTH LOCATION CLIENT DATE
- ----------------------------- ------- ----------- ------- -------- ----------- ----------------- --------
Other Floaters (24)
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Peregrine III ship X 1976 4,200 25,000 USGOM
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Sedco 700 semi 1973/1997 3,600 25,000 E. Guinea A. Hess Jan-05
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Transocean Legend semi 1983 3,500 25,000 Enroute Jan-05
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Transocean Amirante semi 1978/1997 3,500 25,000 USGOM ENI Feb-05
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
USGOM Remington Aug-05
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
C. Kirk Rhein, Jr. semi 1976/1997 3,300 25,000 USGOM Mar-02
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Transocean Driller (9) semi 1991 3,000 25,000 Brazil Petrobras Sep-04
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Brazil Apr-05
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Falcon 100 semi 1974/1999 2,400 25,000 USGOM LLOG Feb-05
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
USGOM LLOG Jul-05
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Sedco 703 semi 1973/1995 2,000 25,000 Australia ENI Feb-05
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Australia OMV Mar-05
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Australia JUL-05
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Sedco 711 semi 1982 1,800 25,000 UKNS Shell Dec-04
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Transocean John Shaw semi 1982 1,800 25,000 UKNS Nexen Dec-04
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Kerr McGee May-05
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Sedco 712 semi 1983 1,600 25,000 UKNS Dec-04
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
UKNS Oilexco Mar-05
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Sedco 714 semi 1983/1997 1,600 25,000 UKNS BG Feb-05
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
UKNS BG Mar-05
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
UKNS BG Apr-05
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
UKNS ADTI MAY-05
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Actinia semi 1982 1,500 25,000 India Reliance Oct-04
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Sedco 601 semi 1983 1,500 25,000 Indonesia Santos Jan-05
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Indonesia Santos Mar-05
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Indonesia Santos Apr-05
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Indonesia Santos Jun-05
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Sedneth 701 semi 1972/1993 1,500 25,000 Angola ChevronTexaco Jan-05
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Sedco 702 semi 1973/1992 1,500 25,000 Australia Apr-03
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Transocean Winner semi 1983 1,500 25,000 NNS Aug-02
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Transocean Searcher semi 1983/1988 1,500 25,000 NNS Statoil Aug-04
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Transocean Prospect semi 1983/1992 1,500 25,000 UKNS Oct-02
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Transocean Wildcat semi 1977/1985 1,300 25,000 UKNS Oct-01
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Transocean Explorer semi 1976 1,250 25,000 UKNS Jan-99
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
J.W. McLean semi 1974/1996 1,250 25,000 UKNS ConocoPhillips Aug-04
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Sedco 704 semi 1974/1993 1,000 25,000 UKNS Venture Jan-05
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
UKNS VENTURE MAR-05
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Sedco 706 semi 1976/1994 1,000 25,000 UKNS Total Jan-05
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
CONTRACT CONTRACT
DYNAMICALLY POSITIONED X ESTIMATED (2) DAYRATE DAYRATE
RIG TYPE/NAME EXPIRATION (3) (3)
- ----------------------------- -------------------- ---------- ----------
Other Floaters (24)
- ----------------------------- -------------------- ---------- ----------
Peregrine III idle N/A
- ----------------------------- -------------------- ---------- ----------
Sedco 700 Jan-06 $ 90,000 $ 84,000
- ----------------------------- -------------------- ---------- ----------
Transocean Legend under tow $ 55,000
to Singapore
- ----------------------------- -------------------- ---------- ----------
Transocean Amirante Aug-05 $ 86,800 $ 50,000
- ----------------------------- -------------------- ---------- ----------
Feb-06 $ 102,500 $ 86,800
- ----------------------------- -------------------- ---------- ----------
C. Kirk Rhein, Jr. idle $ 63,500
- ----------------------------- -------------------- ---------- ----------
Transocean Driller (9) Jul-06 $ 53,000 $ 52,000
- ----------------------------- -------------------- ---------- ----------
planned 10-day $ 53,000
shipyard program
- ----------------------------- -------------------- ---------- ----------
Falcon 100 Jul-05 $ 85,000 $ 42,500
- ----------------------------- -------------------- ---------- ----------
Jan-06 $ 105,000 $ 85,000
- ----------------------------- -------------------- ---------- ----------
Sedco 703 Mar-05 $ 75,000 $ 75,000
- ----------------------------- --------------------
May-05 $ 83,000 $ 75,000
- ----------------------------- -------------------- ---------- ----------
PLANNED 28-DAY $ 75,000
SHIPYARD PROGRAM
- ----------------------------- -------------------- ---------- ----------
Sedco 711 Dec-05 $ 50,000 $ 45,100
- ----------------------------- -------------------- ---------- ----------
Transocean John Shaw May-05 $ 85,000 $ 60,000
- ----------------------------- --------------------
Aug-05 $ 115,000 $ 85,000
- ----------------------------- -------------------- ---------- ----------
Sedco 712 Shipyard / contract $ 47,700
preparation
- ----------------------------- -------------------- ---------- ----------
Mar-06 $ 103,000 $ 47,000
- ----------------------------- -------------------- ---------- ----------
Sedco 714 Mar-05 $ 50,000 $ 47,000
- ----------------------------- -------------------- ---------- ----------
Apr-05 $ 55,000 $ 50,000
- ----------------------------- -------------------- ---------- ----------
May-05 $ 60,000 $ 55,000
- ----------------------------- -------------------- ---------- ----------
AUG-05 $ 145,000 $ 60,000
- ----------------------------- -------------------- ---------- ----------
Actinia Aug-05 $ 54,000 $ 44,000
- ----------------------------- -------------------- ---------- ----------
Sedco 601 Mar-05 $ 66,000 $ 66,000
- ----------------------------- -------------------- ---------- ----------
Apr-05 $ 77,000 $ 66,000
- ----------------------------- -------------------- ---------- ----------
Jun-05 $ 66,000 $ 77,000
- ----------------------------- -------------------- ---------- ----------
Jul-05 $ 77,000 $ 66,000
- ----------------------------- -------------------- ---------- ----------
Sedneth 701 Mar-05 $ 73,000 $ 70,000
- ----------------------------- -------------------- ---------- ----------
Sedco 702 idle $ 80,000
- ----------------------------- -------------------- ---------- ----------
Transocean Winner idle $ 120,000
- ----------------------------- -------------------- ---------- ----------
Transocean Searcher May-05 $ 122,000 $ 103,800
- ----------------------------- -------------------- ---------- ----------
Transocean Prospect idle $ 98,000
- ----------------------------- -------------------- ---------- ----------
Transocean Wildcat idle $ 85,000
- ----------------------------- -------------------- ---------- ----------
Transocean Explorer idle $ 145,000
- ----------------------------- -------------------- ---------- ----------
J.W. McLean Aug-05 $ 51,000 $ 60,000
- ----------------------------- -------------------- ---------- ----------
Sedco 704 Mar-05 $ 63,500 $ 45,000
- ----------------------------- -------------------- ---------- ----------
JUN-06 $ 91,000 $ 63,500
- ----------------------------- -------------------- ---------- ----------
Sedco 706 Sep-05 $ 78,000 $ 57,000
- ----------------------------- -------------------- ---------- ----------
Transocean Inc. Fleet Page 3
Transocean Inc. (NYSE: RIG) Monthly Fleet Update
Updated : February 28, 2005
NEW FIRM CONTRACTS AND CONTRACT EXTENSIONS NOTED IN BOLD
YR. CONTRACT
ENTERED WATER START/
DYNAMICALLY POSITIONED X FLOATER (1) DEPTH DRILLING IDLE
RIG TYPE/NAME TYPE SERVICE (FT.) DEPTH LOCATION CLIENT DATE
- ----------------------------- ------- ----------- ------- -------- ----------- ----------------- --------
Jackups (26)
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Interocean III 1978/1993 300 25,000 Egypt Zeitco May-03
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Shelf Explorer 1982 300 20,000 Indonesia Kodeco Dec-04
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Transocean Comet 1980 250 20,000 Egypt GUPCO Oct-03
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Transocean Mercury 1969/1998 250 20,000 Egypt GEISUM DEC-03
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Transocean Nordic 1984 300 25,000 India Reliance Feb-04
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
India ONGC Apr-05
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Trident II 1977/1985 300 25,000 India ONGC May-03
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Trident IV (11) 1980/1999 300 25,000 Egypt IEOC Sep-04
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Italy ENI Mar-05
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Trident VI 1981 220 21,000 India Reliance Dec-04
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Singapore Mar-05
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Vietnam VSP APR-05
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Trident VIII 1982 300 21,000 Nigeria Conoil Feb-05
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Aug-05
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Nigeria Conoil Dec-05
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Trident IX 1982 400 20,000 Vietnam JVPC Sep-04
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Vietnam JVPC Sep-05
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Trident XII 1982/1992 300 25,000 India ONGC Nov-03
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Trident XIV 1982/1994 300 20,000 Cabinda ChevronTexaco May-04
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Trident 15 1982 300 25,000 Thailand Unocal Feb-03
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Thailand Unocal Feb-05
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Singapore May-05
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Trident 16 1982 300 25,000 Thailand ChevronTexaco Mar-05
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Trident 17 1983 355 25,000 Vietnam Petronas Carigali May-04
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Trident 20 2000 350 25,000 Caspian Petronas Carigali Dec-04
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Ron Tappmeyer 1978 300 25,000 India ONGC Nov-03
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Randolph Yost 1979 300 25,000 India ONGC Nov-03
- ----------------------------- ------- ----------- ------- -------- ----------- ----------------- --------
D.R. Stewart 1980 300 25,000 Italy ENI Jan-05
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Italy ENI Mar-05
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
G.H. Galloway 1984 300 25,000 Italy ENI Jul-04
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Harvey H. Ward 1981 300 25,000 Malaysia Talisman Jul-04
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Roger W. Mowell 1982 300 25,000 Malaysia Talisman Nov-04
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
J.T. Angel 1982 300 25,000 Indonesia BP Dec-04
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
F.G. McClintock 1975 300 25,000 India ONGC Jan-05
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
C.E. Thornton 1974 300 25,000 India ONGC Oct-04
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Jupiter 1981/1997 170 16,000 UAE Sep-98
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
CONTRACT CONTRACT
DYNAMICALLY POSITIONED X ESTIMATED (2) DAYRATE DAYRATE
RIG TYPE/NAME EXPIRATION (3) (3)
- ----------------------------- -------------------- ---------- ----------
Jackups (26)
- ----------------------------- -------------------- ---------- ----------
Interocean III Jul-05 $ 38,000 $ 39,000
- ----------------------------- -------------------- ---------- ----------
Shelf Explorer Jul-05 $ 48,000 $ 58,000
- ----------------------------- -------------------- ---------- ----------
Transocean Comet Oct-05 $ 32,000 $ 27,300
- ----------------------------- -------------------- ---------- ----------
Transocean Mercury MAY-05 $ 33,500 $ 30,500
- ----------------------------- -------------------- ---------- ----------
Transocean Nordic Mar-05 $ 57,800 $ 72,100
- ----------------------------- -------------------- ---------- ----------
Apr-07 $ 74,200 $ 57,800
- ----------------------------- -------------------- ---------- ----------
Trident II May-06 $ 60,000 $ 34,900
- ----------------------------- -------------------- ---------- ----------
Trident IV (11) Feb-05 $ 78,600 $ 59,900
- ----------------------------- -------------------- ---------- ----------
Jul-05 $ 57,500 $ 78,600
- ----------------------------- -------------------- ---------- ----------
Trident VI Mar-05 $ 55,000 $ 53,200
- ----------------------------- -------------------- ---------- ----------
planned 35-day $ 55,000
shipyard program
and mob
- ----------------------------- -------------------- ---------- ----------
MAR-06 $ 70,500 $ 55,000
- ----------------------------- -------------------- ---------- ----------
Trident VIII Aug-05 $ 55,500 $ 43,000
- ----------------------------- -------------------- ---------- ----------
120-day planned $ 55,000
shipyard program
- ----------------------------- -------------------- ---------- ----------
Jan-08 $ 66,000 $ 55,000
- ----------------------------- -------------------- ---------- ----------
Trident IX Sep-05 $ 60,000 $ 56,300
- ----------------------------- -------------------- ---------- ----------
Sep-06 $ 77,200 $ 60,000
- ----------------------------- -------------------- ---------- ----------
Trident XII Nov-06 $ 62,250 $ 57,000
- ----------------------------- -------------------- ---------- ----------
Trident XIV Apr-05 $ 60,000 $ 75,000
- ----------------------------- -------------------- ---------- ----------
Trident 15 Feb-05 $ 53,500 $ 70,000
- ----------------------------- -------------------- ---------- ----------
Feb-06 $ 59,750 $ 53,500
- ----------------------------- -------------------- ---------- ----------
40-day planned $ 59,750
shipyard program
- ----------------------------- -------------------- ---------- ----------
Trident 16 Apr-05 $ 65,000 $ 60,000
- ----------------------------- -------------------- ---------- ----------
Trident 17 Apr-06 $ 57,500 $ 62,000
- ----------------------------- -------------------- ---------- ----------
Trident 20 Jul-05 $ 90,000 $ 90,000
- ----------------------------- -------------------- ---------- ----------
Ron Tappmeyer Nov-06 $ 62,250 $ 50,100
- ----------------------------- -------------------- ---------- ----------
Randolph Yost Nov-06 $ 60,750 $ 64,000
- ----------------------------- -------------------- ---------- ----------
D.R. Stewart Mar-05 $ 51,000 $ 76,000
- ----------------------------- -------------------- ---------- ----------
Mar-06 $ 54,000 $ 51,000
- ----------------------------- -------------------- ---------- ----------
G.H. Galloway Jul-05 $ 51,000 $ 48,000
- ----------------------------- -------------------- ---------- ----------
Harvey H. Ward Jul-05 $ 46,350 $ 45,000
- ----------------------------- -------------------- ---------- ----------
Roger W. Mowell Nov-05 $ 46,350 $ 45,000
- ----------------------------- -------------------- ---------- ----------
J.T. Angel Oct-05 $ 60,000 $ 50,000
- ----------------------------- -------------------- ---------- ----------
F.G. McClintock Dec-07 $ 50,000 $ 50,000
- ----------------------------- -------------------- ---------- ----------
C.E. Thornton Oct-07 $ 45,000 $ 45,000
- ----------------------------- -------------------- ---------- ----------
Jupiter idle
- ----------------------------- -------------------- ---------- ----------
Transocean Inc. Fleet Page 4
Transocean Inc. (NYSE: RIG) Monthly Fleet Update
Updated : February 28, 2005
NEW FIRM CONTRACTS AND CONTRACT EXTENSIONS NOTED IN BOLD
YR. CONTRACT
ENTERED WATER START/
DYNAMICALLY POSITIONED X FLOATER (1) DEPTH DRILLING IDLE
RIG TYPE/NAME TYPE SERVICE (FT.) DEPTH LOCATION CLIENT DATE
- ----------------------------- ------- ----------- ------- -------- ----------- ----------------- --------
Self-Erecting Tenders (4)
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Searex 9 1981 400 20,000 Congo Apr-04
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Searex 10 1983/1994 450 21,000 Angola ChevronTexaco Feb-05
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Charley Graves 1975 500 20,000 Singapore Dec-04
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Thailand Unocal Mar-05
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
W.D. Kent 1977 400 20,000 Malaysia Jan-03
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Non-U.S. Drilling Barges (4)
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Searex 4 1981/1989 21 25,000 Indonesia Total Sep-04
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Searex 6 1981/1991 25 25,000 Cameroon Jul-02
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Searex 12 1982/1992 25 25,000 Nigeria Shell Jun-04
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Hibiscus (7) 1979/1993 25 16,000 Indonesia Total Jan-04
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Platform Rigs (1)
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Cliffs # 1 1988/98 18,000 China
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Other (2)
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Joides Resolution(8) ship X 1978 27,000 30,000 Worldwide IODP May-04
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
Sedco 135D 1966/77/01 600 Brazil SLB Jun-01
- ----------------------------- ----------- ------- -------- ----------- ----------------- --------
CONTRACT CONTRACT
DYNAMICALLY POSITIONED X ESTIMATED (2) DAYRATE DAYRATE
RIG TYPE/NAME EXPIRATION (3) (3)
- ----------------------------- -------------------- ---------- ----------
Self-Erecting Tenders (4)
- ----------------------------- -------------------- ---------- ----------
Searex 9 idle $ 42,000
- ----------------------------- -------------------- ---------- ----------
Searex 10 Feb-06 $ 41,000 $ 44,000
- ----------------------------- -------------------- ---------- ----------
Charley Graves 70-day planned $ 40,000
shipyard program
- ----------------------------- -------------------- ---------- ----------
Mar-07 $ 40,500 $ 40,000
- ----------------------------- -------------------- ---------- ----------
W.D. Kent idle $ 35,000
- ----------------------------- -------------------- ---------- ----------
Non-U.S. Drilling Barges (4)
- ----------------------------- -------------------- ---------- ----------
Searex 4 Sep-09 $ 39,200 N/A
- ----------------------------- -------------------- ---------- ----------
Searex 6 idle $ 27,500
- ----------------------------- -------------------- ---------- ----------
Searex 12 Jun-05 $ 49,000 $ 49,000
- ----------------------------- -------------------- ---------- ----------
Hibiscus (7) Jan-07 $ 47,700 $ 44,300
- ----------------------------- -------------------- ---------- ----------
Platform Rigs (1)
- ----------------------------- -------------------- ---------- ----------
Cliffs # 1 idle
- ----------------------------- -------------------- ---------- ----------
Other (2)
- ----------------------------- -------------------- ---------- ----------
Joides Resolution(8) Jun-05 $ 66,000 $ 88,750
- ----------------------------- -------------------- ---------- ----------
Sedco 135D Jun-09 $ 28,500 N/A
- ----------------------------- -------------------- ---------- ----------
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) 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
