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Sedco Forex News

11 Oct 2001

Transocean Sedco Forex Awarded Contracts

Transocean Sedco Forex Inc., announced that it has been awarded new contracts for its high-specification semisubmersible rigs Cajun Express and Sedco Express. Ocean Energy Inc. for ultra-deepwater drilling operations on the company's South Titan prospect located in approximately 6,200 feet of water in the U.S. Gulf of Mexico. The contract should commence following the completion of the rig's current drilling assignment with Ocean Energy in the U.S. Gulf of Mexico. Revenues to be generated over the estimated 40-day contract period could total approximately $6 million. The Sedco Express has been awarded a three-well, estimated 130-day contract from a unit of BP for drilling operations in the Eastern Mediterranean offshore the coast of Egypt in waterdepths between 2,600 feet and 3,280 feet.

31 Oct 2001

Keppel FELS In Azerbaijan

Keppel FELS, a member of the Keppel Group, has successfully established a foothold in Azerbaijan through its joint venture yard, Caspian Shipyard Company. The world leader in the construction of jack-up rigs celebrates the first operating birthday of its rig built in the Caspian Sea. Keppel FELS retraces its trailblazing record as the first Singaporean company to build jack-up rigs there. “This is not business as usual, but it’s our business. We conduct it with a ‘can do’ attitude…. “Caspian Shipyard Company has established an industry capability that will have long term benefits to the country and the Caspian Region… It is the industry expectation that Caspian Shipyard will continue on to become a strong regional player…

20 Nov 2001

Houghton Offshore Helps Set Another Record

Houghton Offshore has enabled the Transocean Sedco Forex to set a new world record for the deepest well drilled to date. The drillship Discoverer Spirit used a subsea blowout preventor (BOP), operating on a 2 percent mixture of Houghton Stack Magic 200 BOP fluid, as it drilled at 9,727 ft. below sea level in the U.S. Gulf of Mexico, surpassing the previous record of 9,687 ft. set earlier this year. "The previous world record had been set on that same drillship using Houghton's BOP fluid in June 2001," explains LeeRoy J. Patin, Global Offshore manager at Houghton Offshore, a division of Houghton International specializing in the manufacture and formulation of water-based fluids for oil and gas production and exploration equipment.

29 Nov 2001

Stewart Joins Board at Hornbeck-Leevac

Hornbeck-Leevac Marine Services, Inc., announced that the board of directors has unanimously appointed Bernie W. Stewart to fill the recently created board vacancy. Stewart served in a variety of senior management positions with R&B Falcon until its merger in January 2001 with Transocean Sedco Forex, Inc., most recently as Senior Vice President, Operations of R&B Falcon Corporation and President of R&B Falcon Drilling US, its operating subsidiary. Previously, he served as senior vice president and chief operating officer of the original Hornbeck Offshore Services, Inc., and prior to that as President of Western Oceanics, Inc. Christian Vaccari…

14 Dec 2001

Transocean Sedco Forex’s COO Retires, Management Changes

Transocean Sedco Forex Inc., announced that W. Dennis Heagney, executive vice president and chief operating officer, will retire from the company in June 2002, after 33 years of service. Heagney began his career in 1969 with The Offshore Company, a predecessor of Transocean Sedco Forex and has worked in a variety of operating and marketing roles in both the United States and International locations. The board of directors has appointed Robert L. Long as president of Transocean Sedco Forex Inc., effective immediately. Long will also assume the role of Chief Operating Officer upon the retirement of Heagney in June 2002. Long joined the company in 1975 and has held numerous operational and financial roles over his 26-year career including division engineer…

20 Dec 2001

Vice Chairman of Schlumberger Limited Retires

Schlumberger Limited announced today that vice chairman Victor Grijalva will retire at the end of the year. decades. made an enormous contribution to the success of the company during a period which has seen many changes and huge swings in upstream activity. engineer in Houston in 1964. North American operations in 1985. Having steered Schlumberger through the mid-1980 industry downturn, he was named executive vice president of Schlumberger Wireline and Testing and Anadrill in 1989 and executive vice president of Oilfield Services in 1993. Just under ten years later in 1998, Grijalva became vice chairman of Schlumberger Limited. of the American Institute of Electrical Engineers and the Society of Petroleum Engineers.

25 Jan 2002

Transocean Sedco Forex Receives Contract Awards

Transocean Sedco Forex Inc. announced that it has been awarded contracts for two high specification floating drilling rigs and has received a contract extension on a third high-specification floating drilling rig. The semisubmersible Sovereign Explorer has been awarded a one-year primary term contract from Amerada Hess Corporation through its Triton Equatorial Guinea, Inc. business unit for drilling operations offshore Equatorial Guinea. The one-year contract, which provides for a one-year extension period, is expected to commence in early March 2002, following mobilization of the rig from the North Sea. Revenues expected to be generated over the one-year contract period, excluding mobilization and demobilization fees, could total approximately $33 million.

11 Feb 2002

Transocean Sedco Forex Reports Rescue

Transocean Sedco Forex Inc. announced that its drillship, Peregrine III, has safely rescued the nine-member crew of the survey-and-recovery vessel ALOHA, which was lost at sea about 100 nautical miles northeast of Cozumel while under way to a historical and bullion wreck. The ALOHA reported that it had lost power and was taking on water on Thursday, February 7. Also responding were a German container vessel, MV Libra Houston, and a Norwegian cruise ship, Rhapsody At Sea. The ALOHA crewmembers, including four U.S. citizens and five Filipinos, were taken aboard the Peregrine III from an ALOHA life raft. No medical problems were reported among the rescued crewmembers. The ALOHA, a dynamically positioned ROV (remotely operated vehicle) survey ship, belongs to Deepsea International (DSI).

04 Apr 2002

Positive Outlook for Global Subsea Development, Deepwater Strengthening

There are 2,511 identified pending, probable and possible subsea production wells forecast (base case) worldwide over the next six years. Some 18 percent of these subsea completions will be installed in North America, 30 percent in Africa/Mediterranean, eight percent in Asia-Pacific, 26 percent in the North Sea and 18 percent in Brazil. These subsea projects are in various development stages, including: 23 percent at the pending/construction stage, 11 percent bidding, 9 percent in detailed engineering, 16 percent at the front-end engineering design (FEED) stage, 16 percent of the wells probable and 26 percent possible indicating possible development in the future.

07 Apr 2000

Contracts

Friede Goldman Halter, Inc. announced that it has recently finalized six new contracts with a total value of approximately $40 million. -The Venezuelan government for the construction of two 153-foot LCU-type logistics support vessels. Financing for the project has been secured through the Export-Import Bank and all guarantees have been obtained. Construction for the vessels is anticipated to begin during the second quarter at the company's Moss Point Marine shipyard in Escatawpa, MS and delivery is slated for the fourth quarter of 2001. -Atwood Oceanics for the design and construction of a deepwater mooring system. The 8-point combination traction-winch/windlass mooring system will be installed on the Atwood Eagle…

06 Apr 2000

Offshore Comeback At Hand

U.S. oil drillers expect weaker or flat first quarter earnings but see revenues picking up later in the year as recent high oil prices trickle down to the service sector. According to sector company executives, the recovery is set to begin in the second half of this year for most, and improve markedly in 2001 as major, independent and national oil firms ramp up oil and gas exploration and production spending. "The year 2000 will be a transition year, the later we get into the year the better things will become...We troughed in the third quarter (1999)," Robert Rose, Chairman, President and CEO of offshore driller Global Marine. "But we have to wait to 2001 before we start having the kind of earnings we had in 1997…

06 Apr 2000

Friede Goldman Halter Finalizes $40 Million In New Contracts

Friede Goldman Halter, Inc. announced that it has recently finalized six new contracts with a total value of approximately $40 million. · The Venezuelan government for the construction of two 153-foot LCU-type logistics support vessels. Financing for the project has been secured through the Export-Import Bank and all guarantees have been obtained. Construction for the vessels is anticipated to begin during the second quarter at the company's Moss Point Marine shipyard in Escatawpa, MS and delivery is slated for the fourth quarter of 2001. · Atwood Oceanics for the design and construction of a deepwater mooring system. The 8-point combination traction-winch/windlass mooring system will be installed on the Atwood Eagle…

25 Apr 2000

Transocean Sedco Forex Inc. Reports First Quarter 2000 Results

Transocean Sedco Forex Inc announced that net income for the three months ended March 31, 2000 was $32.5 million on revenues of $300.8 million. The results include a cash settlement of $25.1 million, relating to the previously reported agreement with BP Amoco to cancel the remaining 14 months of firm contract time on the semisubmersible Transocean Amirante. Net income for the corresponding three months in 1999 was $11.3 million on revenues of $189.2 million. Operating and maintenance expense for the first quarter of 1999 included charges for severance costs and provisions for potential legal claims totaling $42 million. The December 1999 merger of Transocean Offshore Inc.

17 Apr 2000

Electronic Engines Power New OSV Breed

The offshore supply vessel market remains as competitive as ever, with companies attempting to lure customers with the best possible value for their day rates and other appealing offers. Hornbeck Offshore Services Inc., Mandeville, La., found a simple answer to stay ahead of the competition: build a well-designed fleet and equip it with the best technology you can afford. "It's that simple," says Carl Annessa, Hornbeck vice president of operations. "Customers want to contract boats that get the job done for the best value. Hornbeck Offshore owns a fleet of seven offshore supply vessels (OSVs) that are contracted to oil companies for oil exploration and production services, as well as drill rig support in deep water.

07 Apr 2000

Offshore Market Begins To Rumble

U.S. oil drillers expect weaker or flat first quarter earnings but see revenues picking up later in the year as recent high oil prices trickle down to the service sector. According to sector company executives, the recovery is set to begin in the second half of this year for most, and improve markedly in 2001 as major, independent and national oil firms ramp up oil and gas exploration and production spending. "The year 2000 will be a transition year, the later we get into the year the better things will become...We troughed in the third quarter (1999)," Robert Rose, Chairman, President and CEO of offshore driller Global Marine. "But we have to wait to 2001 before we start having the kind of earnings we had in 1997…

22 Aug 2000

Transocean Buys R&B Falcon In $5.3B Stock Deal

Transocean Sedco Forex Inc., already the world's biggest offshore oil-drilling contractor, agreed to buy R&B Falcon Corp. in a $5.3 billion stock deal that will make it the dominant deepwater driller. Under the agreement, approved by the boards of both companies, R&B Falcon stockholders will receive 0.5 shares of newly issued Transocean Sedco shares for each R&B Falcon share. Transocean will also assume approximately $3 billion in R&B Falcon debt, putting a total value on the deal of some $8.3 billion. The combined company would have a market capitalization of about $16.5 billion, almost three times as much as its biggest competitors, and would rank only beneath diversified oilfield services giants Schlumberger Ltd. and Halliburton Co. as a contractor to the global oil and gas industry.

18 Aug 2000

News Briefs

The Delaware River Pilots Association recently contracted with Carey's Diesel to repower a vessel with a pair of Isotta Fraschini marine diesel engines, rated at 550 hp @ 2,400 rpm. This is the third vessel the Pilots Association has chosen to repower using Isotta Fraschini engines. The first Isotta Fraschini repowers were two 56,000-lb. vessels named Wilmington and Delaware. Wilmington's two 8V-72T Detroit Diesel two-cycle, eight cylinder engines were replaced with two V1308T2 MLH Isotta Fraschini four-stroke, V-8 cylinder marine diesel engines. Delaware's two 8V-92 Detroit Diesel two-cycle, eight cylinder engines were replaced with a pair of V1312T2 MLH Isotta Fraschini four-stroke, V-12 cylinder marine diesel engines.

19 Jul 2000

Myriad Of Orders For Wärtsilä 200 Engines

Transocean SedcoForex of Houston, Texas, has ordered four Wärtsilä 12V200-generating sets for repowering their Transocean 135D semi-submersible offshore platform. These 2020 kWe generating sets will be delivered in October this year and will be installed while the semi-submersible is on station in Brazil. This is the fifth platform for which Transocean SedcoForex has selected Wärtsilä 200 generating sets. In addition, Fincantieri in Italy has ordered two 12V200 main engines to power the diesel-electric propulsion system of a new multipurpose support vessel contracted by the Italian Navy. These engines have a combined output of 4800 kW at 1500 rev/min.

03 Nov 2000

Transocean Sedco Forex Reports Rig Damage

Transocean Sedco Forex Inc., the world's biggest offshore driller, said one of its rigs was damaged by a gas blowout while drilling a well offshore Indonesia for Australia's Santos Ltd. Transocean said all 92 crewmen aboard the jack-up rig Trident IX were evacuated without injury to a service vessel. It said it expected insurance to cover the cost of the damage that appeared to be limited to the drill floor area. The incident which occurred on Thursday in the Madura Straits, offshore East Java, was caused by an uncontrollable release of natural gas which subsequently ignited.

21 Dec 2000

Keppel FELS' Subsidiary Gets FPSO Conversion Job

Halliburton Productos Ltd. Production Storage and Offloading facility (FPSO). This contract, once it is finalised, will be a major step for FELS Setal, as the last time any work of this magnitude was performed in Brazil was over four years ago. It is expected to re-vitalise the offshore and marine fabrication industry in Brazil, with projections to create thousands of new jobs for the state of Rio de Janeiro. Brazilian PEM Setal respectively. It is operating from a 360,000 sq. Angra dos Reis, about two hours south of Rio de Janeiro. deployment in deep waters of the North Sea, Gulf of Mexico and Southeast Asia. subsidiary, AMFELS secured a $76 million rig order from Chiles Offshore. Sedco Forex.

11 Jan 2001

Shareholders Approve Transocean Merger

At its extraordinary general meeting held Dec. 12, 2000 in Houston, Texas, holders of ordinary shares of Transocean Sedco Forex Inc. approved all proposals presented at the meeting, including those relating to the company's pending merger transaction with R&B Falcon Corporation. Shareholders approved an increase in authorized ordinary share capital, the issuance of ordinary shares in the merger, anincrease in the maximum size of the company's board of directors to 13 persons and an increase in the number of ordinary shares reserved for issuance under the company's Long-Term Incentive Plan and Employee Stock Purchase Plan. On Aug. 21…

08 Mar 2001

Transocean Announces Changes and Promotions

Transocean Sedco Forex Inc. announced that Jon C. Cole has been name executive vice president, Shallow and Inland Water Operations, overseeing the company's industry-leading presence in the shallow and inland waters of the U.S. drilling market. Cole joined the company in 1977 in Corporate Planning and has since held a number of management roles in the company's Operations and Marketing departments, including Division Manager in Egypt ad Scotland and Senior vice President of European Operations. Prior to his new assignment, Cole held the position of Executive Vice President, Marketing. He is a graduate of the University of Virginia in Charlottesville, Va., where he received a bachelor's degree in chemistry and MBA.

08 Mar 2001

Transocean's Third Deepwater Rig Ready to Begin Work

Transocean Sedco Forex Inc.'s ultra-deepwater drillship Discoverer Deep Seas has completed acceptance testing and has commenced a five-year contract valued at an estimated $374 million for Chevron U.S.A. Production Company in the U.S. Gulf of Mexico. The Discoverer Deep Seas is the third Discoverer Enterprise-class drillship to join the Transocean Sedco Forex fleet, following the delivery of the Discoverer Spirit to Unocal in September 2000 and the Discoverer Enterprise to BP in December 1999. All three rigs are designed to drill in water depths of up to 10,000 ft. and possess the company's patented dual activity drilling process, comprised primarily of two complete drilling systems within one derrick.

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