Discoverer Spirit Awarded Contract

Transocean Inc. announced that the ultra-deepwater drillship Discoverer Spirit has been awarded a three-year contract by Anadarko Petroleum Corporation for drilling operations in the U.S. Gulf of Mexico. The three-year contract is expected to commence in December 2010, following the completion of the rig's existing contract commitments in the U.S. Gulf of Mexico.

The estimated contract revenues which could be generated over the three-year contract period are $569.4m. Estimated contract revenues represent the maximum amount of revenues that may be earned in the firm contract period, excluding revenues for mobilization, demobilization and cost escalation from November 1, 2007. The Discoverer Spirit is one of 34 High-Specification Floaters in the Transocean fleet, 13 of which are Ultra-Deepwater Floaters. The rig, which entered service in 2000, is capable of operating in water depths of up to 10,000 feet.