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.

The Cajun Express has been awarded a one-well, estimated 40-day contract from 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. The contract, which also provides for three additional wells to be drilled at BP's election, is expected to commence in early November 2001 following an expected 20-day mobilization of the rig from the Canary Islands that began today. Revenues to be generated over the firm, three-well, estimated 130-day contract period could total approximately $12 million.

The Cajun Express and Sedco Express are dynamically positioned, high-specification semisubmersibles rated to drill in water depths of up to 8,500 feet and 7,500 feet, respectively. The rigs possess a unique configuration of drilling equipment with automated, dual pipe-handling and racking machines, designed to reduce total well construction time by up to 25%.