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. An additional revenue opportunity is available should the rig be utilized in water depths exceeding 3,000 feet. The semisubmersible Sovereign Explorer is capable of drilling in water depths of up to 5,000 ft.

In addition, the deepwater drillship Discoverer 534 has been awarded a two-well, estimated 60-day contract from Reliance Industries Limited in India. The drillship is expected to begin mobilizing from the U.S. Gulf of Mexico in late January 2002 and commence drilling operations offshore India by early-April. Revenues expected to be generated over the estimated 60-day contract period, excluding mobilization and demobilization fees, could total approximately $8 million. Delivered in 1975 and significantly upgraded in 1991, the Discoverer 534 is a dynamically positioned drillship capable of drilling in water depths of up to 7,000 feet. Finally, the arctic-class semisubmersible Polar Pioneer has received a six-month contract extension from Norsk Hydro to continue drilling operations offshore Norway. The semisubmersible, which has worked for Norsk Hydro in Norway since its delivery in 1985, is now contracted until February 2003. Revenues expected to be generated over the six-month contract extension could total approximately $24 million.