Transocean Announces Contract for Transocean Marianas

Transocean Inc. announced that its deepwater moored semisubmersible Transocean Marianas, capable of drilling in water depths up to 7,000 feet, has been awarded a two-year contract by a subsidiary of Eni. The contract is scheduled to commence in December 2009 following completion of the rig's existing contract commitments in the U.S. Gulf of Mexico. Estimated contract revenues that could be generated over the two-year contract period are approximately $412 million. Estimated contract revenues represent the maximum amount of revenues that may be earned in the contract period, excluding revenues for cost escalations. The Transocean Marianas semisubmersible, which entered service in 1979 and was upgraded in 1998, is one of 39 High-Specification Floaters in the Transocean fleet, 18 of which are Ultra-Deepwater Floaters capable of drilling in water depths of 7,500 feet or greater.