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. The dual activity drilling process allows for certain well construction tasks to be handled simultaneously, rather than in a consecutive manner, and is designed to provide up to a 40 percent improvement in deepwater well construction efficiency.