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Filed by Bowne Pure Compliance
 

 
 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): December 7, 2007

 

Transocean Inc.
(Exact name of registrant as specified in its charter)

         
Cayman Islands   333-75899   66-0582307
(State or other Jurisdiction of Incorporation)   (Commission File Number)   (IRS Employer Identification No.)
     
4 Greenway Plaza, Houston, Texas
   77046
(Address of Principal Executive Offices)   (Zip Code)

Registrant’s telephone number, including area code: (713) 232-7500

 
Not Applicable
(Former name or former address if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 
 

1

 

 

Item 7.01 Regulation FD Disclosure.

Transocean Inc. (the “Company”) issues a report entitled “Transocean Fleet Update”, which included drilling rig status and contract information, including contract dayrate and duration. The report is dated December 7, 2007 and is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference. You may also subscribe to the free Transocean Financial report Alert which will alert you to new Transocean Fleet Updates. This service will send you an automated email which will provide a link directly to the web page containing the updated report. You may subscribe to this service at the “Investor Relations/Email Alerts” section of the site by selecting “Receive E-mail” and providing your email address. The Company’s website may be found at www.deepwater.com.

The statements made in the Transocean Fleet Update that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements made in the Transocean Fleet Update include, but are not limited to statements involving the estimated duration of client contracts, contract dayrate amounts, future contract commencement dates and locations and planned shipyard projects. Such statements are subject to numerous risks, uncertainties and assumptions, including but not limited to, uncertainties relating to the level of activity in offshore oil and gas exploration and development, exploration success by producers, oil and gas prices, competition and market conditions in the contract drilling industry, shipyard delays, actions and approvals of third parties, possible cancellation or suspension of drilling contracts as a result of mechanical difficulties or performance, the Company’s ability to enter into and the terms of future contracts, the availability of qualified personnel, labor relations and the outcome of negotiations with unions representing workers, operating hazards, storms, terrorism, political and other uncertainties inherent in non-U.S. operations (including the risk of war, civil disturbance, seizure or damage of equipment and exchange and currency fluctuations), the impact of governmental laws and regulations, the adequacy of sources of liquidity, the effect of litigation and contingencies and other factors described above and discussed in the Company’s Form 10-K for the year ended December 31, 2006 and in the Company’s other filings with the SEC, which are available free of charge on the SEC’s website at www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. You should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to publicly update or revise any forward-looking statements.

The information in Item 7.01 of this report, including Exhibit 99.1, is being furnished, not filed. Accordingly, the information in Item 7.01 of this report will not be incorporated by reference into any registration statement filed by the Company under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference. The furnishing of the information in this report is not intended to, and does not, constitute a determination or admission by the Company that the information in this report is material or complete, or that investors should consider this information before making an investment decision with respect to any security of the Company.

Item 9.01 Financial Statements and Exhibits.

The following exhibit is furnished pursuant to Item 7.01:

Ex-99.1 Transocean Inc. Fleet Update

2

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.  

TRANSOCEAN INC.  

    Date: December 7, 2007

By: /s/ Eric B. Brown                                                                     
Name: Eric B. Brown
Title:  Senior Vice President, General Counsel and
          Assistant Corporate Secretary

3

 

EXHIBIT INDEX

     
Exhibit    
Number   Description
99.1
  Transocean Inc. Fleet Update

4

Filed by Bowne Pure Compliance
 

Exhibit 99.1
(TRANSOCEAN LOGO)   Transocean Inc. (NYSE: RIG) Fleet Update
The information contained in this Fleet Update report (the “Information”) is as of the date of the report only and is subject to change without notice to the recipient. Transocean Inc. assumes no duty to update any portion of the Information.
DISCLAIMER. NEITHER TRANSOCEAN INC. NOR ITS AFFILIATES MAKE ANY EXPRESS OR IMPLIED WARRANTIES (INCLUDING, WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE) REGARDING THE INFORMATION CONTAINED IN THIS REPORT, WHICH INFORMATION IS PROVIDED “AS IS.” Neither Transocean Inc. nor its affiliates will be liable to any recipient or anyone else for any inaccuracy, error or omission, regardless of cause, in the information set forth in this report or for any damages (whether direct or indirect, consequential, punitive or exemplary) resulting therefrom.
No Unauthorized Publication or Use. All information provided by Transocean Inc. in this report is given for the exclusive use of the recipient and may not be published, redistributed or retransmitted without the prior written consent of Transocean Inc.
Client Contract Duration, Timing and Dayrates and Risks Associated with Operations. The duration and timing (including both starting and ending dates) of the client contracts are estimates only, and client contracts are subject to cancellation, suspension and delays for a variety of reasons, including some beyond the control of Transocean Inc. Also, the dayrates set forth in the report are estimates based upon the full contractual operating dayrate. However, the actual average dayrate earned over the course of any given contract will be lower and could be substantially lower. The actual average dayrate will depend upon a number of factors (rig downtime, suspension of operations, etc.) including some beyond the control of Transocean Inc. Our client contracts and operations are generally subject to a number of risks and uncertainties, and we urge you to review the description and explanation of such risks and uncertainties in our filings with the Securities and Exchange Commission (SEC), which are available free of charge on the SEC’s website at www.sec.gov. The dayrates do not include revenue for mobilizations, demobilizations, upgrades, shipyards or recharges.
Out of Service Days (Shipyards, Mobilizations, Etc.). Estimated out of service time for 2007 and 2008 is noted where the company anticipates that a rig will be out of service and not be available to earn an operating dayrate for a period of 14 days or longer. Additional rig out of service time in 2007 and 2008 may occur and will be added to the report as such events arise. No estimates are made for 2009 and beyond.
Out of service time is denoted as “Mob/Contract Prep” and “Shipyard or Project” out of service days. Mob/Contract Prep refers to periods during which the rig is being mobilized, demobilized and/or modifications or upgrades are being made as a result of contract requirements. Shipyard or Project refers to periods during which the rig is out of service as a result of other planned shipyards, surveys, repairs, regulatory inspections or other planned service or work on the rig. Similar Mob/Contract Prep and Shipyard or Project periods of durations under 14 days will occur but are not noted in the Update. In some instances such as certain mobilizations, demobilizations, upgrades and shipyards, we are paid compensation by our clients that is generally recognized over the life of the underlying contract, although such compensation is not typically significant in relation to the revenue generated by the dayrates we charge our clients.
Forward-Looking Statement. The statements made in the Fleet Update that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements made in the Fleet Update include, but are not limited to, statements involving the estimated duration of client contracts, contract dayrate amounts, future contract commencement dates and locations and planned shipyard projects and other out of service time. Such statements are subject to numerous risks, uncertainties and assumptions, including but not limited to, uncertainties relating to the level of activity in offshore oil and gas exploration and development, exploration success by producers, oil and gas prices, competition and market conditions in the contract drilling industry, shipyard delays, actions and approvals of third parties, possible cancellation or suspension of drilling contracts as a result of mechanical difficulties or performance, the Company’s ability to enter into and the terms of future contracts, the availability of qualified personnel, labor relations and the outcome of negotiations with unions representing workers, operating hazards, factors affecting the duration of contracts including well-in-progress provisions, the actual amount of downtime, factors resulting in reduced applicable dayrates, hurricanes and other weather conditions, terrorism, political and other uncertainties inherent in non-U.S. operations (including the risk of war, civil disturbance, seizure or damage of equipment and exchange and currency fluctuations), the impact of governmental laws and regulations, the adequacy of sources of liquidity, the effect of litigation and contingencies and other factors described above and discussed in the Company’s most recently filed Form 10-K, in the Company’s Forms 10-Q for subsequent periods and in the Company’s other filings with the SEC, which are available free of charge on the SEC’s website at www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. You should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to publicly update or revise any forward looking statements.
Fleet Classification. Transocean Inc. uses a rig classification for its semisubmersible rigs and drillships to reflect the company’s strategic focus on the ownership and operation of premium, high specification floating rigs. The rig classification, “High Specification Fleet” is comprised of “Ultra- Deepwater” which refers to the latest generation of semisubmersible rigs and drillships possessing the latest technical drilling capabilities and the ability to operate in water depths equal to or greater than 7,500 feet, “Other Deepwater” which refers to semisubmersible rigs and drillships that possess the ability to drill in water depths equal to or greater than 4,500 feet, and “Other High Specification” comprised of four of the company’s premium harsh environment rigs, the semisubmersibles Henry Goodrich, Paul B. Loyd, Jr., Transocean Arctic and Polar Pioneer. The category titled “Other Floaters” represents semisubmersible rigs and drillships that possess the ability to drill in water depths of up to 4,499 feet.

 

Page 1

 

(TRANSOCEAN LOGO)   Transocean Inc. (NYSE: RIG) Fleet Update
Updated : December 7, 2007
Revisions to Last Month’s Fleet Status Report Noted in Bold
Dynamically positioned «
                                                                 
                                    Current     Estimated     Current     Previous  
        Yr.(1)   Water     Drilling             Contract     Expiration     Contract     Contract  
    Floater   Entered   Depth     Depth             Start/Idle     /Out of     Dayrate (3)     Dayrate (3)  
Rig Type/Name   Type   Service   (Feet)     (Feet)     Location   Client   Date     Service (2)     (Dollars)     (Dollars)  
 
                                                                
Rigs Under Construction (8)
                                                                
 
                                                                
Discoverer Clear Leader (15)
   ship «   TBA     12,000       40,000     USGOM   Chevron   See Footnote 4   See Footnote 4   See Footnote 4     N/A  
Discoverer Americas (15)
   ship «   TBA     12,000       40,000     USGOM   StatoilHydro   See Footnote 5   See Footnote 5     475,000       N/A  
Discoverer Inspiration(15)
   ship «   TBA     12,000       40,000     USGOM   Chevron   See Footnote 6   See Footnote 6     472,000       N/A  
GSF Drillship TBN 1
   ship «   TBA     12,000       40,000     TBA   TBA   See Footnote 7   See Footnote 7   See Footnote 7     N/A  
Deepwater Pacific I
   ship «   TBA     12,000       35,000     India   Reliance   See Footnote 8   See Footnote 8   See Footnote 8     N/A  
Deepwater Pacific II
   ship «   TBA     10,000       35,000     TBA   TBA   See Footnote 9   See Footnote 9   See Footnote 9     N/A  
Discoverer TBN 1
   ship «   TBA     7,500       40,000     Angola   BP   See Footnote 10   See Footnote 10   See Footnote 10     N/A  
GSF Development Driller III (15)
   semi «   TBA     7,500       30,000     Angola   BP   See Footnote 11   See Footnote 11     382,000       N/A  
 
                                                                
High Specification Floaters:
                                                                
Ultra-Deepwater (18)
                                                                
 
                                                                
Discoverer Deep Seas(15)
   ship «   2001     10,000       35,000     USGOM   Chevron   Jan-07   Jan-08     294,000       241,000  
 
                           USGOM   Chevron   Jan-08   Jan-09     318,000       294,000  
 
                                   Apr-08   14 days Shipyard
or Project		                
 
                           USGOM   Chevron   Jan-09   Jan-11     485,000       318,000  
Discoverer Enterprise(15)
   ship «   1999     10,000       35,000     USGOM   BP   Dec-04   Dec-07     191,000       199,000  
 
                           USGOM   BP   Dec-07   Dec-10     520,000       191,000  
Discoverer Spirit(15)
   ship «   2000     10,000       35,000     USGOM   Shell   Mar-06   Dec-07     298,000       204,000  
 
                                   Dec-07   14 days Shipyard
or Project		                
 
                           USGOM   Anadarko   Dec-07   Dec-10     475,000       298,000  
 
                           USGOM   Anadarko   Dec-10   Dec-13     520,000       475,000  
GSF C.R. Luigs(15)
   ship «   2000     10,000       35,000     USGOM   BHP Billiton   Sep-07   Sep-09     393,000       225,000  
 
                                   Sep-09   Sep-13     510,000       393,000  
GSF Jack Ryan (15)
   ship «   2000     10,000       35,000     Nigeria   Total   Jun-07   Jun-09     297,000       270,000  
 
                           Nigeria   Total   Jun-09   May-13     425,000       297,000  
Deepwater Discovery
   ship «   2000     10,000       30,000     Nigeria   Total   Mar-07   Aug-08     364,000       357,000  
 
                           Brazil   Devon   Aug-08   Jan-14     425,000 (14)     364,000  
 
                                   Dec-08   65 days Shipyard or Project                
Deepwater Frontier
   ship «   1999     10,000       30,000     India   Reliance   Aug-06   Aug-08     320,000       145,000  
 
                           India   Reliance   Aug-08   Oct-11     477,000       320,000  
Deepwater Millennium(15)
   ship «   1999     10,000       30,000     USGOM   Anadarko   Jun-07   Jun-10     445,000       302,000  
Deepwater Pathfinder
   ship «   1998     10,000       30,000     Nigeria   Shell/Chevron/   Jul-07   Jun-09     395,000       190,000  
 
                               Agip/Petrobras                                
 
                           TBA   TBA   Jun-09   Oct-09     600,000       395,000  
Deepwater Horizon (15)
   semi «   2001     10,000       30,000     USGOM   BP   Oct-07   Oct-10   See Footnote 12     278,000  
Deepwater Expedition
   ship «   1999     10,000       30,000     Egypt   Shell   Jan-07   Dec-07     240,000       147,000  

 

Page 2

 

(TRANSOCEAN LOGO)   Transocean Inc. (NYSE: RIG) Fleet Update
Updated : December 7, 2007
Revisions to Last Month’s Fleet Status Report Noted in Bold
Dynamically positioned «
                                                                 
                                    Current     Estimated     Current     Previous  
        Yr.(1)   Water     Drilling             Contract     Expiration     Contract     Contract  
    Floater   Entered   Depth     Depth             Start/Idle     /Out of     Dayrate (3)     Dayrate (3)  
Rig Type/Name   Type   Service   (Feet)     (Feet)     Location   Client   Date     Service (2)     (Dollars)     (Dollars)  
 
                           Morocco   Petronas   Dec-07   Feb-08     320,000       240,000  
 
                                   Feb-08   140 days Mob/ Contract Prep                
 
                           India   Reliance   Jun-08   Aug-10     375,000       320,000  
Cajun Express (15)
   semi «   2001     8,500       25,000     USGOM   Chevron   Aug-07   Jan-10     460,000       216,000  
 
                                   May-08   15 days Shipyard
or Project		                
Deepwater Nautilus (15)
   semi   2000     8,000       30,000     USGOM   Shell   Dec-06   Jan-09     449,000       220,000  
GSF Explorer (15)
   ship «   1972/1998     7,800       30,000     Angola   BP   Jun-07   Apr-09     427,000       365,000  
 
                           Angola   BP   Apr-09   Jul-09     450,000       427,000  
GSF Development Driller I (15)
   semi «   2004     7,500       37,500     USGOM   BHP Billiton   Jun-07   Jun-08     220,000       210,000  
 
                                   Jun-08   Jun-12     510,000       220,000  
GSF Development Driller II (15)
   semi «   2004     7,500       37,500     USGOM   BP   Nov-07   Nov-08     202,000       198,000  
Sedco Energy (15)
   semi «   2001     7,500       30,000     Nigeria   Chevron   Jan-06   Jan-08     202,000       175,000  
 
                           Nigeria   Chevron   Jan-08   Jan-11     478,000       202,000  
 
                                   Aug-08   30 days Shipyard or Project                
Sedco Express (13) (15)
   semi «   2001     7,500       30,000     Angola   BP   Jun-05   Jun-09     183,000       125,000  
 
                                   Jun-08   30 days Shipyard or Project                
Other Deepwater (17)
                                                                
 
                                                                
Deepwater Navigator(14)
   ship «   2000     7,200       25,000     Brazil   Petrobras   Mar-07   Apr-11     188,000       300,000  
Discoverer 534
   ship «   1975/1991     7,000       25,000             Dec-07   20 days Mob/ Contract Prep                
 
                           India   Reliance   Dec-07   Jul-10     250,000       245,000  
Discoverer Seven Seas
   ship «   1976/1997     7,000       25,000     India   ONGC   Feb-04   Dec-07     125,000       125,000  
 
                           India   Reliance   Dec-07   Feb-08     292,000       125,000  
 
                                   Feb-08   120 days Shipyard
or Project		                
 
                           India   ONGC   Jun-08   Jun-11     316,000       292,000  
Transocean Marianas (15)
   semi   1998     7,000       25,000     Colombia   Petrobras   Aug-07   Dec-07     528,000       444,000  
 
                           USGOM   BP   Dec-07   Jan-10     444,000       528,000  
Sedco 706 (to be upgraded) (14)
   semi «   1976/1994/2008     6,500       25,000             Nov-07   300 days Shipyard or Project                
 
                                   Sep-08   80 days Mob/ Contract Prep                
 
                           Brazil   Chevron   Nov-08   Dec-13     320,000       N/A  
Sedco 702
   semi «   1973/2007     6,500                     Dec-07   60 days Mob/ Contract Prep                
 
                           Nigeria   Shell   Jan-08   Jan-11     350,000       N/A  
Sedco 707 (14)
   semi «   1976/1997     6,500       25,000     Brazil   Petrobras   Dec-05   Dec-09     188,000       N/A  

 

Page 3

 

(TRANSOCEAN LOGO)   Transocean Inc. (NYSE: RIG) Fleet Update
Updated : December 7, 2007
Revisions to Last Month’s Fleet Status Report Noted in Bold
Dynamically positioned «
                                                                 
                                    Current     Estimated     Current     Previous  
        Yr.(1)   Water     Drilling             Contract     Expiration     Contract     Contract  
    Floater   Entered   Depth     Depth             Start/Idle     /Out of     Dayrate (3)     Dayrate (3)  
Rig Type/Name   Type   Service   (Feet)     (Feet)     Location   Client   Date     Service (2)     (Dollars)     (Dollars)  
GSF Celtic Sea(15)
   semi   1982/1998     5,750       25,000             Nov-07   60 days Mob/ Contract Prep                
 
                           USGOM   Eni   Jan-08   Jun-08     335,000       335,000  
 
                                   Jun-08   85 days Shipyard
or Project		                
 
                                   Sep-08   60 days Mob/ Contract Prep                
 
                           Brazil   British Gas   Nov-08   Nov-10     455,000       335,000  
Jack Bates
   semi   1986/1997     5,400       30,000     Australia   Woodside   Jun-07   May-08     475,000       475,000  
 
                                   May-08   35 days Mob/ Contract Prep                
 
                           China   PetroChina   Jun-08   Sep-08     475,000       475,000  
 
                                   Sep-08   15 days Mob/ Contract Prep                
 
                           Indonesia   Eni   Sep-08   Mar-09     530,000       475,000  
 
                                   Mar-09   15 days Mob/ Contract Prep                
 
                           Australia   Hess   Mar-09   Jun-10     475,000       530,000  
Sedco 709
   semi «   1977/1999     5,000       25,000     Nigeria   Shell   Oct-06   Oct-08     205,000       175,000  
M.G. Hulme, Jr.
   semi   1983/1996     5,000       25,000     Nigeria   Eni   Nov-07   Jan-10     430,000       355,000  
Transocean Richardson (13) (15)
   semi   1988     5,000       25,000     Angola   Chevron   Aug-07   Sep-10     450,000       300,000  
 
                                   Mar-08   60 days Shipyard or Project                
Jim Cunningham (15)
   semi   1982/1995     4,600       25,000     Angola   ExxonMobil   Oct-07   Oct-08     364,000       357,000  
 
                                   Oct-08   May-09     372,000       364,000  
Sedco 710 (13)(14)
   semi «   1983     4,500       25,000     Brazil   Petrobras   Oct-06   Nov-10     125,000       190,000  
 
                                   Apr-08   75 days Shipyard or Project                
Transocean Rather (14)
   semi   1988     4,500       25,000     UKNS   BP   Oct-07   Dec-08     257,000       304,000  
 
                           UKNS   BP   Dec-08   Oct-09     439,000       257,000  
Transocean Leader (14) (15) (16)
  semi   1987/1997     4,500       25,000     NNS   StatoilHydro   Oct-07   Feb-08     273,000       285,000  
 
                           NNS   StatoilHydro   Feb-08   Jul-08     340,000       273,000  
 
                           NNS   StatoilHydro   Jul-08   Jul-09     383,000       340,000  
 
                           NNS   StatoilHydro   Jul-09   Jan-12     444,000       383,000  
Sovereign Explorer (15)
   semi   1984     4,500       25,000     Trinidad   BG   Oct-07   Feb-08     65,000       65,000  
 
                                   Mar-08   14 days Shipyard or Project                
 
                           Brazil   Repsol   Mar-08   May-10     380,000 (14)     65,000  
 
                                   Jun-08   35 days Shipyard or Project                
 
                                                                
Other High Specification (4)
                                                                
 
                                                                
Henry Goodrich (15)
   semi   1985     5,000       30,000     USGOM   StatoilHydro   Jun-07   May-09     350,000       173,000  
Paul B. Loyd, Jr. (14)
   semi   1987     2,000       25,000     UKNS   BP   Mar-07   May-09     329,000       145,000  
Transocean Arctic (14) (15)
   semi   1986     1,650       25,000     NNS   StatoilHydro   Jan-07   Jul-11     285,000       195,000  

 

Page 4

 

(TRANSOCEAN LOGO)   Transocean Inc. (NYSE: RIG) Fleet Update
Updated : December 7, 2007
Revisions to Last Month’s Fleet Status Report Noted in Bold
Dynamically positioned «
                                                                 
                                    Current     Estimated     Current     Previous  
        Yr.(1)   Water     Drilling             Contract     Expiration     Contract     Contract  
    Floater   Entered   Depth     Depth             Start/Idle     /Out of     Dayrate (3)     Dayrate (3)  
Rig Type/Name   Type   Service   (Feet)     (Feet)     Location   Client   Date     Service (2)     (Dollars)     (Dollars)  
Polar Pioneer (14) (15)
   semi   1985     1,500       25,000     NNS   StatoilHydro   Aug-06   Jan-10     305,000       181,000  
 
                           NNS   StatoilHydro   Feb-10   Mar-14     499,000       300,000  
Other Floater (29)
                                                                
 
                                                                
Sedco 700
   semi   1973/1997     3,600       25,000     Equatorial Guinea   Hess   Sep-07   Mar-08     363,000       439,000  
Transocean Legend
   semi   1983     3,500       25,000             Dec-07   50 days Shipyard
or Project		                
 
                           Sakhalin Is.   BP   Jan-08   Dec-08     405,000       120,000  
Transocean Amirante (15)
   semi   1978/1997     3,500       25,000     USGOM   Repsol   Aug-07   Jan-08     325,000       143,000  
 
                                   Jan-08   95 days Shipyard or Project                
 
                           USGOM   Eni   May-08   Feb-11     374,000       325,000  
GSF Arctic I (15)
   semi   1983/1996     3,400       25,000             Nov-07   60 days Mob/ Contract Prep                
 
                           Brazil   Shell   Jan-08   Oct-10     270,000       265,000  
C. Kirk Rhein, Jr.
   semi   1976/1997     3,300       25,000     India   Reliance   Feb-07   May-09     340,000       N/A  
Transocean Driller (13) (14)
   semi   1991     3,000       25,000     Brazil   Petrobras   Aug-06   Aug-10     115,000       53,000  
 
                                   Jul-08   20 days Shipyard or Project                
GSF Rig 135 (15)
   semi   1983     2,400       25,000     Congo   Total   Oct-07   Dec-09     325,000       325,000  
 
                           Congo   Total   Dec-09   Apr-10     380,000       325,000  
GSF Rig 140 (15)
   semi   1983     2,400       25,000     Angola   ExxonMobil   Oct-07   Jul-08     254,000 (22)     309,000  
 
                                   Jul-08   Jun-09     309,000       254,000  
Falcon 100(13) (14)
   semi   1974/1999     2,400       25,000             Nov-07   110 days Shipyard or Project                
 
                           Brazil   Petrobras   Feb-08   Mar-13     243,000       180,000  
GSF Aleutian Key (15)
   semi   1976/1999/2001     2,300       25,000     Angola   Sonangol   Nov-07   Jul-09     357,000       145,000  
Sedco 703
   semi   1973/1995     2,000       25,000     Australia   Woodside   Aug-07   Sep-08     435,000       400,000  
 
                                   Sep-08   20 days Shipyard or Project                
 
                           Australia   Conoco Phillips   Oct-08   Apr-09     450,000       435,000  
Sedco 711
   semi   1982     1,800       25,000     UKNS   Shell   Nov-07   Feb-09     283,000       150,000  
 
                                   Feb-08   50 Days Shipyard or Project                
Transocean John Shaw (14)
   semi   1982     1,800       25,000     UKNS   Total   Dec-07   Mar-08     380,000       101,000  
 
                                   Mar-08   35 Days Shipyard or Project                
 
                           UKNS   Petrofac   Apr-08   Oct-08     400,000 (21)     380,000  
GSF Arctic III
   semi   1984     1,800       25,000     UKNS   Petro-Canada   Jan-07   Feb-08     350,000       150,000  
 
                                   Mar-08   100 Days Shipyard or Project                

 

Page 5

 

(TRANSOCEAN LOGO)   Transocean Inc. (NYSE: RIG) Fleet Update
Updated : December 7, 2007
Revisions to Last Month’s Fleet Status Report Noted in Bold
Dynamically positioned «
                                                                 
                                    Current     Estimated     Current     Previous  
        Yr.(1)   Water     Drilling             Contract     Expiration     Contract     Contract  
    Floater   Entered   Depth     Depth             Start/Idle     /Out of     Dayrate (3)     Dayrate (3)  
Rig Type/Name   Type   Service   (Feet)     (Feet)     Location   Client   Date     Service (2)     (Dollars)     (Dollars)  
GSF Arctic IV
   semi   1983/1999     1,800       25,000     UKNS   Shell   Sep-07   Sep-10     275,000       185,000  
Sedco 712
   semi   1983     1,600       25,000     UKNS   Oilexco   Mar-07   Mar-08     239,000 (14)     150,000  
 
                           UKNS   Oilexco   Mar-08   May-10     340,000       239,000  
Sedco 714 (14)
   semi   1983/1997     1,600       25,000     UKNS   Total   Jun-07   Jan-08     311,000       200,000  
 
                           UKNS   Total   Jan-08   Apr-08     361,000       311,000  
 
                           UKNS   Total   Apr-08   Jun-08     211,000       361,000  
 
                           UKNS   Total   Jun-08   Sep-08     261,000       211,000  
 
                           UKNS   Total   Sep-08   Dec-08     211,000       261,000  
 
                           UKNS   Total   Dec-08   Mar-09     261,000       211,000  
 
                           UKNS   Total   Apr-09   Sep-09     361,000       261,000  
GSF Grand Banks
   semi   1984     1,500       25,000     East Canada   Husky   Jan-06   Jan-08     144,000       107,000  
Actinia
   semi   1982     1,500       25,000     India   Reliance   Sep-06   Aug-09     190,000       54,000  
 
                                   Jan-08   45 days Shipyard
or Project		                
Sedco 601
   semi   1983     1,500       25,000     Vietnam   ConSon JOC   Oct-07   Dec-07     268,000       200,000  
 
                           TBA   TBA   Dec-07   Dec-10     255,000       268,000  
 
                                   Mar-08   14 days Shipyard or Project                
Sedneth 701
   semi   1972/1993     1,500       25,000     Angola   Chevron   Jun-07   Jan-10     360,000       90,000  
Transocean Winner (14) (15)
   semi   1983     1,500       25,000     NNS   StatoilHydro   Aug-06   Oct-09     382,000       120,000  
Transocean Searcher (14) (15)
   semi   1983/1988     1,500       25,000     NNS   StatoilHydro   Oct-06   Jan-09     359,000       138,000  
 
                                   Apr-08   45 days Shipyard or Project                
 
                           NNS   StatoilHydro   Jan-09   Mar-12     411,000       359,000  
Transocean Prospect (14)
   semi   1983/1992     1,500       25,000     UKNS   CNR   Sep-06   Nov-08     209,000       98,000  
J.W. McLean
   semi   1974/1996     1,250       25,000     UKNS   Shell   Jul-07   Aug-08     250,000       140,000  
GSF Arctic II (15)
   semi   1982     1,200       25,000     UKNS   ADTI   Nov-07   Jan-08     380,000 (23)     365,000  
 
                           UKNS   Talisman   Jan-08   Apr-08     365,000       380,000  
 
                           UKNS   Lundin   Apr-08   Jun-08     425,000       365,000  
 
                                   Jun-08   50 days Shipyard or Project                
Sedco 704 (14)
   semi   1974/1993     1,000       25,000     UKNS   BP   Sep-07   Nov-08     318,000       176,000  
 
                                                                
Jackups (68)
                                                                
 
                                                                
GSF Constellation I (15)
       2003     400       30,000     Trinidad   BP   Aug-07   Aug-09     219,000       76,000  
GSF Constellation II (15)
       2004     400       30,000     Egypt   BP   Jun-07   Mar-10     194,000       170,000  
 
                                   Nov-08   15 day Shipyard or Project                
GSF Galaxy I
       1991/2001     400       30,000     UKNS   BP   Jun-06   Apr-08     100,000       80,000  
 
                               BP   May-08   Jul-08     300,000       100,000  
 
                               BP   Jul-08   Nov-08     100,000       300,000  
 
                               BP   Nov-08   May-09     115,000       100,000  
 
                               BP   May-09   Aug-09     227,000       115,000  

 

Page 6

 

(TRANSOCEAN LOGO)   Transocean Inc. (NYSE: RIG) Fleet Update
Updated : December 7, 2007
Revisions to Last Month’s Fleet Status Report Noted in Bold
Dynamically positioned «
                                                                 
                                    Current     Estimated     Current     Previous  
        Yr.(1)   Water     Drilling             Contract     Expiration     Contract     Contract  
    Floater   Entered   Depth     Depth             Start/Idle     /Out of     Dayrate (3)     Dayrate (3)  
Rig Type/Name   Type   Service   (Feet)     (Feet)     Location   Client   Date     Service (2)     (Dollars)     (Dollars)  
GSF Galaxy II (15)
       1998     400       30,000     UKNS   ADTI   Jul-07   Dec-07     320,000 (23)     300,000  
 
                           UKNS   ADTI   Dec-07   Jan-08     300,000 (23)     320,000  
 
                                   Apr-08   30 days Shipyard or Project                
GSF Galaxy III (15)
       1999     400       30,000     UKNS   Nexen   Oct-07   May-08     108,000       100,000  
 
                                   Aug-08   45 days Shipyard or Project                
Trident IX
       1982     400       20,000     Vietnam   JVPC   Aug-07   Sep-08     210,000       188,000  
 
                                   Sep-08   80 days Shipyard
or Project		                
GSF Baltic (15)
       1983     375       25,000     Nigeria   ExxonMobil   May-07   May-09     205,000       240,000  
Trident 17
       1983     355       25,000     Malaysia   Petronas Carigali   Sep-07   May-10     185,000       195,000  
GSF Magellan
       1992     350       30,000     UKNS   Shell   Sep-07   Dec-07     300,000       145,000  
 
                           UKNS   Shell   Dec-07   Jun-08     145,000       300,000  
 
                                   Jul-08   35 days Shipyard or Project                
GSF Monarch
       1986     350       30,000     UKNS   Shell   Dec-07   Mar-08     78,000       70,000  
 
                           UKNS   Shell   Mar-08   Mar-09     78,000       78,000  
GSF Monitor (15)
       1989     350       30,000     Trinidad   BP   Apr-07   Mar-09     151,000       70,000  
Trident 20
       2000     350       25,000     Caspian   Petronas Carigali   Jan-06   Jan-10     130,000       90,000  
 
                                   Feb-08   14 days Shipyard or Project                
 
                                   May-08   14 days Shipyard or Project                
GSF Adriatic II (15)
       1981     350       25,000     Angola   Chevron   May-07   May-09     190,000       55,000  
GSF Adriatic III
       1982     350       25,000     USGOM   ADTI   Oct-07   Dec-07     75,000 (23)     100,000  
 
                           USGOM   ADTI   Jan-08   Mar-08     93,000 (23)     75,000  
GSF Adriatic IX
       1981     350       25,000     Gabon   Total   Nov-07   Jul-08     155,000       100,000  
 
                           Gabon   Total   Jul-08   Jul-09     188,000       155,000  
GSF Adriatic X
       1982     350       30,000     Egypt   Petrobel   Nov-06   Nov-08     150,000       63,000  
GSF Key Manhattan
       1980     350       25,000     Egypt   Petrobel   Aug-07   Aug-08     155,000       136,000  
GSF Key Singapore
       1982     350       25,000     Egypt   Petrobel   Jun-07   May-08     155,000       136,000  
 
                                   Sep-08   60 days Shipyard or Project                
GSF Adriatic VI (15)
       1981     328       25,000     Gabon   Premier   Dec-07   Jan-08     195,000       167,000  
 
                           Nigeria   Afren   Jan-08   Sep-08     210,000       195,000  
GSF Adriatic VIII (15)
       1983     328       25,000     Nigeria   ExxonMobil   Mar-07   Mar-09     188,000       145,000  
C.E. Thornton
       1974     300       25,000     India   ONGC   May-06   Oct-08     45,000       45,000  
 
                                   Feb-08   170 days Shipyard or Project                
 
                           India   ONGC   Oct-08   Oct-11     146,000       45,000  

 

Page 7

 

(TRANSOCEAN LOGO)   Transocean Inc. (NYSE: RIG) Fleet Update
Updated : December 7, 2007
Revisions to Last Month’s Fleet Status Report Noted in Bold
Dynamically positioned «
                                                                 
                                    Current     Estimated     Current     Previous  
        Yr.(1)   Water     Drilling             Contract     Expiration     Contract     Contract  
    Floater   Entered   Depth     Depth             Start/Idle     /Out of     Dayrate (3)     Dayrate (3)  
Rig Type/Name   Type   Service   (Feet)     (Feet)     Location   Client   Date     Service (2)     (Dollars)     (Dollars)  
D.R. Stewart
       1980     300       25,000     Italy   Eni   Apr-07   Apr-10     168,000       57,000  
F.G. McClintock
       1975     300       25,000     India   ONGC   Jan-05   Feb-08     50,000       50,000  
 
                                   Feb-08   170 days Shipyard
or Project		                
 
                           India   ONGC   Oct-08   Nov-11     145,000       50,000  
G.H. Galloway
       1984     300       25,000     Italy   Eni   Aug-06   Aug-08     115,000       54,000  
 
                                   Aug-08   14 days Shipyard or Project                
GSF Adriatic I (15)
       1981     300       25,000     Angola   Chevron   Apr-07   Apr-09     190,000       110,000  
GSF Adriatic V (15)
       1979     300       25,000     Angola   Chevron   Mar-07   Mar-09     190,000       55,000  
GSF Adriatic XI (15)
       1983     300       25,000     Vietnam   Hoang Long
JOC		   Jul-07   Jul-08     210,000       110,000  
 
                                   Jul-08   45 days Shipyard or Project                
GSF Compact Driller(15)
       1992     300       25,000     Thailand   Chevron   Oct-07   Apr-09     196,000       186,000  
 
                                   Mar-08   15 days Shipyard or Project                
GSF Galveston Key
       1978     300       25,000     Vietnam   Cuu Long JOC   Mar-06   Mar-08     147,000       73,000  
 
                           Vietnam   Cuu Long JOC   Mar-08   Sep-08     178,000       147,000  
 
                           Vietnam   Cuu Long JOC   Sep-08   Mar-09     183,000       178,000  
 
                           Vietnam   Cuu Long JOC   Mar-09   Sep-09     187,000       183,000  
 
                           Vietnam   Cuu Long JOC   Sep-09   Mar-10     192,000       187,000  
GSF Key Gibraltar
       1976/1996     300       25,000     Thailand   PTTEP   Oct-07   Mar-08     205,000       192,000  
 
                                   Mar-08   40 days Shipyard or Project                
 
                           Malaysia   PTTEP   May-08   Nov-08     205,000       205,000  
GSF Key Hawaii (15)
       1982     300       25,000     Qatar   Maersk   Jul-07   Jul-09     175,000       195,000  
GSF Labrador (15)
       1983     300       25,000     UKNS   Tullow Oil   Dec-07   May-08     220,000       173,000  
 
                                   Jun-08   30 days Shipyard or Project                
GSF Main Pass I
       1982     300       25,000     Saudi Arabia   Saudi Aramco   Jul-07   Jul-11     164,000       100,000  
GSF Main Pass IV
       1982     300       25,000     Saudi Arabia   Saudi Aramco   Aug-07   Jun-11     164,000       100,000  
GSF Parameswara
       1983     300       20,000     Indonesia   Total   Jan-07   Jul-08     102,000       70,000  
 
                                   Jul-08   50 days Shipyard
or Project		                
GSF Rig 134
       1982     300       20,000     Malaysia   Petronas   Apr-07   Apr-10     166,000       128,000  
GSF Rig 136
       1982     300       20,000     Indonesia   BHP Billiton   Nov-07   Apr-08     185,000       210,000  
Harvey H. Ward
       1981     300       25,000     Malaysia   Talisman   Mar-07   Aug-08     110,000       116,000  
 
                                   Aug-08   125 days Shipyard
or Project		                
Interocean III
       1978/1993     300       25,000     Egypt   Agiba   Jul-07   Jan-09     117,000       65,000  
J.T. Angel
       1982     300       25,000     India   ONGC   Mar-07   May-10     148,000       105,000  
Randolph Yost
       1979     300       25,000     India   ONGC   Mar-07   Mar-10     148,000       61,000  
Roger W. Mowell
       1982     300       25,000     Malaysia   Talisman   Nov-06   Dec-08     110,000       48,000  

 

Page 8

 

(TRANSOCEAN LOGO)   Transocean Inc. (NYSE: RIG) Fleet Update
Updated : December 7, 2007
Revisions to Last Month’s Fleet Status Report Noted in Bold
Dynamically positioned «
                                                                 
                                    Current     Estimated     Current     Previous  
        Yr.(1)   Water     Drilling             Contract     Expiration     Contract     Contract  
    Floater   Entered   Depth     Depth             Start/Idle     /Out of     Dayrate (3)     Dayrate (3)  
Rig Type/Name   Type   Service   (Feet)     (Feet)     Location   Client   Date     Service (2)     (Dollars)     (Dollars)  
Ron Tappmeyer
       1978     300       25,000     India   ONGC   Feb-07   Feb-10     148,000       62,000  
Shelf Explorer
       1982     300       20,000     Vietnam   Lam Son   Dec-07   May-08     174,000       208,000  
Transocean Nordic
       1984     300       25000             Oct-07   170 days Shipyard or Project                
 
                                   Nov-08   150 days Shipyard
or Project		                
Trident 15
       1982     300       25,000     Thailand   Chevron   Feb-06   Dec-11     100,000 (17)     60,000  
 
                                   May-07   280 days Shipyard or Project                
Trident 16
       1982     300       25,000     TBA   TBA   Dec-07   Aug-11     180,000       95,000  
Trident II
       1977/1985     300       25,000     India   ONGC   Apr-07   Jun-10     148,000       60,000  
Trident IV
       1980/1999     300       25,000     Nigeria   Chevron   Feb-06   Mar-08     90,000       120,000  
Trident VIII
       1981     300       21,000     Nigeria   Conoil   Apr-06   May-08     66,000       56,000  
 
                                   May-08   15 days Shipyard or Project                
Trident XII
       1982/1992     300       25,000     India   ONGC   Jan-07   Feb-10     148,000       62,000  
Trident XIV
       1982/1994     300       20,000     Angola   Chevron   Jun-06   May-09     98,000       61,000  
GSF High Island II
       1979     270       20,000     Saudi Arabia   Saudi Aramco   Jul-07   Jul-11     164,000       100,000  
GSF High Island IV
       1980/2001     270       20,000     Saudi Arabia   Saudi Aramco   May-07   May-11     164,000       107,000  
GSF High Island V
       1981     270       20,000     Gabon   Total   May-07   Jun-08     155,000       86,000  
 
                                   Jul-08   21 days Shipyard or Project                
GSF High Island I
       1979     250       20,000     USGOM   ADTI   Oct-07   Jan-08     65,000 (23)     70,000  
GSF High Island IX (15)
       1983     250       20,000     Nigeria   Addax Petroleum   Jun-07   Jun-09     150,000       145,000  
 
                                   Aug-08   14 days Shipyard or Project                
GSF High Island VII
       1982     250       20,000     Cameroon   Total   Feb-07   Sep-08     160,000       98,000  
 
                                   Jan-08   30 days Shipyard or Project                
GSF High Island VIII
       1981     250       20,000     USGOM   LLOG Exploration   Oct-07   Jan-08     58,000       75,000  
 
                                   Sep-08   60 days Shipyard or Project                
GSF Rig 103
       1974     250       20,000     UAE   Atlantis   Sep-07   Feb-08     170,000       130,000  
GSF Rig 105
       1975     250       20,000     Egypt   Petrobel   Mar-07   Mar-08     90,000       85,000  
GSF Rig 124
       1980     250       20,000     Egypt   AMAPETCO   Apr-07   Oct-08     110,000       55,000  
GSF Rig 127 (15)
       1981     250       20,000     Qatar   Maersk   Jun-07   Jun-09     145,000       120,000  
GSF Rig 141
       1982     250       20,000     Egypt   Petrogulf   Nov-07   Nov-08     115,000       115,000  
Transocean Comet
       1980     250       20,000     Egypt   GUPCO   Oct-07   Oct-09     112,000       62,000  
Transocean Mercury
       1969/1998     250       20,000     Egypt   Petrobel   Feb-06   Feb-08     58,000       50,000  
Trident VI
       1981     220       21,000     Vietnam   Vietsovpetro   Apr-07   Aug-08     193,000       142,000  
GSF Britannia
       1968     200       20,000     UKNS   Shell   Aug-07   Feb-09     61,000       55,000  
 
                                                                
Non-U.S. Drilling Barges (2)
                                                                
 
                                                                
Searex 4
       1981/1989     21       25,000     Indonesia   Total   Sep-04   Sep-09     39,000       N/A  

 

Page 9

 

(TRANSOCEAN LOGO)   Transocean Inc. (NYSE: RIG) Fleet Update
Updated : December 7, 2007
Revisions to Last Month’s Fleet Status Report Noted in Bold
Dynamically positioned «
                                                                 
                                    Current     Estimated     Current     Previous  
        Yr.(1)   Water     Drilling             Contract     Expiration     Contract     Contract  
    Floater   Entered   Depth     Depth             Start/Idle     /Out of     Dayrate (3)     Dayrate (3)  
Rig Type/Name   Type   Service   (Feet)     (Feet)     Location   Client   Date     Service (2)     (Dollars)     (Dollars)  
Hibiscus (18)
       1979/1993     25       16,000     Indonesia   Total   Oct-07   Sep-12     71,500       74,000  
 
                                                                
Other (2)
                                                                
 
                                                                
Joides Resolution(15)(19)
   ship «   1978     27,000       30,000     Singapore       Oct-06   500 days Shipyard
or Project		                
 
                           Worldwide   TAMRF   Apr-08   Oct-13     64,500       35,000  
Istiglal (15) (20)
   semi   1995/1998     2,300       20,000     Caspian   BP   Jan-07   Dec-07     96,000       87,000  
 
                                   Jan-08   Jun-08     101,000       96,000  
 
                                   Jul-08   Aug-08     135,000       101,000  
 
                                   Aug-08   Dec-08     106,000       135,000  
Dada Gorgud (15) (20)
   semi   1978/1996/1998     1,500       25,000     Caspian   BP   Jan-07   Dec-07     90,000       87,000  
 
                                   Jan-08   Jun-08     97,000       90,000  
 
                                   Jul-08   Aug-08     126,000       97,000  
 
                                   Aug-08   Dec-08     101,000       126,000  
Sedco 135D (14)
       1966/1977/2001     600             Brazil   SLB   Jun-01   Jun-09     33,000       N/A  
 
                                                                
Fixed-Price Options
                                                                
High Specification Floaters
                                                                
Ultra-Deepwater
                                                                
 
                                                                
GSF Explorer
   ship «   1972/1998     7,800       30,000     Angola   BP   Jul-09   Oct-09     450,000       450,000  
Sedco Express
   semi «   2001     7,500       25,000     Angola   BP   Jul-09   Jul-10     183,000       183,000  
 
                                                                
Other Deepwater
                                                                
 
                                                                
Discoverer 534
   ship «   1975/1991     7,000       25,000     India   Reliance   Jul-10   Jan-11     250,000       250,000  
Sedco 709
   semi «   1977/1999     5,000       25,000     Nigeria   Shell   Oct-08   Oct-09     205,000       205,000  
 
                                                                
Other High Specification
                                                                
 
                                                                
Henry Goodrich
   semi   1985     2,000       30,000     USGOM   StatoilHydro   May-09   May-10     350,000       350,000  
 
                                                                
Other Floater
                                                                
 
                                                                
Sedco 703
   semi   1973/1995     2,000       25,000     Australia   ConocoPhillips   Apr-09   May-09     450,000       450,000  
Transocean Searcher
   semi   1983/1988     1,500       25,000     NNS   StatoilHydro   Mar-12   Sep-12     390,000       411,000  
 
                                                                
Jackup
                                                                
 
                                                                
GSF Galaxy III
       1999     400       30,000     UKNS   Nexen   May-08   May-10     108,000       108,000  
GSF Parameswara
       1983     300       20,000     Indonesia   Total   Sep-08   Apr-09     106,000       102,000  
 
                                                                
Other
                                                                
 
                                                                
Joides Resolution(19)
   ship «   1978     27,000       30,000     Worldwide   TAMRF   Oct-13   Oct-23     64,500       64,500  

 

Page 10

 

(TRANSOCEAN LOGO)   Transocean Inc. (NYSE: RIG) Fleet Update
Updated : December 7, 2007
Revisions to Last Month’s Fleet Status Report Noted in Bold
Dynamically positioned «
Footnotes:
(1)  
Dates shown are the original service date and the date of the most recent upgrade, if any.
 
(2)  
Expiration dates represent the company’s current estimate of the earliest date the contract for each rig is likely to expire. Some rigs have two contracts in continuation, so the second line shows the estimated earliest availability. Many contracts permit the client to extend the contract. The out of service time represents those days in 2007 and, for certain expected out of service time events, 2008 where the company anticipates that a rig will be out of service and not be available to earn an operating dayrate for a period of 14 days or longer. Please refer to the “Out of Service Days (Shipyards, Mobilizations, Etc.)” section of the Cover Page for a full description.
 
(3)  
Represents the full operating dayrate, although the average dayrate over the term of the contract will be lower and could be substantially lower. Does not reflect incentive programs which are typically based on the rig’s operating performance against a performance curve. Please refer to the “Client Contract Duration and Dayrates and Risks Associated with Operations” section of the Cover Page for a description of dayrates.
 
(4)  
We have been awarded a 5-year drilling contract by Chevron for the construction of an enhanced Enterprise-class drillship to be named the Discoverer Clear Leader. Operations are expected to commence during the second quarter of 2009, after shipyard construction followed by sea trials, mobilization to the U.S. Gulf of Mexico and customer acceptance. The contract commencement date is contingent on vendor performance and other factors. During the first three years of the contract, the contract dayrate is $469,000. The dayrate for the last two years of the contract is linked to the standard West Texas Intermediate crude oil price with a floor of $40 per barrel resulting in a contract dayrate of $400,000 and a ceiling of $70 per barrel resulting in a contract dayrate of $500,000.
 
(5)  
We have been awarded a 4-year drilling contract by StatoilHydro for the construction of an enhanced Enterprise-class drillship to be named the Discoverer Americas. Operations are expected to commence by mid-2009, after shipyard construction followed by sea trials, mobilization to the U.S. Gulf of Mexico and customer acceptance. The contract commencement date is contingent on vendor performance and other factors.
 
(6)  
We have been awarded a 5-year contract by Chevron for the construction of an enhanced Enterprise-class drillship to be named the Discoverer Inspiration. Operations are expected to commence during the first quarter of 2010, after shipyard construction followed by sea trials, mobilization to the U.S. Gulf of Mexico and customer acceptance. The contract commencement date is contingent on vendor performance and other factors. Through September 2007, the customer had the option to convert the contract to a three year duration but elected not to do so.
 
(7)  
In September 2007 we exercised an option to construct a Gusto MSC/P 10,000 design drillship which is yet to be named. Construction of the drillship is expected to be completed in the third quarter of 2010. We are actively marketing the drillship.
 
(8)  
We own a 50 percent interest in this ultra-deepwater Samsung-design drillship to be named the Deepwater Pacific I through a joint venture company with Pacific Drilling Limited. The joint venture has been awarded a 4-year drilling contract with Reliance for construction of the drillship. Operations are expected to commence during the third quarter of 2009, after an estimated 32-month shipyard construction phase followed by sea trials, mobilization and customer acceptance. The contract commencement date is contingent on vendor performance and other factors. During the first six months of the contract, the contract dayrate is $495,000, regardless of the duration of the remaining term of the contract. The dayrate for the remaining three and one-half years of the contract is $530,000. On or prior to October 31, 2008, the contract may be extended to five years, in which case the dayrate would be reduced to $515,000 for the remaining four and one-half years.
 
(9)  
We own a 50 percent interest in this ultra-deepwater Samsung-design drillship to be named the Deepwater Pacific II through a joint venture company with Pacific Drilling Limited. The drillship is expected to finish construction in first quarter 2010. The joint venture is actively marketing the drillship.
 
(10)  
We have been awarded a drilling contract by BP for the construction of an enhanced Enterprise-class drillship. The rig will be owned by a joint venture in which the company owns 65 percent. The contract has an initial term of five years, but can be converted at the customer’s election by the end of March 2008 to a seven-year term. Operations are expected to commence during the third quarter of 2010, after shipyard construction followed by sea trials, mobilization to Angola and customer acceptance. The contract commencement date is contingent on vendor performance and other factors. The dayrate to be paid on a five-year contract period is $460,000, or $430,000 should the contract be converted to a seven-year term.
 
(11)  
We have been awarded a 7-year drilling contract by BP for the construction of a Keppel Fels MSC DSS 51 design semisubmersible to be named the GSF Development Driller III. Operations are expected to commence by mid-2009, after shipyard construction followed by sea trials, mobilization to Angola and customer acceptance. The contract commencement date is contingent on vendor performance and other factors.
 
(12)  
Dayrate for contract period October 2007 through October 2010 to be set using a quarterly average of the stated contract dayrates on the company’s other Ultra-Deepwater, dynamically positioned rigs operating in the U.S. Gulf of Mexico. The dayrate is currently estimated to range from $378,000 in October 2007 to $487,000 in October 2010.
 
(13)  
Current contract provides for a bonus incentive opportunity not reflected in the stated current contract dayrate.
 
(14)  
Reflects the current contracted dayrate which is comprised of a foreign currency component and which could change due to foreign exchange adjustments.
 
(15)  
Reflects the current contracted dayrate which could change due to cost escalations.
 
(16)  
Dayrate reflects a base level to be paid over the estimated 450-day contract period. The rig will receive a dayrate higher than the stated base level when utilized in a water depth of greater than 2,000 feet.
 
(17)  
Dayrate subject to annual adjustment based on market dayrates within specific parameters.
 
(18)  
Owned by a joint venture in which the company owns an 80 percent interest.
 
(19)  
Operated under a management contract with the rig’s owner. The rig is currently engaged in scientific geological coring activities and is owned by a joint venture in which a subsidiary of the company has a 50 percent interest. Dayrate indicated reflects 100 percent of contract rate.
 
(20)  
Operated under a management contract with the rig’s owner.
 
(21)  
Prior to mid-December 2007 and at the customer’s discretion, this contract may be lengthened to a twelve month duration with a dayrate of $350,000.
 
(22)  
On June 30, 2007, the riser for GSF Rig 135 was lost at sea when the transport vessel capsized. A newly manufactured riser that was to be shipped to GSF Rig 140 to replace GSF Rig 140’s existing riser was redirected to GSF Rig 135. Since we were obligated to provide a new riser for GSF Rig 140’s current contract, the dayrate for GSF Rig 140 was reduced by $55,000 per day until such time that we are able to replace the riser. We believe that the $55,000 dayrate reduction is covered under applicable insurance policies.
 
(23)  
For the period of time that this rig is contracted to Applied Drilling Technology International, the drilling management services division of the Company’s U.K. operating subsidiary, or Applied Drilling Technology Inc., the drilling management services division of the Company’s U.S. operating subsidiary, accounting rules require that we eliminate the revenues and costs related to those contracts.

 

Page 11