Transocean Sedco Forex Announces Contract Awards for Semisubmersibles Cajun Express and Sedco Express.Business/Energy Editors HOUSTON--(BUSINESS WIRE)--Oct. 9, 2001 Transocean Sedco Forex Forex See: Foreign exchange Inc. (NYSE NYSE See: New York Stock Exchange :RIG) today announced that it has been awarded new contracts for its high-specification semisubmersible sem·i·sub·mers·i·ble n. A seagoing, self-propelled barge that rides at anchor, stands on partially submerged vertical legs on submerged pontoons, and serves as living quarters and a base of operations in offshore drilling. rigs Cajun Express and Sedco Express. The Cajun Express has been awarded a one-well, estimated 40-day contract from Ocean Energy Inc. (NYSE:OEI OEI Organización de Estados Iberoamericanos (Spanish) OEI Office of Environmental Information OEI One Engine Inoperative OEI Outside Equity Interest OEI Organizational Environment for Integration ) 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 Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east . 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 (NYSE:BP) for drilling operations in the Eastern Mediterranean offshore the coast of Egypt in water depths 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 Canary Islands, Span. Islas Canarias, group of seven islands (1990 pop. 1,589,403), 2,808 sq mi (7,273 sq km), autonomous region of Spain, in the Atlantic Ocean off Western Sahara. They constitute two provinces of Spain. Santa Cruz de Tenerife (1990 pop. 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%. Statements regarding estimated contract duration, commencement, revenues and drilling efficiencies, expected rig mobilization, as well as any other statements that are not historical facts in this release, are forward-looking statements that involve certain risks, uncertainties and assumptions. These include but are not limited to operating hazards and delays, risks associated with drilling operations, actions by customers and other third parties, the future price of oil and gas, and other factors detailed in the company's filings with the Securities and Exchange Commission (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. Transocean Sedco Forex Inc. is the world's largest offshore drilling Offshore drilling typically refers to the act of extracting resources, primarily oil, in an ocean or lake. Controversy As with all oil drilling, there has been a certain level of controversy surrounding the issue. contractor with 170 full or partially owned, chartered and managed mobile offshore drilling units, inland barges and other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. utilized in the support of offshore drilling activities worldwide. The company's mobile offshore drilling fleet is considered one of the most modern and versatile in the world with 31 high-specification semisubmersible rigs and drillships, 33 other semisubmersible rigs and drillships and 55 jackup drilling rigs. Transocean Sedco Forex Inc. specializes in technically demanding segments of the offshore drilling business, including industry-leading positions in deepwater and harsh environment drilling services. With a current equity market capitalization Equity Market Capitalization A measure of the total market value of an equity market. The measure is calculated by taking the market capitalization of all companies in the equity market and adding them together to arrive at the capitalization for the market as a whole. in excess of $8 billion, the company's ordinary shares are listed on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol "RIG." |
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