Transocean Sedco Forex Drillship Discoverer Deep Seas Completes Acceptance Testing.Business & Energy Editors HOUSTON--(BUSINESS WIRE)--Feb. 21, 2001 Transocean Sedco Forex Forex See: Foreign exchange Inc. (NYSE NYSE See: New York Stock Exchange :RIG) today announced that the 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 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 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 feet 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% improvement in deepwater well construction efficiency. Drilling rig status and contract information on Transocean Sedco Forex's offshore drilling fleet has been condensed into a report entitled "Monthly Fleet Update" and is available through the company's Web site at www.deepwater.com. The report is located in the Investor Relations/Financial Reports segment of the site. The report will also be available through a free monthly email distribution. To be added to the email distribution, please contact Jeffrey L. Chastain, Vice President of Investor Relations Investor relations The process by which the corporation communicates with its investors. and Communications, at jchastain@deepwater.com or at fax number 713/232-7031. Transocean Sedco Forex Inc. is the world's largest offshore drilling contractor with 186 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 fleets in the world with 51 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. drilling rigs (including four under construction), 17 drillships and 59 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. The company also provides turnkey and integrated 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 $15 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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