EX-99.1 2 c71395exv99w1.htm EXHIBIT 99.1 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 All information provided by Transocean Inc. in this report is given for the exclusive use of the recipient and may not be published, redistributed or retransmitted without the prior written consent of Transocean Inc.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.). Certain estimated out of service time for 2007 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. With respect to expected out of service time for 2008, we have modified the information in this report given the inherent uncertainty of predicting out of service time events that far in advance. Certain estimated out of service time in 2008 is noted, but only where the out of service time falls within a contract period or between two contracts. We do expect to experience additional rig out of service time in 2008, and will add this information to the report once the timing of such events is more certain. We currently estimate the aggregate out of service time for 2008 that is not included to be approximately as reflected in the Fleet Update table entitled “Additional Estimated Potential Out of Service Time by Rig Class.” However this additional estimated out of service time is not firm and could change significantly based on a variety of factors. 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 in excess of 7,000 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 : October 30, 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)  
 
                                                            
High Specification Floaters:
                                                            
Ultra-Deepwater (13 plus 6 newbuilds)
                                                            
 
                                                            
Discoverer Clear Leader
   ship   «   TBA   12,000   40,000   USGOM   Chevron   See Footnote 4   See Footnote 4   See Footnote 4        
Discoverer Americas (11)
   ship   «   TBA   12,000   40,000   USGOM   StatoilHydro   See Footnote 5   See Footnote 5     475,000          
Discoverer Inspiration
   ship   «   TBA   12,000   40,000   USGOM   Chevron   See Footnote 6   See Footnote 6   See Footnote 6        
Enhanced Enterprise-class (to be named)
   ship   «   TBA   7,500   40,000   Angola   BP   See Footnote 7   See Footnote 7   See Footnote 7        
Deepwater Pacific I
   ship   «   TBA   12,000   35,000   TBA   TBA   See Footnote 16   See Footnote 16   See Footnote 16        
Deepwater Pacific II
   ship   «   TBA   10,000   35,000   TBA   TBA   See Footnote 16   See Footnote 16   See Footnote 16        
Discoverer Deep Seas (11)
   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  
 
                               Feb-08   14 days Shipyard or Project                
 
                       USGOM   Chevron   Jan-09   Jan-11     485,000       318,000  
Discoverer Enterprise (11)
   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 (11)
   ship   «   2000   10,000   35,000   USGOM   Shell   Mar-06   Dec-07     298,000       204,000  
 
                               Dec-07   20 days Shipyard or Project                
 
                       USGOM   Anadarko   Dec-07   Dec-10     475,000       298,000  
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 (10)     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   Sep-08   Sep-11     477,000       320,000  
Deepwater Millennium (11)
   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/
Agip/Petrobras		   Jul-07   Jun-09     395,000       190,000  
 
                       TBA   TBA   Jun-09   Oct-09     600,000       395,000  
Deepwater Expedition
   ship   «   1999   10,000   30,000   Egypt   Shell   Jan-07   Mar-08     240,000       147,000  
 
                               Mar-08   20 days Mob/Contract Prep                
 
                       Morocco   Petronas   Mar-08   May-08     320,000       240,000  
 
                               May-08   140 days Mob/Contract Prep                
 
                       India   Reliance   Sep-08   Oct-10     375,000       320,000  
Deepwater Horizon (11)
   semi   «   2001   10,000   30,000   USGOM   BP   Oct-07   15 days Shipyard or Project                
 
                       USGOM   BP   Nov-07   Oct-10   See Footnote 8     278,000  
Cajun Express (11)
   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 (11)
   semi       2000   8,000   30,000   USGOM   Shell   Dec-06   Jan-09     449,000       220,000  
Sedco Energy
   semi   «   2001   7,500   25,000   Nigeria   Chevron   Jan-06   Jan-08     202,000       175,000  
 
                       TBA   TBA   Jan-08   Jan-11     478,000       202,000  
 
                               Aug-08   30 days Shipyard or Project                
Sedco Express (9)
   semi   «   2001   7,500   25,000   Angola   BP   Jun-05   Jun-09     183,000       125,000  
 
                               Jun-08   30 days Shipyard or Project                

 

Page 2

 

     
(TRANSOCEAN LOGO)
  Transocean Inc. (NYSE: RIG) Fleet Update
Updated : October 30, 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)  
Other Deepwater (17)
                                                            
 
                                                            
Deepwater Navigator (10)
   ship   «   2000   7,200   25,000   Brazil   Petrobras   Mar-07   Apr-11     185,000       300,000  
Discoverer 534
   ship   «   1975/1991   7,000   25,000   Pakistan   Shell   Oct-07   25 days Mob/ Contract Prep                
 
                       India   Reliance   Nov-07   Jun-10     250,000       245,000  
Discoverer Seven Seas
   ship   «   1976/1997   7,000   25,000   India   ONGC   Feb-04   Nov-07     125,000       125,000  
 
                       India   Reliance   Nov-07   Jan-08     292,000       125,000  
 
                               Jan-08   120 days Shipyard or Project                
 
                       India   ONGC   May-08   Jun-11     316,000       292,000  
Transocean Marianas (11)
   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 702
   semi   «   1973/2007   6,500       Singapore       Apr-06   630 days Mob/Project                
 
                       Nigeria   Shell   Jan-08   Dec-10     350,000       N/A  
Sedco 707 (10)
   semi   «   1976/1997   6,500   25,000   Brazil   Petrobras   Dec-05   Jan-10     185,000       N/A  
Jack Bates
   semi       1986/1997   5,400   30,000   Australia   Woodside   Jun-07   Apr-08     475,000       475,000  
 
                               May-08   35 days Mob/ Contract Prep                
 
                       China   PetroChina   Jun-08   Aug-08     475,000       475,000  
 
                               Sep-08   15 days Mob/ Contract Prep                
 
                       Indonesia   Eni   Sep-08   Apr-09     530,000       475,000  
 
                               Apr-09   15 days Mob/ Contract Prep                
 
                       Australia   Hess   Apr-09   Jun-10     475,000       530,000  
Peregrine I (9) (10)
   ship   «   1982/1996   5,280   25,000   Brazil   Petrobras   Jan-06   Jan-09     115,000       205,000  
 
                               Jun-08   30 days Shipyard or Project                
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           Jul-07   135 days Shipyard or Project                
 
                       Nigeria   Eni   Nov-07   Jan-10     430,000       355,000  
Transocean Richardson (9) (11)
   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 (11)
   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 (9) (10)
   semi   «   1983   4,500   25,000   Brazil   Petrobras   Oct-06   Nov-10     120,000       190,000  
 
                               Apr-08   75 days Shipyard or Project                
Transocean Rather (10)
   semi       1988   4,500   25,000   UKNS   BP   Oct-07   Dec-08     255,000       304,000  
 
                       UKNS   BP   Dec-08   Oct-09     437,000       255,000  
Transocean Leader (10) (11) (12)
  semi       1987/1997   4,500   25,000           Aug-07   45 days Shipyard or Project                
 
                       NNS   StatoilHydro   Oct-07   Jan-08     268,000       285,000  
 
                       NNS   StatoilHydro   Jan-08   Jul-08     340,000       268,000  
 
                       NNS   StatoilHydro   Aug-08   Jul-09     379,000       340,000  
 
                       NNS   StatoilHydro   Aug-09   Feb-12     440,000       379,000  
Sovereign Explorer (11)
   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 (10)     65,000  
 
                               Jun-08   35 days Shipyard or Project                
Sedco 706 (to be upgraded) (10)
   semi       1976/1994   1,000   25,000           Jul-07   110 days Mob/Contract Prep                
 
   semi   «       6,500               Nov-07   300 days Shipyard or Project                
 
                               Sep-08   80 days Mob/ Contract Prep                
 
                       Brazil   Chevron   Nov-08   Dec-13     311,000       N/A  

 

Page 3

 

     
(TRANSOCEAN LOGO)
  Transocean Inc. (NYSE: RIG) Fleet Update
Updated : October 30, 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)  
Other High Specification (4)
                                                            
 
                                                            
Henry Goodrich (11)
   semi       1985   2,000   30,000   USGOM   StatoilHydro   Jun-07   May-09     350,000       173,000  
 
                               Apr-08   14 days Mob/ Contract Prep                
Paul B. Loyd, Jr. (10)
   semi       1987   2,000   25,000   UKNS   BP   Mar-07   May-09     327,000       145,000  
Transocean Arctic (10) (11)
   semi       1986   1,650   25,000   NNS   StatoilHydro   Jan-07   Jul-11     280,000       195,000  
Polar Pioneer (10)
   semi       1985   1,500   25,000   NNS   StatoilHydro   Aug-06   Jan-10     300,000       181,000  
 
                       NNS   StatoilHydro   Mar-10   Mar-14     493,000       300,000  
 
                                                            
Other Floater (19)
                                                            
 
                                                            
Sedco 700
   semi       1973/1997   3,600   25,000   E. Guinea   Hess   Sep-07   Feb-08     363,000       439,000  
Transocean Legend
   semi       1983   3,500   25,000   Sakhalin Is.   BP   Jul-07   Dec-07     120,000       435,000  
 
                               Dec-07   40 days Shipyard or Project                
 
                       Sakhalin Is.   BP   Jan-08   Dec-08     405,000       120,000  
Transocean Amirante (11)
   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  
C. Kirk Rhein, Jr.
   semi       1976/1997   3,300   25,000   India   Reliance   Feb-07   May-09     340,000       N/A  
Transocean Driller (9) (10)
   semi       1991   3,000   25,000   Brazil   Petrobras   Aug-06   Aug-10     113,000       53,000  
 
                               Mar-08   25 days Shipyard or Project                
Falcon 100 (9)
   semi       1974/1999   2,400   25,000   USGOM   Petrobras   Jul-06   Oct-07     180,000 (11)     145,000  
 
                               Oct-07   110 days Shipyard or Project                
 
                       Brazil   Petrobras   Feb-08   Mar-13     234,000 (10)     180,000  
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
   semi       1982   1,800   25,000   UKNS   Nexen   Jan-06   Dec-07     101,000       115,000  
 
                       UKNS   Total   Dec-07   Mar-08     380,000 (10)     101,000  
 
                               Mar-08   35 Days Shipyard or Project                
Sedco 712
   semi       1983   1,600   25,000   UKNS   Oilexco   Mar-07   Mar-08     236,000 (10)     150,000  
 
                       UKNS   Oilexco   Mar-08   May-10     340,000       236,000  
Sedco 714 (10)
   semi       1983/1997   1,600   25,000   UKNS   Total   Jun-07   Jan-08     310,000       200,000  
 
                       UKNS   Total   Jan-08   Apr-08     340,000       310,000  
 
                       UKNS   Total   Apr-08   Jun-08     210,000       340,000  
 
                       UKNS   Total   Jun-08   Sep-08     258,000       210,000  
 
                       UKNS   Total   Sep-08   Dec-08     208,000       258,000  
 
                       UKNS   Total   Dec-08   Mar-09     258,000       208,000  
 
                       UKNS   Total   Apr-09   Sep-09     359,000       258,000  
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   Jul-07   Oct-07     200,000       330,000  
 
                       Vietnam   ConSon JOC   Oct-07   Nov-07     268,000       200,000  
 
                       TBA   TBA   Nov-07   Nov-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 (10)
   semi       1983   1,500   25,000   NNS   StatoilHydro   Aug-06   Oct-09     373,000       120,000  
Transocean Searcher (10)
   semi       1983/1988   1,500   25,000   NNS   StatoilHydro   Oct-06   Jan-09     354,000 (11)     138,000  
 
                               Apr-08   45 days Shipyard or Project                
 
                       NNS   StatoilHydro   Jan-09   Mar-12     407,000       354,000  
Transocean Prospect (10)
   semi       1983/1992   1,500   25,000   UKNS   CNR   Sep-06   Oct-08     207,000       98,000  
J.W. McLean
   semi       1974/1996   1,250   25,000   UKNS   Shell   Jul-07   Aug-08     250,000       140,000  
Sedco 704 (10)
   semi       1974/1993   1,000   25,000   UKNS   BP   Sep-07   Nov-08     316,000       176,000  

 

Page 4

 

     
(TRANSOCEAN LOGO)
  Transocean Inc. (NYSE: RIG) Fleet Update
Updated : October 30, 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)  
Jackups (25)
                                                            
 
                                                            
Interocean III
           1978/1993   300   25,000   Egypt   Agiba   Jul-07   Jan-09     117,000       65,000  
Shelf Explorer
           1982   300   20,000           Sep-07   Warm Stacked     —       208,000  
 
                       Vietnam   Lam Son   Dec-07   Jun-08     175,000       208,000  
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  
Transocean Nordic
           1984   300   25000           Oct-07   170 days Shipyard or Project                
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 VI
           1981   220   21,000   Vietnam   Vietsovpetro   Apr-07   Sep-08     193,000       142,000  
Trident VIII
           1981   300   21,000   Nigeria   Conoil   Apr-06   May-08     66,000       56,000  
Trident IX
           1982   400   20,000   Vietnam   JVPC   Aug-07   Sep-08     210,000       188,000  
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  
 
                               Jan-07   320 days Shipyard or Project                
Trident 15
           1982   300   25,000   Thailand   Chevron   Feb-06   Oct-11     100,000 (13)     60,000  
 
                               May-07   250 days Shipyard or Project                
Trident 16
           1982   300   25,000   Thailand   Chevron   Dec-05   Nov-07     95,000       69,000  
 
                               Nov-07   25 days Shipyard or Project                
 
                       TBA   TBA   Dec-07   May-11     180,000       95,000  
Trident 17
           1983   355   25,000   Malaysia   Petronas Carigali   Sep-07   May-10     185,000       195,000  
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                
Ron Tappmeyer
           1978   300   25,000   India   ONGC   Feb-07   Feb-10     148,000       62,000  
Randolph Yost
           1979   300   25,000   India   ONGC   Mar-07   Mar-10     148,000       61,000  
D.R. Stewart
           1980   300   25,000   Italy   Eni   Apr-07   Apr-10     168,000       57,000  
G.H. Galloway
           1984   300   25,000   Italy   Eni   Aug-06   Aug-08     115,000       54,000  
Harvey H. Ward
           1981   300   25,000   Malaysia   Talisman   Mar-07   Aug-08     110,000       116,000  
Roger W. Mowell
           1982   300   25,000   Malaysia   Talisman   Nov-06   Dec-08     110,000       48,000  
J.T. Angel
           1982   300   25,000   India   ONGC   Mar-07   May-10     148,000       105,000  
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  
C.E. Thornton
           1974   300   25,000   India   ONGC   May-06   Dec-08     45,000       45,000  
 
                               Feb-08   170 days Shipyard or Project                
 
                       India   ONGC   Dec-08   Jan-12     146,000       45,000  

 

Page 5

 

     
(TRANSOCEAN LOGO)
  Transocean Inc. (NYSE: RIG) Fleet Update
Updated : October 30, 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)  
Non-U.S. Drilling Barges (2)
                                                            
 
                                                            
Searex 4
           1981/1989   21   25,000   Indonesia   Total   Sep-04   Sep-09     39,000       N/A  
Hibiscus (14)
           1979/1993   25   16,000   Indonesia   Total   Oct-07   Sep-12     70,000       74,000  
 
                                                            
Other (2)
                                                            
 
                                                            
Joides Resolution (11) (15)
   ship   «   1978   27,000   30,000   Singapore       Oct-06   500 days Shipyard or Project                
 
                       Worldwide   TAMRF   Apr-08   Sep-13     62,000       35,000  
Sedco 135D (10)
           1966/77/01   600       Brazil   SLB   Jun-01   Jun-09     32,000       N/A  
 
                                                            
Fixed-Price Options
                                                            
High Specification Floaters
                                                            
Ultra-Deepwater
                                                            
 
                                                            
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   Jun-10   Dec-10     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   Aug-12     407,000       402,000  
 
                                                            
Other
                                                            
 
                                                            
Joides Resolution
   ship   «   1978   27,000   30,000   Worldwide   TAMRF   Oct-13   Sep-23     62,000       62,000  
Additional 2008 Estimated Potential Out of Service Time By Rig Class
See “Out of Service Days (Shipyards, Mobilizations, etc.)” on the cover page for a full description.
         
Ultra-Deepwater
     —  
Other Deepwater
     —  
Other High Spec
     —  
Other Floater
     —  
Jackup
   250 Days
Other
     —  

 

Page 6

 

     
(TRANSOCEAN LOGO)
  Transocean Inc. (NYSE: RIG) Fleet Update
Updated : October 30, 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 an estimated 30-month shipyard construction phase 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 $472,300. 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 Hydro 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 contract by Chevron for the construction of an enhanced Enterprise-class drillship to be named the Discoverer Inspiration. The contract has an initial term of five years, but can be converted at the customer’s election by September 2007 to a three-year duration. 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. The dayrate to be paid on a five-year contract period is $472,300, or $556,200 should the contract be converted to a three-year term.
(7) 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.
(8) 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.
(9) Current contract provides for a bonus incentive opportunity not reflected in the stated current contract dayrate.
(10) Reflects the current contracted dayrate which is comprised of a foreign currency component and which could change due to foreign exchange adjustments.
(11) Reflects the current contracted dayrate which could change due to cost escalations.
(12) 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.
(13) Dayrate subject to annual adjustment based on market dayrates within specific parameters.
(14) Owned by a joint venutre in which the company owns a 75 percent interest.
(15) 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.
(16) We have exercised an option to purchase a 50 percent interest in a joint venture company with Pacific Drilling Limited. The joint venture will own two ultra-deepwater Samsung-design drillships currently under construction. We have a commitment for a 4-year drilling contract for the construction of the first joint venture drillship to be named the Deepwater Pacific I. 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, reagrdless 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. The joint venture is actively marketing the second joint venture drillship.

 

Page 7