EX-99.1 2 dex991.htm FLEET STATUS REPORT Fleet Status Report

Exhibit 99.1

 

LOGO

    Transocean Inc. (NYSE: RIG) Fleet Status Report

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 All information provided by Transocean Inc. in this report is given for the exclusive use of the recipient and may not be published, redistributed or retransmitted without the prior written consent of Transocean Inc.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 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 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, except as required by law.

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 Floaters” 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, “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 “Harsh Environment” comprised of five of the company’s premium harsh environment rigs, the semisubmersibles Henry Goodrich, Transocean Leader, Paul B. Loyd, Jr., Transocean Arctic and Polar Pioneer. The category titled “Midwater Floaters” represents semisubmersible rigs and drillships that possess the ability to drill in water depths of up to 4,499 feet. The jackup fleet is subdivided into two categories;”High Specification” which consists of harsh environment and high performance jackups and “Standard”.

 

LOGO    Transocean Inc. (NYSE: RIG) Fleet Status Report

Updated: June 6, 2008

Revisions to Last Month’s Fleet Status Report Noted in Bold

Dynamically positioned «

 

Rig Type/Name   Floater
Type		        Yr. (1)
Entered
Service		   Water
Depth
(Feet)		   Drilling
Depth
(Feet)		   Location   Client  

Current Contract

Start/Idle Date

  

Estimated
Expiration

/Out of

Service (2)

   Current
Contract
Dayrate (3)
(Dollars)		     Previous
Contract
Dayrate (3)
(Dollars)		  
Rigs Under Construction (9)                                            

Discoverer Clear Leader (16)

   ship   «   TBA   12,000   40,000   USGOM   Chevron   See Footnote 4   See Footnote 4   See Footnote 4     N/A  

Discoverer Americas (16)

   ship   «   TBA   12,000   40,000   USGOM   StatoilHydro   See Footnote 5   See Footnote 5   475,000     N/A  

Discoverer Inspiration (16)

   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  

Dhirubhai Deepwater KG1

   ship   «   TBA   12,000   35,000   India   Reliance   See Footnote 8   See Footnote 8   See Footnote 8     N/A  

Dhirubhai Deepwater KG2

   ship   «   TBA   10,000   35,000   India   Reliance   See Footnote 9   See Footnote 9   See Footnote 9     N/A  

Fifth Enhanced Enterprise-Class Drillship

   ship   «   TBA   10,000   35,000   India   Reliance   See Footnote 10   See Footnote 10   See Footnote 10     N/A  

Discoverer Luanda

   ship   «   TBA   7,500   40,000   Angola   BP   See Footnote 11   See Footnote 11   See Footnote 11     N/A  

GSF Development Driller III (16)

   semi   «   TBA   7,500   30,000   Angola   BP   See Footnote 12   See Footnote 12   382,000     N/A  
High Specification Floaters:  
Ultra-Deepwater (18)  

Discoverer Deep Seas (16)

   ship   «   2001   10,000   35,000   USGOM   Chevron   Jan-08   Mar-09   335,000     294,000  
            USGOM   Chevron   Mar-09   Mar-11   485,000     335,000  

Discoverer Enterprise (16)

   ship   «   1999   10,000   35,000   USGOM   BP   Dec-07   Dec-10   520,000     191,000  

Discoverer
Spirit (16)

   ship   «   2000   10,000   35,000   USGOM   Anadarko   Dec-07   Dec-10   497,000     298,000  
            USGOM   Anadarko   Dec-10   Dec-13   520,000     497,000  

GSF C.R.
Luigs (16)

   ship   «   2000   10,000   35,000   USGOM   BHP Billiton   Sep-07   Sep-09   393,000     225,000  
            USGOM   BHP Billiton   Sep-09   Nov-13   510,000     393,000  

GSF Jack
Ryan (16)

   ship   «   2000   10,000   35,000   Nigeria   Total   Jun-07   Jun-09   297,000     270,000  
            Nigeria   Total   Jun-09   Jul-13   425,000     297,000  

Deepwater Discovery

   ship   «   2000   10,000   30,000   Nigeria   Total   Mar-07   Aug-08   368,000     357,000  
            Brazil   Devon   Aug-08   Jan-14   425,000 (15)   368,000  

Deepwater Frontier

   ship   «   1999   10,000   30,000   India   Reliance   Aug-06   Aug-08   320,000     145,000  
            India   Reliance   Aug-08   Sep-11   477,000     320,000  

Deepwater Millennium (15) (16)

   ship   «   1999   10,000   30,000   Brazil   Anadarko   May-08   Aug-10   491,000     302,000  
            Brazil   Anadarko   Aug-10   Aug-13   535,000     491,000  

Deepwater Pathfinder

   ship   «   1998   10,000   30,000   Nigeria   Shell/Chevron/
Agip/Petrobras		   Jul-07   Jul-09   395,000 (15)   190,000  
            TBA   TBA   Aug-09   Dec-09   600,000     395,000 (15)
            Ivory
Coast		   Lukoil   Dec-09   Feb-10   630,000     600,000  

Deepwater Horizon (16)

   semi   «   2001   10,000   30,000   USGOM   BP   Oct-07   Oct-10   See Footnote 13     278,000  

Deepwater Expedition

   ship   «   1999   10,000   30,000       Feb-08   140 days Mob/

Contract Prep

    
            India   Reliance   Jul-08   Aug-10   375,000     320,000  

Cajun Express (16)

   semi   «   2001   8,500   25,000   USGOM   Chevron   Aug-07   Jan-10   463,000     216,000  
                Aug-08   15 days Shipyard

or Project

    

Deepwater Nautilus (16)

   semi     2000   8,000   30,000   USGOM   Shell   Dec-06   Dec-08   449,000     220,000  
            USGOM   Shell   Dec-08   Jan-12   535,000     449,000  
                Dec-08   15 days Shipyard
or Project		    

GSF Explorer

   ship   «   1972/1998   7,800   30,000   Angola   BP   Jun-07   Apr-09   427,000 (16)   365,000  
            Angola   BP   Apr-09   Jul-09   450,000 (16)   427,000 (16)
            Indonesia   Marathon-led
Consortium		   Jan-10   Jan-12   510,000     450,000  

GSF Development Driller I (16)

   semi   «   2004   7,500   37,500   USGOM   BHP Billiton   Jun-07   Jun-08   220,000     210,000  
            USGOM   BHP Billiton   Jun-08   Jul-12   510,000     220,000  

GSF Development Driller II (16)

   semi   «   2004   7,500   37,500   USGOM   BP   Nov-07   Nov-08   208,000     198,000  

Sedco
Energy (15) (16)

   semi   «   2001   7,500   30,000   Nigeria   Chevron   Jan-08   Mar-11   482,000     202,000  
                Jun-08   30 days Shipyard
or Project		    

Sedco
Express (14) (16)

   semi   «   2001   7,500   30,000   Angola   BP   Jun-05   Jun-10   183,000     125,000  
                                Oct-08   30 days Shipyard

or Project

            
Deepwater (16)  

Deepwater Navigator (15)

   ship   «   2000   7,200   25,000   Brazil   Petrobras   Mar-07   Apr-11   190,000     300,000  

Discoverer 534

   ship   «   1975/1991   7,000   25,000   India   Reliance   Dec-07   Jul-10   250,000     245,000  

Discoverer Seven Seas

   ship   «   1976/1997   7,000   25,000       Feb-08   130 days Shipyard
or Project		    
            India   ONGC   Jul-08   Aug-11   316,000     292,000  

Transocean Marianas (16)

   semi     1979/1998   7,000   25,000   USGOM   BP   Dec-07   Jan-10   446,000     528,000  

Sedco 706 (to be upgraded) (15)

   semi   «   1976/1994/
2008		   6,500   25,000       Nov-07   430 days Shipyard
or Project		    
                Dec-08   80 days Mob/

Contract Prep

    
            Brazil   Chevron   Mar-09   Apr-14   313,000     N/A  

Sedco 702 (15)

   semi   «   1973/2007   6,500   25,000   Nigeria   Shell   Mar-08   Mar-11   350,000     N/A  

Sedco 707 (15)

   semi   «   1976/1997   6,500   25,000   Brazil   Petrobras   Dec-05   Dec-09   190,000     N/A  

GSF Celtic
Sea (16)

   semi     1982/1998   5,750   25,000   USGOM   Eni   Jan-08   Jun-08   342,000     335,000  

 

Page 2

LOGO

    Transocean Inc. (NYSE: RIG) Fleet Status Report

Updated: June 6, 2008

Revisions to Last Month’s Fleet Status Report Noted in Bold

Dynamically positioned «

 

 

Rig Type/Name

   Floater
Type		        Yr. (1)
Entered
Service		   Water
Depth
(Feet)		   Drilling
Depth
(Feet)		    Location   Client  

Current Contract

Start/Idle

Date

  

Estimated
Expiration

/Out of

Service (2)

   Current
Contract
Dayrate (3)
(Dollars)		     Previous
Contract
Dayrate (3)
(Dollars)		  
                 Jun-08   120 days Shipyard

or Project

    
                 Oct-08   60 days Mob/

Contract Prep

    
             Brazil   British Gas   Dec-08   Dec-10   457,000 (15)   342,000  

Jack Bates

   semi     1986/1997   5,400   30,000    Australia   Woodside   Jun-07   Sep-08   362,000 (25)   475,000  
                 Sep-08   21 days Mob/

Contract Prep

    
             Indonesia   Eni   Oct-08   Apr-09   530,000     362,000  
                 Apr-09   15 days Mob/
Contract Prep		    
             Australia   Hess   Apr-09   Jul-10   362,000 (25)   530,000  

Sedco 709 (15)

   semi   «   1977/1999   5,000   25,000    Nigeria   Shell   Oct-06   Oct-09   205,000     175,000  

M.G. Hulme, Jr.

   semi     1983/1996   5,000   25,000    Angola   Eni   Jan-08   Sep-08   430,000     355,000  
             Nigeria   Eni   Sep-08   Jan-10   430,000 (15)   430,000  

Transocean
Richardson (14) (16)

   semi     1988   5,000   25,000    Angola   Chevron   Aug-07   Oct-10   454,000     300,000  
                 Jul-08   75 days Shipyard
or Project		    

Jim Cunningham (16)

   semi     1982/1995   4,600   25,000    Angola   ExxonMobil   Oct-07   Oct-08   364,000     357,000  
             Angola   ExxonMobil   Oct-08   May-09   372,000     364,000  
             Angola   ExxonMobil   May-09   Nov-10   475,000     372,000  

Sedco 710 (14) (15)

   semi   «   1983/2001   4,500   25,000    Brazil   Petrobras   Oct-06   Nov-10   126,000     190,000  
                 May-08   75 days Shipyard
or Project		    

Transocean Rather (15)

   semi     1988   4,500   25,000    UKNS   BP   Oct-07   Dec-08   254,000     304,000  
                 Aug-08   20 days Shipyard
or Project		    
             UKNS   BP   Dec-08   Sep-09   436,000     254,000  

Sovereign Explorer (16)

   semi     1984   4,500   25,000    Suriname   Repsol   Apr-08   Jul-08   380,000     65,000  
             Brazil   Repsol   Jul-08   May-10   384,000 (15)   380,000  
                                 Aug-08   35 days Shipyard
or Project		            

Harsh Environment (5)

 

Henry Goodrich (16)

   semi     1985/2007   5,000   30,000    USGOM   StatoilHydro   Jun-07   Jul-10   358,000     173,000  

Transocean Leader (15) (16)

   semi     1987/1997   4,500   25,000    NNS   StatoilHydro   May-08   Nov-08   340,000     320,000  
             NNS   StatoilHydro   Nov-08   Nov-09   392,000     340,000  
             NNS   StatoilHydro   Nov-09   May-12   453,000 (17)   392,000  

Paul B. Loyd, Jr. (15)

   semi     1990   2,000   25,000    UKNS   BP   Mar-07   May-09   327,000     145,000  

Transocean Arctic (15) (16)

   semi     1986   1,650   25,000    NNS   StatoilHydro   Jan-07   Apr-12   294,000     195,000  

Polar Pioneer (15) (16)

   semi     1985   1,500   25,000    NNS   StatoilHydro   Aug-06   Feb-10   314,000     181,000  
                         NNS   StatoilHydro   Feb-10   Feb-14   508,000     314,000  

Midwater Floaters (29)

 

Sedco 700

   semi     1973/1997   3,600   25,000    Equatorial
Guinea		   Noble

Energy

   May-08   Jul-08   410,000     395,000  

Transocean Legend

   semi     1983   3,500   25,000    Sakhalin Is.   BP   May-08   Jul-08   405,000     450,000  
             Philippines   Tap Oil   Jul-08   Aug-08   443,000     405,000  
             TBA   BP   Sep-08   Jan-09   411,000     443,000  

Transocean Amirante (16)

   semi     1978/1997   3,500   25,000        Feb-08   120 days Shipyard
or Project		    
             USGOM   Eni   Jul-08   May-11   380,000     325,000  

GSF Arctic I (15) (16)

   semi     1983/1996   3,400   25,000    Brazil   Shell   Mar-08   Dec-10   271,000     265,000  

C. Kirk Rhein, Jr.

   semi     1976/1997   3,300   25,000    India   Reliance   Feb-07   Jun-08   190,000 (27)   N/A  
                 Jun-08   30 days Mob/
Contract Prep		    
             Mozambique   Sasol   Jul-08   Sep-08   362,000     190,000 (27)

Transocean Driller (14) (15)

   semi     1991   3,000   25,000    Brazil   Petrobras   Aug-06   Aug-10   116,000     53,000  

GSF Rig 135 (16)

   semi     1983   2,400   25,000    Congo   Total   Oct-07   Dec-09   325,000     325,000  
             Congo   Total   Feb-10   Jun-10   380,000     325,000  

GSF Rig 140 (16)

   semi     1983   2,400   25,000    Angola   ExxonMobil   Oct-07   Oct-08   254,000 (22)   309,000  
             Angola   ExxonMobil   Oct-08   Jun-09   309,000     254,000  

Falcon 100 (14) (15)

   semi     1974/1999   2,400   25,000    Brazil   Petrobras   Mar-08   Apr-13   247,000     180,000  

GSF Aleutian Key (16)

   semi     1976/2001   2,300   25,000    Angola   Sonangol   Nov-07   Jul-09   357,000     145,000  

Istiglal (16) (21)

   semi     1995/1998   2,300   20,000    Caspian   BP   Jan-08   Jun-08   113,000     96,000  
             Caspian   BP   Jun-08   Jan-09   111,000     113,000  

Sedco 703

   semi     1973/1995   2,000   25,000    Australia   Woodside   Aug-07   Dec-08   435,000     400,000  
             Australia   ConocoPhillips   Feb-09   Aug-09   450,000     435,000  

Sedco 711

   semi     1982   1,800   25,000    UKNS   Shell   Nov-07   Feb-09   283,000     150,000  
             UKNS   Shell   Feb-09   Feb-11   385,000     283,000  

Transocean John Shaw

   semi     1982   1,800   25,000    UKNS   Total   Dec-07   Jun-08   380,000 (15)   101,000  
                 Jun-08   40 Days Shipyard
or Project		    
             UKNS   Petrofac   Jul-08   Sep-09   350,000     380,000  

GSF Arctic III

   semi     1984   1,800   25,000        Apr-08   160 Days Shipyard

or Project

    
                 Sep-08   20 days Mob/

Contract Prep

    
             Libya   Eni   Sep-08   Sep-09   453,000     350,000  

 

Page 3

LOGO

    Transocean Inc. (NYSE: RIG) Fleet Status Report

Updated: June 6, 2008

Revisions to Last Month’s Fleet Status Report Noted in Bold

Dynamically positioned «

 

Rig Type/
Name		    Floater
Type		    Yr. (1)
Entered
Service		    Water
Depth
(Feet)		    Drilling
Depth
(Feet)		    Location    Client    Current
Contract
Start/Idle
Date		   

Estimated
Expiration

/Out of

Service (2)

    Current
Contract
Dayrate (3)
(Dollars)		     Previous
Contract
Dayrate (3)
(Dollars)

Sedco 712

    semi    1983    1,600    25,000    UKNS    Oilexco    Mar-08    May-10    340,000     235,000

Sedco 714 (15)

    semi    1983/1997    1,600    25,000    UKNS    Total    Apr-08    Jun-08    258,000     357,000
               UKNS    Total    Jun-08    Sep-08    358,000     258,000
               UKNS    Total    Sep-08    Jan-09    208,000     358,000
               UKNS    Total    Jan-09    Apr-09    258,000     208,000
               UKNS    Total    May-09    Aug-09    358,000     258,000

GSF Arctic IV (16) (24)

    semi    1983/1999    1,500    25,000    UKNS    Shell    Sep-07    Sep-10    275,000     185,000

GSF Grand
Banks (16)

    semi    1984    1,500    25,000    East Canada    Husky    Jan-08    Feb-11    353,000     144,000

Actinia

    semi    1982    1,500    25,000    India    Reliance    Sep-06    Sep-09    190,000     54,000
                     Mar-08    90 days Shipyard
or Project		     

Sedco 601

    semi    1983    1,500    25,000    Malaysia    Petronas
Carigali		    Jan-08    Feb-11    255,000     268,000

Sedneth 701

    semi    1972/1993    1,500    25,000    Angola    Chevron    Jun-07    Feb-10    362,000     90,000
                     May-08    60 days Shipyard
or Project		     

Transocean
Winner (15) (16)

    semi    1983    1,500    25,000    NNS    StatoilHydro    Aug-06    Oct-09    391,000     120,000
               NNS    Lundin    Oct-09    Dec-12    462,000     391,000

Transocean
Searcher (15) (16)

    semi    1983/1988    1,500    25,000    NNS    StatoilHydro    Oct-06    Dec-08    368,000     138,000
               NNS    StatoilHydro    Jan-09    Aug-12    420,000     368,000

Transocean Prospect

    semi    1983/1992    1,500    25,000    UKNS    CNR    Sep-06    Nov-08    207,000  (15)   98,000
               UKNS    Nexen    Nov-08    Feb-11    365,000     207,000

Dada Gorgud (16) (21)

    semi    1978/1998    1,500    25,000    Caspian    BP    Jan-08    Dec-08    105,000     90,000

J.W. McLean

    semi    1974/1996    1,250    25,000    UKNS    Shell    Jul-07    Aug-08    250,000     140,000
               UKNS    ConocoPhillips    Aug-08    Feb-09    400,000     250,000

GSF Arctic II (24)

    semi    1982    1,200    25,000    UKNS    Talisman    May-08    Jun-08    420,000     420,000
               UKNS    Lundin    Jun-08    Aug-08    425,000  (16)   420,000
               Ireland    Providence
Resources		    Aug-08    Nov-08    400,000     425,000

Sedco 704

    semi    1974/1993    1,000    25,000    UKNS    BP    Sep-07    Nov-08    316,000  (15)   176,000
               UKNS    ADTI    Nov-08    Jan-10    371,000  (23)   316,000
 

High Specification Jackups (10)

                       
 

GSF
Constellation I (16)

       2003    400    30,000    Trinidad    BP    Aug-07    Sep-09    219,000     76,000

GSF Constellation II (16)

       2004    400    30,000    Egypt    BP    Jun-07    Apr-10    194,000     170,000

GSF Galaxy I

       1991/2001    400    30,000    UKNS    BP    May-08    Jul-08    300,000     105,000
               UKNS    BP    Jul-08    Nov-08    100,000     300,000
               UKNS    BP    Nov-08    May-09    115,000     100,000
               UKNS    BP    May-09    Aug-09    227,000     115,000

GSF Galaxy II

       1998    400    30,000    UKNS    Centrica    Jul-08    Apr-09    220,000     300,000

GSF Galaxy III (15) (16)

       1999    400    30,000    UKNS    Nexen    Oct-07    Nov-09    114,000     100,000
                     Jul-08    35 days Shipyard
or Project		     
               UKNS    Nexen    Nov-09    May-10    116,000     114,000

GSF Baltic (15) (16)

       1983    375    25,000    Nigeria    ExxonMobil    May-07    May-09    205,000     240,000

GSF Magellan (16)

       1992    350    30,000    UKNS    Shell    Sep-07    Jun-08    300,000     145,000
               UKNS    Shell    Jun-08    Dec-08    145,000     300,000
                     Dec-08    35 days Shipyard
or Project		     

GSF Monarch

       1986    350    30,000    UKNS    Shell    Dec-07    May-09    78,000     70,000

GSF Monitor (16)

       1989    350    30,000    Trinidad    BP    Apr-07    Apr-09    151,000     70,000

Trident 20

       2000    350    25,000    Caspian    Petronas
Carigali		    Jan-06    Jan-10    130,000     90,000
                     Nov-08    14 days Shipyard
or Project		     
 

Standard Jackups (55)

                 
 

Trident IX

       1982    400    20,000    Vietnam    JVPC    Aug-07    Sep-08    210,000     188,000
                     Sep-08    80 days Shipyard
or Project		     

Trident 17

       1983    355    25,000    Malaysia    Petronas
Carigali		    Sep-07    May-10    185,000     195,000
                     Mar-08    80 days Shipyard
or Project		     

GSF Adriatic II (16)

       1981    350    25,000    Angola    Chevron    May-07    May-09    192,000     55,000

GSF Adriatic IX (16)

       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 (30)

       1982    350    30,000    Egypt    Petrobel    Nov-06    Nov-08    150,000     63,000
                     Nov-08    14 days Shipyard
or Project		     
               Egypt    Petrobel    Nov-08    Nov-10    182,000     150,000

GSF Key
Manhattan (28)

       1980    350    25,000    Egypt    Petrobel    Aug-07    Aug-08    155,000     136,000
               Egypt    Petrobel    Aug-08    Aug-09    172,000     155,000

GSF Key
Singapore (29)

       1982    350    25,000    Egypt    Petrobel    Jun-07    May-08    155,000     136,000
                     Jun-08    75 days Shipyard
or Project		     
               Egypt    Petrobel    Aug-08    May-10    172,000     155,000

 

Page 4

LOGO

    Transocean Inc. (NYSE: RIG) Fleet Status Report

Updated: June 6, 2008

Revisions to Last Month’s Fleet Status Report Noted in Bold

Dynamically positioned «

 

Rig Type/Name   Floater
Type		   Yr. (1)
Entered
Service		   Water
Depth
(Feet)		   Drilling
Depth
(Feet)		   Location   Client   Current
Contract
Start/Idle
Date		  

Estimated
Expiration

/Out of

Service (2)

   Current
Contract
Dayrate (3)
(Dollars)		     Previous
Contract
Dayrate (3)
(Dollars)

GSF Adriatic VI

     1981   328   25,000   Nigeria   Afren   Jan-08   Oct-08   210,000  (16)   195,000
          Gabon   Vaalco   Oct-08   Jan-09   218,000     210,000
          Gabon   Forest Oil   Jan-09   Mar-09   225,000     218,000

GSF Adriatic VIII (15) (16)

     1983   328   25,000   Nigeria   ExxonMobil   Mar-07   Mar-09   188,000     145,000

C.E. Thornton (15)

     1974   300   25,000       Feb-08   170 days Shipyard or
Project		    
          India   ONGC   Oct-08   Nov-11   150,000     45,000

D.R. Stewart

     1980   300   25,000   Italy   Eni   Apr-07   Feb-10   168,000     57,000

F.G. McClintock

     1975   300   25,000       Apr-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
          Italy   Eni   Aug-08   Jan-12   170,000     115,000

GSF Adriatic I (16)

     1981   300   25,000   Angola   Chevron   Apr-07   Apr-09   192,000     110,000

GSF Adriatic V (16)

     1979   300   25,000   Angola   Chevron   Mar-07   Mar-09   190,000     55,000

GSF Adriatic XI (16)

     1983   300   25,000   Vietnam   Hoang Long
JOC		   Jul-07   Jul-08   210,000     110,000
              Jul-08   14 days Shipyard or
Project		    

GSF Compact Driller (16)

     1992   300   25,000   Thailand   Chevron   Oct-07   May-09   196,000     186,000

GSF Galveston Key

     1978   300   25,000   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   Dec-08   205,000     192,000
              Apr-08   70 days Shipyard or
Project		    

GSF Key Hawaii (16)

     1982   300   25,000   Qatar   Maersk   Jul-07   Jul-09   175,000     195,000

GSF Labrador

     1983   300   25,000       Apr-08   45 days Shipyard or
Project		    
          UKNS   E.On   Jun-08   Oct-08   208,000     227,000

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   Jul-11   164,000     100,000

GSF Parameswara

     1983   300   20,000   Indonesia   Total   Jan-07   Jul-08   102,000     70,000
              Jul-08   45 days Shipyard or
Project		    
          Indonesia   Total   Aug-08   Feb-09   106,000     102,000

GSF Rig 134

     1982   300   20,000   Malaysia   Petronas
Carigali		   Apr-07   May-10   166,000     128,000

GSF Rig 136

     1982   300   20,000   Indonesia   Serica
Energy		   Nov-07   Jun-08   185,000     210,000
          Malaysia   Petronas
Carigali		   Jun-08   Jun-09   175,000     185,000

Harvey H. Ward

     1981   300   25,000   Malaysia   Talisman   May-08   Aug-08   110,000     122,000
              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
              Oct-08   14 days Shipyard or
Project		    

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   Feb-09   110,000     48,000

Ron Tappmeyer

     1978   300   25,000   India   ONGC   Feb-07   Mar-10   148,000     62,000

Shelf Explorer

     1982   300   20,000   Vietnam   Lam Son   Dec-07   Jun-08   174,000     208,000
          Vietnam   Lam Son   May-08   Oct-08   184,000     174,000

Transocean Nordic (24)

     1984   300   25,000   Sakhalin
Island		   Venineft   May-08   Oct-08   185,000     74,000

Trident 15

     1982   300   25,000   Thailand   Chevron   Feb-06   Mar-12   100,000 (18)   60,000

Trident 16

     1982   300   25,000   Vietnam   Petronas
Carigali		   Feb-08   Feb-10   189,000     195,000
          Malaysia   Petronas
Carigali		   Mar-10   Aug-11   180,000     189,000

Trident II

     1977/1985   300   25,000   India   ONGC   Apr-07   Jun-10   148,000     60,000

Trident IV

     1980/1999   300   25,000   Cameroon   Bowleven   Apr-08   Jun-08   224,000     244,000

Trident VIII (15)

     1981   300   21,000   Nigeria   Total   Apr-06   Jun-08   66,000     56,000
              Jun-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   Jun-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 (16)

     1981   270   20,000   Gabon   Total   May-07   Sep-08   175,000     86,000

GSF High Island IX (15) (16)

     1983   250   20,000   Nigeria   Addax
Petroleum		   Jun-07   Aug-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

GSF Rig 103

     1974   250   20,000   Egypt   Petrobel   Jun-08   Aug-08   107,000     170,000

GSF Rig 105

     1975   250   20,000   Egypt   Petrobel   Mar-08   Mar-11   112,000     90,000

GSF Rig 124

     1980   250   20,000   Egypt   AMAPETCO   Apr-07   Oct-08   110,000     55,000

GSF Rig 127 (16)

     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
          Egypt   Petrogulf   Nov-08   Nov-09   120,000     115,000

 

Page 5

LOGO

    Transocean Inc. (NYSE: RIG) Fleet Status Report

Updated: June 6, 2008

Revisions to Last Month’s Fleet Status Report Noted in Bold

Dynamically positioned «

 

Rig Type/Name   Floater
Type		        Yr. (1)
Entered
Service		   Water
Depth
(Feet)		   Drilling
Depth
(Feet)		   Location   Client  

Current
Contract

Start/Idle Date

  

Estimated
Expiration

/Out of

Service (2)

   Current
Contract
Dayrate (3)
(Dollars)		   Previous
Contract
Dayrate (3)
(Dollars)

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-08   Jan-10   110,000   58,000

Trident VI

       1981   220   21,000   Vietnam   Vietsovpetro   Apr-07   Nov-08   193,000   142,000

GSF Britannia

       1968   200   20,000   UKNS   Shell   Aug-07   Apr-09   61,000   55,000
                                Aug-08   14 days Shipyard
or Project		        
Swamp Barges (2)

Searex 4

       1981/1989   21   25,000   Indonesia   Total   Sep-04   Sep-09   39,000   N/A

Hibiscus (19)

           1979/1993   25   16,000   Indonesia   Total   Oct-07   Sep-12   72,000   74,000
Others (2)

Joides Resolution (16) (20)

   ship   «   1978   27,000   30,000   Singapore     Oct-06   660 days Shipyard
or Project		    
            Worldwide   TAMRF   Oct-08   Sep-13   64,500   35,000

Sedco 135D (15)

       1966/1977/
2001		   600     Brazil   SLB   Jun-01   Jun-09   34,000   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
            Indonesia   Marathon-led
Consortium		   Jan-12   Jan-13   510,000   510,000

Sedco Express (14) (16)

   semi   «   2001   7,500   25,000   Angola   BP   Jul-09   Jul-10   183,000   183,000
Deepwater

Discoverer 534

   ship   «   1975/1991   7,000   25,000   India   Reliance   Jul-10   Jan-11   250,000   250,000
Harsh Environment

Henry Goodrich (16)

   semi       1985   2,000   30,000   USGOM   StatoilHydro   May-09   May-10   358,000   358,000
Midwater Floaters

Transocean Legend

   semi     1983   3,500   25,000   Philippines   Tap Oil   Aug-08   Sep-08   443,000   443,000
            TBA   BP   Jan-09   Mar-09   411,000   411,000

Sedco 703

   semi     1973/1995   2,000   25,000   Australia   ConocoPhillips   Apr-09   May-09   450,000   450,000

Transocean Searcher (15) (16)

   semi     1983/1988   1,500   25,000   NNS   StatoilHydro   Mar-12   Sep-12   390,000   390,000

GSF Arctic II (24)

   semi       1982   1,200   25,000   Ireland   Providence
Resources		   Nov-08   Dec-08   400,000   400,000
Standard Jackups

Rig 103

           1974   250   20,000   Egypt   Petrobel   Aug-08   Nov-08   107,000   107,000
Others

Joides Resolution (16) (20)

   ship   «   1978   27,000   30,000   Worldwide   TAMRF   Oct-13   Sep-23   64,500   64,500

 

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 or more contracts in continuation, so the last line shows the estimated earliest availability. Many contracts permit the client to extend the contract. The out of service time represents those days in 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 five-year drilling contract by Chevron for the construction of an enhanced Enterprise-class drillship to be named 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 four-year drilling contract by StatoilHydro for the construction of an enhanced Enterprise-class drillship to be named 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.

 

Page 6

LOGO

    Transocean Inc. (NYSE: RIG) Fleet Status Report

Updated: June 6, 2008

Revisions to Last Month’s Fleet Status Report Noted in Bold

Dynamically positioned «

 

 

Rig Type/Name

   Floater
Type		        Yr. (1)
Entered
Service		   Water
Depth
(Feet)		   Drilling
Depth
(Feet)		    Location   Client  

Current Contract

Start/Idle

Date

  

Estimated
Expiration

/Out of

Service (2)

   Current
Contract
Dayrate (3)
(Dollars)		   Previous
Contract
Dayrate (3)
(Dollars)

(6) We have been awarded a five-year contract by Chevron for the construction of an enhanced Enterprise-class drillship to be named 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.

(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 September 2010. The vessel is expected to mobilize to its first drilling location in the fourth 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 Dhirubhai Deepwater KG1 (formerly Deepwater Pacific 1) through a joint venture company with Pacific Drilling Limited. The joint venture has been awarded a five-year drilling contract with Reliance for construction of the drillship. Operations are expected to commence during the third quarter of 2009, after shipyard construction followed by sea trials, mobilization to India 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. The dayrate for the remaining four and one-half years of the contract is $510,000.

(9) We own a 50 percent interest in this ultra-deepwater Samsung-design drillship to be named Dhirubhai Deepwater KG2 (formerly Deepwater Pacific 2) through a joint venture company with Pacific Drilling Limited. The joint venture has been awarded a five-year drilling contract with Reliance for construction of the drillship. Operations are expected to commence during the second quarter of 2010, after shipyard construction followed by sea trials, mobilization to India 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. The dayrate for the remaining four and one-half years of the contract is $510,000.

(10) We have been awarded a five-year drilling contract by Reliance for the construction of an enhanced Enterprise-class drillship yet to be named. Operations are expected to commence during the fourth quarter of 2010, after shipyard construction followed by sea trials, mobilization to India and customer acceptance. The contract commencement date is contingent on vendor performance and other factors. The term of the drilling contract may be extended to seven or 10 years at the client’s election up to one week after mobilization. During the first six months of the contract, the contract dayrate is $537,000. The dayrate over the remaining four and one-half years of the initial five-year term is $557,000. If the client elects to extend the contract to 10 years, then the client may further elect to have the operating dayrate for the second five years of the contract fluctuate based on crude oil prices. In such case, the operating dayrate for the second five years (i) will not be adjusted if crude oil is at $75 per barrel, (ii) will be adjusted upward on a straightline basis if crude oil is between $75 per barrel and $100 per barrel, with a maximum positive adjustment of approximately 10% if crude oil is at or above $100 per barrel, and (iii) will be adjusted downward on a straightline basis if crude oil is between $75 per barrel and $50 per barrel, with a maximum negative adjustment of approximately 10% if crude oil is at or below $50 per barrel. The client retains the right to terminate the contract for convenience. If the client (i) elects to stay with a five-year term, (ii) elects to extend the contract to seven years, or (iii) elects to extend the contract to 10 years and allow operating dayrates to fluctuate with oil prices, then the termination mechanism in the contract is designed to keep Transocean economically whole for the remaining term of the contract. However, if the client elects to extend the contract to 10 years and the dayrate is fixed, then the client will have a right to terminate the contract for convenience with one year’s prior notice which will result in total payments to Transocean ranging from $1.1 billion over a five-year period to $1.85 billion over a 10-year period (which includes paid and unpaid dayrate as well as a termination fee ranging from $100 million to $175 million), and, depending on the date of termination, may result in a discount to the estimated contract revenues that could have otherwise been generated over the 10-year period.

(11) We have been awarded a drilling contract by BP for the construction of an enhanced Enterprise-class drillship to be named Discoverer Luanda. 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 July 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.

(12) We have been awarded a seven-year drilling contract by BP for the construction of a Keppel Fels MSC DSS 51 design semisubmersible to be named GSF Development Driller III. Operations are expected to commence by the third quarter of 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.

(13) 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 $458,000 beginning in March 2008 to $517,000 in October 2010.

(14) Current contract provides for a bonus incentive opportunity not reflected in the stated current contract dayrate.

(15) Reflects the current contracted dayrate which is comprised of a foreign currency component and which could change due to foreign exchange adjustments.

(16) Reflects the current contracted dayrate which could change due to cost escalations.

(17) Dayrate reflects a base level to be paid. The rig will receive a dayrate higher than the stated base level when utilized in a water depth of greater than 1,500 feet.

(18) Dayrate subject to annual adjustment based on market dayrates within specific parameters.

(19) Owned by a joint venture in which the company owns an 80 percent interest. Dayrate indicated reflects 100 percent of contract rate.

(20) Operated under a management contract with the rig’s owner. The rig is currently engaged in scientific geological coring activities and is owned by an unconsolidated joint venture in which a subsidiary of the company has a 50 percent interest. The dayrate disclosed herein reflects 100 percent of the contracted rate. The company’s 50 percent interest in the joint venture’s earnings is included in other income in its consolidated statement of operations.

(21) Operated under a management contract with the rig’s owner.

(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 company’s U.S. drilling management services subsidiary, accounting rules require that we eliminate the revenues and costs related to those contracts from the contract drilling segment of the consolidated statement of operations.

(24) This rig has been designated as held for sale but is currently still under contract.

(25) The tax expense related to these contracts has been reduced due to a discrete tax event in the 4th quarter of 2007. In accordance with the terms of these contracts, the dayrate likewise has been reduced from $475,000 per day to $362,000 per day. Taken together, these changes have no effect on after-tax net income.

(27) The terms of this contract were renegotiated in conjunction with other business with Reliance.

(28) The client has the right to extend the terms of this contract to three years at a dayrate of $159,000 by July 3, 2008.

(29) The client has the right to extend the terms of this contract to three years at a dayrate of $159,000 by June 7, 2008.

(30) The client has the right to extend the terms of this contract to three years at a dayrate of $169,000 by November 4, 2008.

 

Page 7