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Transocean Ltd. Provides Deepwater Horizon Update

Transocean Transocean Ltd. today provided the following update on the Deepwater Horizon and the company's role in supporting BP Exploration & Production, Inc. and the Unified Area Command in stemming the flow of hydrocarbons from the well.

The Deepwater Horizon is insured for total loss coverage and for wreck removal, to the extent removal can be carried out and is required. The total insured value of the rig is $560 million.

The rig sank in the U.S. Gulf of Mexico after an explosion and fire last week, and it is now located on the sea floor approximately 1,500 feet northwest of the well center and away from any subsea pipelines. Transocean is committing all necessary resources to support ongoing efforts to stop the flow of hydrocarbons from the well.

Deepwater Horizon Incident: Joint Information Centre Website

Transocean is the world's largest offshore drilling contractor and the leading provider of drilling management services worldwide. With a fleet of 140 mobile offshore drilling units plus three ultra-deepwater units under construction, the company's fleet is considered one of the most modern and versatile in the world due to its emphasis on technically demanding segments of the offshore drilling business. Its worldwide fleet is more than twice the size of the next-largest competitor. The company owns or operates a contract drilling fleet of 46 High-Specification Floaters (Ultra-Deepwater, Deepwater and Harsh-Environment semisubmersibles and drillships), 26 Midwater Floaters, 10 High-Specification Jackups, 55 Standard Jackups and other assets utilized in the support of offshore drilling activities worldwide.

Published 26/04/2010

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