Texaco E&P Extends Contract With Transocean

Transocean Offshore Inc. has received contract extensions from Texaco Exploration and Production Inc. on two of its second-generation semi-submersibles, Transocean 96 and Transocean 97. The Tranocean 96 contract extension, expected to commence next month, is for a period of three-years, with years two and three subject to cancellation following a one-year notification requirement. Total reveneues to be generated during the initial year of the contract extension are approximately $40.7 million.

The Transocean 97 contract extension is for a period of sixmonths beginning mid-June 1998.

Texaco has assigned the semi-submersible to British Gas Pic., which is currently mobilizing the rig from the U.S. Gulf of Mexico to Trinidad where it is expected to operate throughout the contract extension period. Total revenues to be generated over the six-month extension period are approximately $21.9 million.Falcon) to provide a riser centralizer system and central hydraulic power units for the joint venture's ultra-deepwater drillship Deepwater Frontier. The Bardex system will be used to capture and position 10,000 ft. (3,048 m) of disconnected marine riser string. The system will also be capable of providing guidance to the BOP as it passes through the wave zone. The centralizer system's synchronized swing-out beams will be designed to allow the riser to be captured at any point with in its maximum movement and centered in the drillship's moonpool. The system and power units will be certified by ABS and will allow Deepwater Frontier to perform drilling, testing, crude oil storage and offloading functions at different drilling sites worldwide.