Transocean Rig Deepwater Horizon Extension

Transocean Ltd. (NYSE:RIG) announced that its ultra-deepwater semisubmersible rig Deepwater Horizon has been awarded a three-year contract extension by a subsidiary of BP p.l.c. (NYSE:BP) for operations in the U.S. Gulf of Mexico commencing in September 2010. Estimated contracted revenues related to the three-year contract extension are approximately $544m. Estimated contract revenues represent the maximum amount of revenues that may be earned in the firm contract period, excluding revenues for mobilization, cost escalations, customer reimbursed equipment and miscellaneous adjustments.

The Deepwater Horizon is one of 41 High-Specification Floaters in the Transocean fleet, 20 of which are ultra-deepwater drillships and semisubmersible rigs. Capable of operating in water depths up to 10,000 feet, the Deepwater Horizon entered service in 2001 and recently set the world record for the deepest oil and gas well at 35,050 feet total vertical depth, drilled for BP.