Transocean Inc. Announces Petrobras Approval of Contracts for Four Brazil-based Rigs
HOUSTON, July 15, 2008 (PRIME NEWSWIRE) -- Transocean Inc. (NYSE:RIG - News) today announced that the board of directors of Petroleo Brasileiro S.A.(Petrobras) has approved contract awards for four of the company's rigs totaling 22 rig years and approximately $3.0 billion in combined estimated contract revenues. Estimated contract revenues for each rig represent the maximum amount of revenues that may be earned in the applicable contract period, including revenues from a 15% additional rate, payable unless rig downtime exceeds 5 percent, and excluding revenues from cost escalation and demobilization. The approved contracts are expected to be executed by subsidiaries of Petrobras and Transocean in the next 30 to 60 days.