The Sedco Express continues to progress through the equipment testing and commissioning phase offshore the Canary Islands. The company is currently in discussions with TotalFinaElf and other operators for possible drilling assignments for the rig in West Africa and other regions and believes that current market dayrates for rigs possessing the capabilities of the Sedco Express are in line with the rate that was to have been paid by Elf.

Statements regarding estimated contract duration, revenues and drilling efficiencies, as well as any other statements that are not historical facts in this release, are forward-looking statements that involve certain risks, uncertainties and assumptions. These include but are not limited to operating hazards and delays, risks associated with drilling operations, actions by customers and other third parties, the future price of oil and gas, and other factors detailed in the company’s filings with the Securities and Exchange Commission (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.

A telephonic replay of the conference call will be available after 1:00 p.m. EDT on October 30 and can be accessed by dialing 719-457-0820 and referring to the passcode 783104. Also, a replay will be available through the Internet and can be accessed by visiting either of the above-referenced Worldwide Web addresses. Both replay options will be available for approximately 30 days.

Transocean Sedco Forex Inc. (NYSE:RIG) today announced that it has received a notice of termination from Elf Exploration-Angola (Elf) regarding the three-year contract on the newbuild semisubmersible Sedco Express. The company said that Elf exercised its contractual right to terminate the contract on the Sedco Express in light of the rig’s delayed delivery beyond Dec. 28, 2000. Transocean Sedco Forex was advised that the rig’s latest estimate of delivery did not match Elf’s short-term drilling priorities in Angola.

posted by Administrator at 5:15 pm & filed under Dollars |