Transocean’s GSF Celtic Sea Awarded Contract

Transocean Ltd. (NYSE:RIG) announced that its moored deepwater semisubmersible rig GSF Celtic Sea has been awarded a three-year contract by an undisclosed customer for operations in Angola commencing in the second quarter of 2011. Estimated contracted revenues related to the three-year contract are approximately $350m. 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 GSF Celtic Sea is one of 16 deepwater floaters in the Transocean fleet. Capable of operating in water depths up to 5,750 feet and drilling wells 25,000 feet deep, the GSF Celtic Sea entered service in 1982 and was upgraded in 1998.