18 May 2000

Launching Sedco Energy into Texaco’s Deepwater Projects

LONDON, 18 May – The Texaco-contracted drilling rig, ‘Sedco Energy’ (owned by Transocean Sedco Forex Inc. (NYSE:RIG)) was launched at DCN’s Brest yard in France on May 12. This summer the new rig will travel to West Africa to participate in the Texaco’s aggressive exploration program in this region.

In releasing the champagne bottle, to send the rig off with good luck, Kris Solberg, wife of Robert A. Solberg, President of Commercial Development, said “I hereby christen the Sedco Energy and wish the Transocean Sedco Forex /Texaco team a world of energy, safety, success and prosperity.”

Sedco Energy was constructed by Transocean Sedco Forex and will be under contract to Texaco for a five year period. The rig incorporates novel design elements such as the 190-foot Tri-Act derrick, which is expected to dramatically reduce well construction time by allowing multiple operations to take place concurrently. In another innovation, deck capacity has been increased by locating the engine room and machinery spaces in each of the pontoons. George Sandison, Texaco’s Vice President of Global Drilling said, “It takes a lot of foresight to design and build a rig to meet today’s technology challenges. All of the contractors worked together with Transocean Sedco Forex and Texaco to develop and construct the Sedco Energy, a rig that radically rethinks equipment and processes to meet the needs of the deepwater environment. This rig is the future of deepwater drilling, and we look forward to a very successful partnership with Transocean Sedco Forex.”

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