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8

BP Extend Transocean Ultra-Deepwater Semisubmersible Rig Contract

Estimated contract revenues that could be generated over the five-year extension period are approximately $1.06 billion...

Estimated contract revenues that could be generated over the five-year extension period are approximately $1.06 billion. Estimated contract revenues represent the maximum amount of revenues that may be earned in the contract period, excluding revenues for mobilization, demobilization and cost escalations.

The GSF Development Driller II semisubmersible, which entered service in 2005, is one of 39 High-Specification Floaters in the Transocean fleet, 18 of which are Ultra-Deepwater Floaters capable of drilling in water depths of 7,500 feet or greater.