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March 19, 2004

Transocean sells two semis

Transocean Inc. says it has entered into agreements to sell the semisubmersibles Sedco 600 and Sedco 602 to JCE Group AB of Sweden, for net proceeds of approximately $52.7 million. Both units, which began active service in 1983, are expected to be converted to multi-service vessels, ending their use as mobile offshore drilling units.

The Sedco 600, idle in Singapore since April 2003, is currently being reactivated in preparation for an expected one-well contract. The rig is expected to complete the drilling project during the fourth quarter of 2004, with expected closing of the transaction to follow. The sale of the Sedco 602, idle in Singapore since February 2003, is expected to close during the second quarter of 2004.

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