Transocean ltd  (RIG)
Other Ticker:  
    Sector  Energy    Industry Oil And Gas Production
   Industry Oil And Gas Production
   Sector  Energy

Transocean ltd

Business Description

Transocean Inc., is a leading international provider of offshore contract drilling services for oil and gas wells. As of March 1, 2004, we owned, had partial ownership  interests in or operated 96 mobile offshore drilling units, excluding the fleet of TODCO, a publicly traded drilling company in which we own a majority interest. As of this date, our fleet consisted of 32 High-Specification semisubmersibles  and drillships ("floaters"), 26 Other Floaters, 26 Jackup Rigs and 12 Other Rigs.

Our mobile offshore drilling fleet is considered one of the most modern and versatile fleets in the world. Our primary business is to contract these drilling  rigs, related equipment and work crews primarily on a dayrate basis to drill  oil and gas wells. We specialize in technically demanding segments of the offshore  drilling business with a particular focus on deepwater and harsh environment  drilling services. We also provide additional services, including management  of third party well service activities.


We principally use three types of drilling rigs:
- drillships;
- semisubmersibles; and
- jackups.

Also included in our fleet are barge drilling rigs, tenders, a mobile offshore  production unit, a platform drilling rig and a land rig. TODCO's fleet consists  of jackups, barge drilling rigs, submersibles, land drilling rigs, a platform  rig and lake barges.

Most of our drilling equipment is suitable for both exploration and development drilling, and we normally engage in both types of drilling activity.

Likewise, most of our drilling rigs are mobile and can be moved to new locations in response to client demand. All of our mobile offshore drilling units are designed for operations away from port for extended periods of time and most have living quarters for the crews, a helicopter landing deck and storage space for pipe and drilling supplies.

Our operations are geographically dispersed in oil and gas exploration and development  areas throughout the world. Rigs can be moved from one region to another, but the cost of moving a rig and the availability of rig-moving vessels may cause  the supply and demand balance to vary somewhat between regions. However, significant  variations between regions do not tend to exist long-term because of rig mobility. Consequently, we operate in a single, global offshore drilling market. Because our drilling rigs are mobile assets and are able to be moved according to prevailing  market conditions, we cannot predict the percentage of our revenues that will be derived from particular geographic or political areas in future periods.

The offshore contract drilling market remains highly competitive and cyclical,  and it has been historically difficult to forecast future market conditions.  Extraneous risks include declines in oil and/or gas prices that reduce rig demand and adversely affect utilization and dayrates. Major operator and national oil company capital budgets are key drivers of the overall business climate, and  these may change within a fiscal year depending on exploration results and other  factors. Additionally, increased competition for our customers' drilling budgets  could come from, among other areas, land-based energy markets in Russia, other former Soviet Union states and the Middle East.

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