Transocean to sell deepwater rigs to JCE Group of Sweden for $52.7 million - March 28, 2004

Providing coverage of Alaska and northern Canada's oil and gas industryMarch 2004

Vol. 9, No. 13

Week of March 28, 2004

Transocean to sell deepwater rigs to JCE Group of Sweden for $52.7 million

Petroleum News

Offshore drilling contractor Transocean has agreed to sell the semi-submersible rigs Sedco 600 and Sedco 602 to JCE Group AB of Sweden for $52.7 million, Transocean said March 19. Both deepwater rigs, which began active service in 1983, are expected to be converted to multi-service vessels, ending their use as mobile offshore drilling units, Transocean said. 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 closing on the transaction expected 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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