Transocean buys ConocoPhillips stake in drillship - June 08, 2003

Providing coverage of Alaska and northern Canada's oil and gas industryJune 2003

Vol. 8, No. 23

Week of June 08, 2003

Transocean buys ConocoPhillips stake in drillship

ConocoPhillips has sold its 40 percent interest in the drillship Deepwater Frontier to joint venture partner Transocean, the companies said May 30.

Transocean, the world’s largest offshore driller, said it took over Conoco Phillips’ share for $4.5 million in cash and assumed $80 million in debt, valuing the rig at $210 million.

Frontier is on contract in Brazil to state-owned Petrobras. It can operate in up to 10,000 feet of water.

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