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RIG $154.66 Transocean inks $1.68B drilling contract
Houston Business Journal Monday, June 23, 2008 - 11:52 AM CDT

Offshore drilling company Transocean Inc. has signed a 10-year, $1.68 billion drilling contract with subsidiaries of Petrobras and Mitsui Group.

The agreement covers both companies' worldwide operations.

Houston-based Transocean (NYSE: RIG) said drilling was expected to commence in the third quarter of 2009.

The contract stems from a 20-year capital lease contract with Brazilian state oil producer Petrobras and the Tokyo-based Mitsui Group for a newbuild ultra-deepwater drillship with expected construction costs of about $750 million.

Transocean will acquire the drillship for $1 million at the end of the 20-year term.