"Transocean Sedco Forex Reports Gulf of Mexico Incident Near Ship Shoal 332"
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Friday January 21, 7:32 pm Eastern Time
Company Press Release
SOURCE: Transocean Sedco Forex Inc.
HOUSTON, Jan. 21 /PRNewswire/ -- Transocean Sedco Forex Inc. (NYSE: RIG - news) said today that its second-generation semisubmersible drilling rig, Transocean 96, experienced an apparent anchor winch failure while under tow this morning, and an anchor dropped and damaged the Poseidon Pipeline in Ship Shoal Block 332 in the U.S. Gulf of Mexico. No injuries resulted from the incident. Oil was observed on the surface at approximately 10 a.m. at the site, which is located about 75 miles south of Houma, Louisiana. All appropriate governmental agencies have been notified and Transocean Sedco Forex has been informed that the pipeline has been shut in by Equilon Pipeline Company, which operates the pipeline.
Transocean Sedco Forex is working with Equilon's emergency response team and with all appropriate governmental agencies with respect to remediation efforts, which are already under way.
Transocean Sedco Forex is continuing to investigate the incident, but expects that insurance will substantially cover any potential liability associated with this matter.
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. In particular, statements regarding potential liability resulting from this incident are forward-looking statements that involve certain risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated.
Transocean Sedco Forex Inc. is the world's largest offshore drilling contractor. The company's 74-rig fleet is located throughout the world's major oil and gas drilling regions, including the U.S. Gulf of Mexico, Canada, Brazil, United Kingdom, Norway, Africa, Middle East and Asia. Transocean Sedco Forex Inc. specializes in technically demanding segments of the offshore drilling business, including industry-leading positions in deepwater and harsh environment drilling services. The company is listed on the New York Stock Exchange under the symbol ``RIG'.
SOURCE: Transocean Sedco Forex Inc.
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