Disclosure Statement

4/9/2002


Click here to start


Table of Contents

PPT Slide

Disclosure Statement

Presentation Topics

Largest Fleet of Mobile Offshore Drilling Units

Largest Deepwater Drilling Fleet

Most Geographically Diversified Offshore Drilling Fleet

Diversity Of Revenue Source

Operational Benefits Of Size & Diversity Of Fleet

PPT Slide

Deepwater Rig Demand - Worldwide Central Case

Geological Success Sensitivity

Geological Success Sensitivity

Geological Success Sensitivity

Enabling Deepwater Technologies

PPT Slide

Purpose & Key Study Parameters

Depth vs. Time

Depth vs. Time

Depth vs. Time

Depth vs. Time

Depth vs. Time

Summary Rig Performance

Other Enterprise-class Advantages

PPT Slide

Supply Demand Balance Today

Committed Fleet Days Exceptional Leverage to Rising Dayrates

PPT Slide

2002 Focus

2002 Focus Balance Sheet

Declining Capital Expenditures Following 2001 Completion Of Newbuild Program

Capital Structure Transactions 2001 & 2002 To Date

2002 Focus

2002 Focus Continue Divestiture Program

2002 Focus

PPT Slide

2002 Focus

Share Price To Replacement Cost/Share Valuation Reflects Past Disappointments

Conclusion

Author: Leslie Milner