Texaco contract for rig off Brazil

Texaco Inc. has contracted Houston-based Transocean Sedco Forex Inc.’s Sedco Energy rig for deepwater drilling in Brazil’s Campos Basin. The three-and-a-half-year contract is worth USD 216 million. Transocean recently completed testing on its “ultra-deepwater semi-submersible” rig, Sedco Energy, in the Gulf of Mexico. The rigs are designed to reduce the time of oil well construction by 25%. Transocean, the world’s largest offshore oil and gas drilling contractor, holds the record for starting an oil well in 9687 feet of water in the Gulf of Mexico.