Transocean semisubmersible sets drilling depth record

Transocean Ltd. (NYSE:RIG) today announced that its ultra-deepwater semisubmersible rig Deepwater Horizon recently drilled the deepest oil and gas well ever while working for BP and its co-owners on the Tiber well in the U.S. Gulf of Mexico. Working with BP, the Transocean crews on the Deepwater Horizon drilled the well to 35,050 ft vertical depth and 35,055 ft measured depth (MD), or more than six miles, while operating in 4,130 ft of water.

Transocean also holds the current world water-depth record of operating in 10,011 feet of water set while working for Chevron in the U.S. Gulf of Mexico.

The Deepwater Horizon, placed into service in 2001, is a dynamically positioned ultra-deepwater semisubmersible rig capable of working in water depths of up to 10,000 feet.

BP categorized the Tiber Prospect discovery as "giant.'

The well, located in Keathley Canyon block 102, approximately 250 miles (400 km) southeast of Houston, found oil in multiple Lower Tertiary reservoirs. Appraisal will be required to determine the size and commerciality of the discovery.

"Tiber represents BP's second material discovery in the emerging Lower Tertiary play in the Gulf of Mexico, following our earlier Kaskida discovery," said Andy Inglis, chief executive, Exploration and Production. "These material discoveries together with our industry leading acreage position support the continuing growth of our deepwater Gulf of Mexico business into the second half of the next decade."

Tiber is operated by BP (NYSE: BP), with a 62 percent working interest with co-owners Petrobras (NYSE: PBR/PBRA, 20 percent) and ConocoPhillips (NYSE: COP, 18 percent).