TODCO is a U.S. domiciled oil and gas drilling contractor headquartered in Houston, Texas. We are currently a majority owned subsidiary of Transocean Inc., the world’s largest offshore drilling contractor. Our fleet of 70 drilling rigs is focused along the U.S. Gulf Coast and Caribbean Basin (including Venezuela, Trinidad and Mexico). In the U.S. Gulf of Mexico we focus on shallow water and inland (transition zone) areas. Comprised of 24 shallow water jackup rigs of varying types, 30 inland barge rigs, and 16 rigs of other designs (including submersible, land, lake barge and platform rigs), the TODCO fleet is one of the most deployable in the Western Hemisphere. Our customers are primarily independent oil and gas companies, major international oil companies and national oil companies (such as Mexico’s PEMEX and Venezuela’s PDVSA). We contract our drilling rigs, equipment and qualified work crews on a dayrate basis. As THE premier shallow water driller along the U.S. Gulf Coast, we have distinct logistical advantages in servicing our customers by offering reduced rig mobilization time and related costs, and increased flexibility of rig and crew deployment. Furthermore, as the largest contract driller in the region, we are able to pass along the benefits of our economies of scale ? chiefly increased bargaining power and the ability to attract and retain the most desirable and capable crews.