Wayzata Investment Partners, KCA DEUTAG and Marlin British Virgin Islands, August 25, 2006. Wayzata Investment Partners LLC, KCA DEUTAG and Marlin Offshore Marshall Island announce the formation of a joint venture entity, Marlin Offshore International Ltd. (“MOIL”), and the purchase by MOIL from Transocean Inc (NYSE: RIG) of four tender assist drilling rigs, the W.D. Kent, Charley Graves, Searex IX and Searex X. The purchase of the W.D. Kent has been completed. The purchase of the remaining three tender rigs is subject to closing conditions, which MOIL expects to complete in the next three months. The Charley Graves and the Searex X are currently operating in Thailand and Angola, respectively. KCA DEUTAG will manage the ongoing operation of the rigs as well as the planned activation and upgrade of the stacked rigs, W.D. Kent and Searex IX. Marlin Offshore Services, Inc. will provide commercial and administrative management services. Wayzata Investment Partners along with another capital partner are the majority investors in MOIL. Wayzata Investment Partners LLC is a manager of long-term funds focusing on opportunities in alternative and private equity investments. KCA DEUTAG, a wholly owned subsidiary of Abbot Group plc (LSE: ABG), is the largest offshore platform drilling contractor in the North Sea and a world leader in engineering and rig design, construction and operation. Marlin Offshore Services is a Houston based energy asset management company specializing in drilling rigs. Its affiliate Marlin Offshore (Malaysia) is located in Kuala Lumpur.
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