Transocean

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said its semisubmersible rig Jim Cunningham caught fire Friday while operating offshore Egypt, forcing its evacuation.

The Houston-based oil services concern said the so-called well control incident took place in the West Delta Deep Marine concession in the Mediterranean. The fire was contained within the rig floor before being extinguished. The crew was safely evacuated, the company said.

Transocean said essential personnel are re-boarding the rig to assess the damage. The company said it is "unable at this time" to estimate the length of rig downtime or costs to repair the rig.

The Jim Cunningham has operated in the Mediterranean since August 2002 and recently started a two-well contract with expected completion in late 2004.

On Tuesday, Transocean slipped 35 cents to $28.49.