Transocean Ltd. recently announced that Transocean Titan Financing Limited, a wholly-owned indirect subsidiary of Transocean Ltd., began a private offering of U.S. $500 million in aggregate principal amount of senior secured notes due 2028 to eligible purchasers pursuant to Rule 144A/Regulation S.
The Notes will be guaranteed by Transocean Ltd., Transocean Inc., and a wholly-owned indirect subsidiary that owns and initially will operate the Deepwater Titan and will be secured by a lien on the Deepwater Titan and certain other assets related to the rig.
The timing of pricing and terms of the notes are subject to market conditions and other factors. The net proceeds from the notes will be used to partially finance the construction, acquisition, improvement, or alteration of the Deepwater Titan and to fund the initial debt service reserve.
The notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the U.S. except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. The notes may not be publicly offered, directly or indirectly, in Switzerland within the meaning of the Swiss Financial Services Act and no application has or will be made to admit the notes to trading on any trading venue (exchange or multilateral trading facility) in Switzerland.
This statement will not constitute an offer to sell or a solicitation of an offer to buy any of the notes in the U.S., shall not constitute an offer, solicitation, or sale of any securities in any jurisdiction where such offering or sale would be unlawful and does not constitute a prospectus pursuant to the FinSA. There shall not be any sale of the notes in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
Transocean is an international provider of offshore contract drilling services for oil and gas wells. Transocean specializes in technically demanding sectors of the global offshore drilling business with a particular focus on deepwater and harsh environment drilling services, and operates the highest specification floating offshore drilling fleet in the world, company officials say.
Transocean owns or has partial ownership interests in and operates a fleet of 38 mobile offshore drilling units, consisting of 28 ultra-deepwater floaters and 10 harsh environment floaters. In addition, Transocean is constructing one ultra-deepwater drillship and holds a partial ownership interest in a company that is constructing another ultra-deepwater drillship.
