Transocean raises $600M to pay for drillship

  • Exploration & Production

Offshore driller Transocean has through its subsidiary Transocean Phoenix 2 closed the previously announced offering of $600 million in aggregate principal amount of 7.75% senior secured notes due 2024.

The notes are guaranteed by Transocean Ltd., Transocean Inc. and a wholly-owned indirect subsidiary that owns the Deepwater Thalassa drillship.

The notes are secured by a lien on the Deepwater Thalassa and certain other assets related to the rig, Transocean said.

According to the offshore drilling company, the net proceeds of $584 million from the notes will be used for partial financing of the construction of the Deepwater Thalassa drillship.

To remind, the ultra-deepwater drillship Deepwater Thalassa in February 2016, started operations on its 10-year contract with Shell. The drillship is operating in the U.S. Gulf of Mexico at a dayrate of $519,000.

The rig is designed to operate in water depths of up to 12,000 feet and drill wells to 40,000 feet. The drillship is upgradeable to accommodate a 20,000 psi BOP system.

Offshore Energy Today Staff

Related news

List of related news articles