Transocean raising $500M via note offering

Offshore drilling company Transocean has started a private note offering in a push to raise $500 million.

Transocean Equinox; Source: ALP Maritime

Transocean on Wednesday said its indirect subsidiary Transocean Sentry had started a private offering of U.S. $500 million in aggregate principal amount of senior secured notes due 2023 to eligible buyers.

The notes will be guaranteed by Transocean Ltd., Transocean Inc. and wholly owned indirect subsidiaries that own the harsh environment semisubmersible drilling rigs Transocean Endurance and Transocean Equinox.

The notes will be secured by a lien on each of the rigs and certain other related assets.

“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 for general corporate purposes,” Transocean said.

As for the two rigs mentioned, the Norwegian rig broker Bassoe Offshore estimates the Equinox and the Endurance to be worth between $393 million and $435 million, each. Both rigs are working in Norway, on long term contracts with Equinor.

Transocean acquired the rigs as part of the acquisition of the Norwegian drilling firm Songa Offshore back in January 2018 in a deal valued around $3.4 billion.

Spotted a typo? Have something more to add to the story? Maybe a nice photo? Contact our editorial team via email.

Offshore Energy Today, established in 2010, is read by over 10,000 industry professionals daily. We had nearly 9 million page views in 2018, with 2.4 million new users. This makes us one of the world’s most attractive online platforms in the space of offshore oil and gas and allows our partners to get maximum exposure for their online campaigns. 

If you’re interested in showcasing your company, product or technology on Offshore Energy Today contact our marketing manager Mirza Duran for advertising options.

Related news

List of related news articles