Carey Olsen
  April 22, 2024 - Bermuda, Bermuda

Carey Olsen advises Transocean on US$1.8 billion senior notes offering and cash tender offers
  by Carey Olsen

Carey Olsen advises Transocean on US$1.8 billion senior notes offering and cash tender offers

The Notes will be fully and unconditionally guaranteed on a senior unsecured basis by Transocean Ltd. and certain of the Company’s subsidiaries. The 2029 Notes will bear interest at the rate of 8.25% per annum and will be callable after 15 May 2026. The 2031 Notes will bear interest at the rate of 8.50% per annum and will be callable after 15 May 2027.

The Company intends to use a portion of the net proceeds from the Notes to repay or repurchase indebtedness, including in connection with (i) the funding of the purchase for cash any and all of its 11.50% senior notes due 2027 and 7.25% senior notes due 2025 (the “Tender Notes” and collectively, the “Tender Offer”) or (ii) the redemption of any Tender Notes not purchased in the Tender Offer. The Company intends to use the remaining net proceeds from the offering for the redemption of certain of its other priority guaranteed notes.

Carey Olsen partner Dylan Wiltermuth and associate Nicholas Vasic from the Cayman Islands office advised Transocean, alongside US counsel Baker Botts L.L.P.

Transocean is a leading international provider of offshore contract drilling services for oil and gas wells. The company specializes in technically demanding sectors of the global offshore drilling business with a particular focus on ultra-deepwater and harsh environment drilling services and operates the highest specification floating offshore drilling fleet in the world. Transocean owns or has partial ownership interests in and operates a fleet of 36 mobile offshore drilling units, consisting of 28 ultra-deepwater floaters and eight harsh environment floaters. In addition, Transocean is constructing one ultra-deepwater drillship. 




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