July 8, 2016 - 2:50 AM EDT
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Transocean Ltd. Announces Pricing U.S. $1.25 Billion Of Notes Due 2023


ZUG, SWITZERLAND - July 8, 2016 - Transocean Ltd. (NYSE: RIG) announced today
that Transocean Inc., its wholly-owned subsidiary (collectively with Transocean
Ltd., "Transocean"), has priced its previously-announced offering of senior
unsecured notes. Transocean will issue U.S. $1.25 billion in aggregate principal
amount of senior unsecured notes due 2023 pursuant to Rule 144A/Regulation S to
eligible purchasers. The notes will be guaranteed by Transocean Ltd. and certain
of Transocean Inc.'s subsidiaries.

The notes will bear interest at the rate of 9.00% per annum and will be callable
on or after July 15, 2020. The offering is expected to close on or about July
21, 2016, subject to customary closing conditions. Transocean expects to receive
aggregate net proceeds of approximately U.S. $1.21 billion from the offering,
after deducting the initial purchasers' discounts and estimated offering costs.

Transocean intends to use a portion of the net proceeds from the offering to
fund its previously-announced tender offers to purchase for cash up to U.S. $1.0
billion aggregate principal amount of its 6.500% Senior Notes due 2020, 6.375%
Senior Notes due 2021 and 3.800% Senior Notes due 2022 (collectively, the
"Existing Notes"), subject to the terms and conditions specified in the related
offer to purchase, and a portion of the net proceeds from the offering are
intended to be used to refinance existing indebtedness and for general corporate
purposes. Should the tender offers not be consummated, or if net proceeds
allocated to fund the tender offers remain following consummation of the tender
offers, Transocean Inc. intends to also use such net proceeds to refinance
existing indebtedness and for general corporate purposes.

The securities to be offered have not been and will not be registered under the
U.S. Securities Act of 1933, as amended (the "Securities Act"), or any state
securities laws and may not be offered or sold in the United States 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 securities to be offered may not be publicly offered, sold or
advertised, directly or indirectly, in Switzerland. This press release shall not
constitute an offer to sell or a solicitation of an offer to buy any of these
securities in the United States, 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 an offering prospectus within the meaning of
article 652a or article 1156 of the Swiss Code of Obligations. This press
release shall not constitute an offer to purchase the Existing Notes. The tender
offers are being made only pursuant to the offer to purchase. This press release
contains information about pending transactions, and there can be no assurance
that these transactions will be completed. Any public offering of Transocean's
securities in the United States will be made only by means of a prospectus that
will contain detailed information about Transocean and its management, as well
as financial statements. There shall not be any sale of these securities 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.

About Transocean

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
deepwater and harsh environment drilling services, and believes that it operates
one of the most versatile offshore drilling fleets in the world.

Transocean owns or has partial ownership interests in, and operates a fleet of,
60 mobile offshore drilling units consisting of 29 ultra-deepwater floaters,
seven harsh-environment floaters, four deepwater floaters, 10 midwater floaters,
and 10 high-specification jackups. In addition, the company has five ultra-
deepwater drillships and five high-specification jackups under construction.

Forward-Looking Statements

This news release contains certain forward-looking information and forward-
looking statements as defined in applicable securities laws (collectively
referred to as "forward-looking statements"). Forward-looking statements include
statements regarding Transocean Inc.'s plans to issue notes and use the proceeds
to fund the tender offers.

Forward-looking statements involve known and unknown risks, uncertainties and
other factors, which may cause the actual results, performance or achievements
of Transocean to be materially different from any future results, performance or
achievements expressed or implied by the forward-looking statements. Factors
that may cause actual results to vary include, but are not limited to, risks
relating to the closing of Transocean Inc.'s offering of the notes, conditions
in financial markets, investor response to Transocean Inc.'s offering of notes
and the tender offers, and other risk factors as detailed from time to time in
Transocean Ltd.'s reports filed with the U.S. Securities and Exchange
Commission.

Readers are cautioned against unduly relying on forward-looking statements.
Forward-looking statements are made as of the date of the relevant document and,
except as required by law, Transocean undertakes no obligation to update
publicly or otherwise revise any forward-looking statements, whether as a result
of new information or future events or otherwise.

Analyst Contacts:
Bradley Alexander
+1 713-232-7515

Diane Vento
+1 713-232-8015

Media Contact:
Pam Easton
+1 713-232-7647





This announcement is distributed by GlobeNewswire on behalf of 
GlobeNewswire clients. The owner of this announcement warrants that: 
(i) the releases contained herein are protected by copyright and 
    other applicable laws; and 
(ii) they are solely responsible for the content, accuracy and 
     originality of the information contained therein. 
    
Source: Transocean Ltd via GlobeNewswire
[HUG#2027402]

 
  

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Source: Equities.com News (July 8, 2016 - 2:50 AM EDT)

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