Transocean Ltd. (NYSE:RIG) announced today that Transocean Guardian Limited (“Transocean Guardian”), a wholly owned indirect subsidiary of Transocean, commenced a private offering of senior secured notes. Transocean Guardian intends to offer U.S. $700 million in aggregate principal amount of senior secured notes due 2024 (the “Notes”) to eligible purchasers pursuant to Rule 144A/Regulation S.

The Notes will be guaranteed by Transocean Ltd., Transocean Inc. and wholly owned indirect subsidiaries that own the Songa Enabler and Songa Encourage, and will be secured by a lien on the Songa Enabler and Songa Encourage and certain other assets related to the rigs.

The timing of pricing and terms of the Notes are subject to market conditions and other factors.

The net proceeds from the Notes, together with cash on hand, will be used to refinance existing debt secured by the Songa Encourage and Songa Enabler.


Transocean Ltd. (NYSE:RIG) announced today that Transocean Inc. closed a $1 billion, five-year, senior secured revolving credit facility (“the new RCF”), with Transocean Ltd. and certain of its subsidiaries as guarantors thereunder. The new RCF includes an accordion feature that permits an increase in capacity to $1.5 billion, subject to additional lender commitments, and replaces the company’s existing revolving credit facility.

“We have further extended our liquidity runway with our new revolving credit facility and the additional private offering of secured debt separately announced today, proceeds of which are to be used to partially refinance indebtedness associated with the Songa acquisition,” said Mark Mey, Executive Vice President and Chief Financial Officer. “Additionally, these latest transactions enable us to maintain significant financial flexibility and strategic optionality as the offshore market recovers.”

Certain intermediate holding companies of Transocean Ltd. that own interests in the company’s fleet of rigs have guaranteed the obligations under the new RCF. In addition, two of the company’s harsh environment semisubmersibles, Transocean Spitsbergen and Transocean Barents, and three of the company’s ultra-deepwater drillships, Deepwater Asgard, Deepwater Invictus, and Discoverer Inspiration, and related assets are pledged as collateral.

Citibank, N.A. is acting as Administrative Agent, and Wells Fargo Securities, LLC, acted as Syndication Agent, for the new RCF.

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 43 mobile offshore drilling units consisting of 24 ultra-deepwater floaters, 12 harsh environment floaters, two deepwater floaters and five midwater floaters. In addition, Transocean is constructing two ultra-deepwater drillships; and one harsh environment semisubmersible that the company has a one-third interest. The company also operates one high-specification jackup that was under a drilling contract when the rig was sold, and the company will continue to operate the jackup until completion or novation of the drilling contract.

Analyst Contacts:

Bradley Alexander

+1 713-232-7515

Diane Vento

+1 713-232-8015

Media Contact:

Pam Easton

+1 713-232-7647


Legal Notice