Offshore drilling company Transocean is looking to raise $500 million through a private offering of senior secured notes due in 2028.
The offshore drilling contractor said Monday that its subsidiary, Transocean Titan Financing Limited (“Transocean Titan”), had started the private offering.
According to the company, the notes will be guaranteed by Transocean Ltd., Transocean Inc., and a wholly-owned indirect subsidiary that owns and initially will operate the recently delivered 8th generation drillship Deepwater Titan and will be secured by a lien on the Deepwater Titan and certain other assets related to the rig.
"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 to partially finance the construction, acquisition, improvement, or alteration of the Deepwater Titan and to fund the initial debt service reserve," Transocean said.
The Deepwater Titan is the world' second 8th generation drillship, delivered in December 2022 by Sembcorp Marine. Transocean also owns the world's first 8th generation drillship - the Deepwater Atlas - also delivered by Singapore's Sembcorp Marine in 2022.
