White & Case Advises Transocean on US$1.175 Billion Senior Secured Notes Offering
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Global law firm White & Case LLP has advised Transocean Ltd. on an offering by its wholly-owned subsidiary, Transocean Inc., of US$1.175 billion aggregate principal amount of 8.75% senior secured notes due 2030 (the "Notes") to eligible purchasers pursuant to Rule 144A/Regulation S. The Notes will be fully and unconditionally guaranteed on a senior unsecured basis by Transocean Ltd and will be guaranteed up to a cap on a senior secured basis by certain of Transocean Inc.'s subsidiaries. The collateral package includes the Deepwater Thalassa, Deepwater Proteus, Transocean Enabler, Transocean Encourage and Deepwater Pontus rigs and certain other assets related to the rigs.
The closing of the offering of Notes is expected to occur on January 31, 2023, subject to customary closing conditions.
Transocean is a leading international provider of offshore contract drilling services for oil and gas wells. Transocean specializes in technically demanding sectors of the global offshore drilling business with a particular focus on 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 38 mobile offshore drilling units, consisting of 28 ultra-deepwater floaters and 10 harsh environment floaters. In addition, Transocean is constructing one ultra-deepwater drillship and holds a partial ownership interest in a company that is constructing another ultra-deepwater drillship.
The White & Case team was led by partners Jonathan Michels and Rafael Roberti (New York) and A.J. Ericksen (Houston), and included associates Elizabeth Mapelli (New York), Chris Carreon (Houston) and Dougal Forrest (New York). The team was assisted by law clerk Sara Tadayyon.
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