02 February 2023

Carey Olsen advises Transocean on US$1.175 billion senior secured notes offering

Carey Olsen's corporate team in the Cayman Islands has advised Transocean Ltd. (NYSE: RIG) 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 offering closed on 31 January 2023.

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 Carey Olsen team advising on the Cayman Islands aspects of the transaction comprised partner Nick Bullmore and counsel Dylan Wiltermuth. They advised alongside US counsel, Baker Botts L.L.P and White & Case LLP.

Transocean is a leading international provider of offshore contract drilling services for oil and gas wells. Transocean specialises 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.

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