Created Date:
23 October 2023
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Carey Olsen advises on Transocean Aquila's $325 million secured note offering

Carey Olsen's corporate team in the Cayman Islands has advised Transocean Aquila Limited (Transocean Aquila), a wholly owned indirect subsidiary of Transocean Ltd. (NYSE: RIG), on its issuance of US$325 million in aggregate principal amount of secured notes due 2028 (the Notes) to eligible purchasers pursuant to Rule 144A/Regulation S. The issuance closed on 11 October 2023.

The Notes are guaranteed by Transocean Ltd., Transocean Inc. and a wholly owned indirect subsidiary that initially will own the Deepwater Aquila and will be secured by a lien on the Deepwater Aquila and certain other assets related to the rig.

The Notes bear interest at the rate of 8.000% per annum and are callable after 30 September 2025. The net proceeds from the Notes will be used to partially finance the construction, acquisition and improvement or alteration of the Deepwater Aquila and to fund the initial debt service reserve.

Carey Olsen Partner Dylan Wiltermuth and associate Nich Vasic from the Cayman Islands office advised Transocean, alongside US counsel Baker Botts L.L.P.

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 37 mobile offshore drilling units, consisting of 28 ultra-deepwater floaters and nine harsh environment floaters. In addition, Transocean is constructing one ultra-deepwater drillship.