Transocean announces offering of 100M shares of stock

Transocean (RIG) Ltd. announced that it intends to offer and sell 100M Transocean shares in an underwritten public offering. All of the shares subject to the offering are being offered by Transocean. Transocean intends to use the net proceeds from the offering for the repayment or redemption of indebtedness, including the repayment or redemption of a portion of the $655M aggregate principal amount of the 8.00% senior notes due February 2027 issued by Transocean International Limited, a wholly owned subsidiary of Transocean, to the extent such principal is not otherwise refinanced, repaid or redeemed. Any proceeds from the offering that are not used promptly for such purposes will be used for general corporate purposes. Citigroup and Morgan Stanley are acting as joint book-running managers for the offering.