Transocean announces private offering of senior priority guaranteed notes

Transocean (RIG) commenced a private offering of $500 million aggregate principal amount of Senior Priority Guaranteed Notes due 2032 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 certain of the Company’s subsidiaries.The timing of pricing and terms of the Notes are subject to market conditions and other factors. Transocean intends to use the net proceeds from the Notes Offering, together with the release of certain restricted cash amounts relating to the 6.875% Senior Secured Notes due 2027, to refinance, repay or redeem the remaining principal amount of outstanding 8.00% Senior Notes due February 2027 after the completion of the redemption of $415 million aggregate principal amount of such 2027 Notes pursuant to the Company’s notice of redemption submitted on September 26, 2025, and the principal amount of outstanding 6.875% Senior Secured Notes due 2027, and fund its offer to purchase for cash up to a combined aggregate purchase price of $50 million of outstanding 7.35% Senior Notes due December 2041, which have a step up coupon currently at 9.35%, and 7.00% Notes due June 2028, subject to the conditions set forth in the offer to purchase, dated September 30, 2025, issued in connection therewith. Pending application of the net proceeds from the Notes Offering, Transocean may temporarily invest net proceeds that are not immediately needed for such purposes in short-term investments, including marketable securities. The Tender Offer is being made only by and pursuant to the terms of the Offer to Purchase and this press release does not constitute an offer to purchase any Tender Notes.