Transocean announces proposed private offering of $500M

Transocean announced that Transocean Titan Financing, a wholly-owned indirect subsidiary of Transocean Ltd., commenced a private offering of U.S. $500 million in aggregate principal amount of senior secured notes due 2028 to eligible purchasers pursuant to Rule 144A/Regulation S. The Notes will be guaranteed by Transocean Ltd., Transocean Inc., and a wholly-owned indirect subsidiary that owns and initially will operate the Deepwater Titan and will be secured by a lien on the Deepwater Titan and certain other assets related to the rig. The timing of pricing and terms of the Notes are subject to market conditions and other factors. The net proceeds from the Notes will be used to partially finance the construction, acquisition, improvement, or alteration of the Deepwater Titan and to fund the initial debt service reserve.