Carey Olsen advises on Transocean Titan's $525 million senior secured note offering

January, 2023 - Bermuda, Bermuda

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 Notes will bear interest at the rate of 8.375% per annum and will be callable after 1 February 2025. 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.

Carey Olsen partner Nick Bullmore and counsel Dylan Wiltermuth 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 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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