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    Transocean Launches $500mn Bond Offer

Summary

The notes will be secured on the company's drilling rigs.

by: Tim Gosling

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Transocean Launches $500mn Bond Offer

US offshore driller Transocean announced May 15 that has started a private offering of $500mn in bonds.

The ultra-deepwater and harsh environment specialist is issuing the senior secured notes, which will fall due in 2023, via subsidiary Transocean Sentry Limited.

The notes are guaranteed by Transocean Ltd., Transocean Inc. and wholly owned indirect subsidiaries that own the harsh environment semi-submersible drilling rigs Transocean Endurance and Transocean Equinox, and will be secured by a lien on each of the rigs and certain other related assets.

The timing of pricing and terms of the notes are “subject to market conditions and other factors,” the New York listed company said. The proceeds will be used for general corporate purposes.

Transocean operates a fleet of 48 mobile offshore drilling units consisting of 31 ultra-deepwater floaters, 13 harsh environment floaters and four midwater floaters. In addition, Transocean is constructing four ultra-deepwater drillships and one harsh environment semisubmersible in which the company holds a 33.0% interest.