Transocean Ltd. /
Transocean Announces Proposed Senior Notes Offering
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The issuer is solely responsible for the content of this announcement.
ZUG, SWITZERLAND--(Marketwire - September 10, 2012) - Transocean Ltd. (NYSE:
RIG) (SIX: RIGN) today announced the proposed public offering of senior notes of
its wholly-owned subsidiary, Transocean Inc. Transocean Ltd. expects to fully
and unconditionally guarantee the senior notes. Transocean Inc. intends to use
the net proceeds from the offering to fund all or part of the costs associated
with the construction of four newbuild drillships.
Transocean is currently in discussions with a major integrated international oil
company for the construction of, and associated drilling contracts for, four
ultra-deepwater newbuild drillships. To the extent Transocean does not enter
into the drilling contracts with the customer, and does not construct the
newbuilds or, to the extent it does not require the full amount of the proceeds
for construction of the drillships, Transocean would instead apply the net
proceeds from this offering to the repayment of debt and for general corporate
purposes outside of Switzerland. Pending application of the net proceeds from
the sale of the senior notes, Transocean Inc. intends to invest such proceeds in
cash or cash equivalents.
The senior notes will be issued under a shelf registration statement filed by
Transocean Ltd. and Transocean Inc. with the Securities and Exchange Commission
on September 16, 2010, which became automatically effective.
Barclays Capital Inc., Citigroup Global Markets Inc., J.P. Morgan Securities
LLC, Wells Fargo Securities, LLC, Merrill Lynch, Pierce, Fenner & Smith
Incorporated and DNB Markets, Inc. are acting as joint book-running managers in
the offering.
This press release is neither an offer to sell nor a solicitation of an offer to
buy the securities described herein, nor shall there be any sale of these
securities in any jurisdiction in which such an offer, solicitation or sale
would be unlawful prior to registration or qualification under the securities
laws of any such jurisdiction. The offering of these securities will be made
only by means of a prospectus and related prospectus supplement. The senior
notes may not be publicly offered, sold or advertised, directly or indirectly,
in Switzerland. When available, copies of the prospectus and related prospectus
supplement in respect of any of these securities may be obtained from Barclays
Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, New
York, NY 11717, via telephone at 1-888-603-5847, or by e-mailing:
Barclaysprospectus@broadridge.com; Citigroup Global Markets Inc., Attention:
Prospectus Department, Brooklyn Army Terminal, 140 58th Street, 8th Floor,
Brooklyn, NY 11220, or via telephone at 1-877-858-5407; J.P. Morgan Securities
LLC, 383 Madison Avenue, New York, New York 10179, Attention: Investment Grade
Syndicate Desk, or via telephone at 1-212-834-4533; and Wells Fargo Securities,
LLC, Attention: Capital Markets Client Support, 1525 West W.T. Harris Blvd.,
Charlotte, North Carolina 28262, via telephone at 1-800-326-5897, or by e-
mailing: cmClientsupport@wellsfargo.com.
Forward-Looking Statements
Statements included in this news release regarding the timing, use of proceeds,
the potential newbuilds, the contracts associated with the newbuilds and other
aspects of the proposed offering are forward-looking statements that involve
certain assumptions. These statements involve risks and uncertainties including,
but not limited to, market conditions, closing conditions, entry into a binding
agreement regarding the newbuilds, Transocean's results of operations and other
factors detailed in "Risk Factors" and elsewhere in Transocean's filings with
the Securities and Exchange Commission. Should one or more of these risks or
uncertainties materialize (or the other consequences of such a development
worsen), or should underlying assumptions prove incorrect, actual outcomes may
vary materially from those forecasted or expected. Transocean disclaims any
intention or obligation to update publicly or revise such statements, whether as
a result of new information, future events or otherwise.
About Transocean
Transocean is a leading international provider of offshore contract drilling
services for oil and gas wells. The company specializes in technically demanding
sectors of the global offshore drilling business with a particular focus on
deepwater and harsh environment drilling services, and believes that it operates
one of the most versatile offshore drilling fleets in the world.
At September 10, 2012, Transocean owns or has partial ownership interests in,
and operates a fleet of, 115 mobile offshore drilling units consisting of 48
High-Specification Floaters (Ultra-Deepwater, Deepwater and Harsh-Environment
drilling rigs), 25 Midwater Floaters, nine High-Specification Jackups, 32
Standard Jackups and one swamp barge. Included in the 115 drilling units, the
company has 32 Standard Jackups and one swamp barge classified as discontinued
operations. An additional 12 Standard Jackups have been classified as held for
sale. We have two Ultra-Deepwater Drillships and three High-Specification
Jackups under construction.
Analyst Contacts:
Thad Vayda
+1 713-232-7551
Diane Vento
+1 713-232-8015
Media Contact:
Guy A. Cantwell
+1 713-232-7647
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originality of the information contained therein.
Source: Transocean Ltd. via Thomson Reuters ONE
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