Offshore drilling firm Transocean has began a non-public be aware providing in a push to boost $500 million.
Transocean on Wednesday mentioned its oblique subsidiary Transocean Sentry had began a non-public providing of U.S. $500 million in mixture principal quantity of senior secured notes due 2023 to eligible patrons.
The notes might be assured by Transocean Ltd., Transocean Inc. and wholly owned oblique subsidiaries that personal the cruel surroundings semisubmersible drilling rigs Transocean Endurance and Transocean Equinox.
The notes might be secured by a lien on every of the rigs and sure different associated belongings.
“The timing of pricing and phrases of the Notes are topic to market situations and different components. The web proceeds from the Notes might be used for common company functions,” Transocean mentioned.
As for the 2 rigs talked about, the Norwegian rig dealer Bassoe Offshore estimates the Equinox and the Endurance to be value between $393 million and $435 million, every. Both rigs are working in Norway, on long run contracts with Equinor.
Transocean acquired the rigs as a part of the acquisition of the Norwegian drilling agency Songa Offshore again in January 2018 in a deal valued round $three.four billion.