Transocean Announces Senior Note Offering

Transocean

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