Transocean Launches $500 Million Private Offer of Secured Bonds to Finance New Offshore Drilling Ship Deepwater Titan

Written by Ruth Rodrigues

Published on 10/01/2023 at 19:10

Foto: Transocean

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The Project for the Acquisition, Improvement and Refurbishment of the Offshore Drilling Vessel Deepwater Titan Will Be Financed with the Funds Raised by the Company. Transocean Has Already Begun the Private Offering of US$ 500 Million in Secured Notes Maturing in 2028.

Starting the year 2023 in search of significant capital for future projects, Transocean has initiated and is on this Tuesday, (01/10), with a private offering of US$ 500 million in secured notes maturing in 2028. The company will use the funds to finance the acquisition and improvements project for the offshore drilling vessel Deepwater Titan. This will be an essential vessel for the company’s future business in the global oil and gas sector over the coming years.

Company Seeks Million-Dollar Fundraising to Continue the Stages of the Project for the New Offshore Drilling Vessel Deepwater Titan

The movements in the offshore oil and gas drilling sector at the start of 2023 are quite active worldwide.

The industry giant Transocean began the year announcing a private offering of US$ 500 million in secured notes, with a maturity date set for 2028, aiming for a million-dollar fundraising this year.

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These notes will be guaranteed by Transocean Ltd., Transocean Inc., and a wholly-owned indirect subsidiary that will own and initially operate the drilling vessel Deepwater Titan.

The main terms and pricing timelines for the notes issued by the company are still subject to market modifications over the coming years.

However, Transocean assured that the funds will be used for the acquisition, improvement, and construction project of the offshore drilling vessel Deepwater Titan, a highly relevant vessel in the segment.

During the official naming ceremony for the platform in Singapore in December 2022, the company celebrated the acquisition of the state-of-the-art vessel.

Transocean stated that the vessel is “the world’s most capable drilling platform, equipped with two 20,000 psi BOPs, 3 million pounds hook load, and five 10,000 psi mud pumps.”

The Deepwater Titan can drill up to 12,000 meters and operate in water depths of up to 3,650 meters. The Deepwater Titan is scheduled to be deployed under a five-year contract in the U.S. Gulf of Mexico.

Thus, it will continue to seek the necessary fundraising in the offshore market to ensure the continuation of the Deepwater Titan project, essential for its next steps in the field.

Meet Transocean

Transocean is a leading international provider of offshore 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 drilling services and harsh environments, and believes it operates one of the most versatile offshore drilling fleets in the world.

Transocean has its roots in land drilling operations, where TS “Stoney” Stoneman began his career as a draftsman and later as a land driller before joining the Danciger Oil & Refining Company in Fort Worth, Texas, in 1926.

During the current decade, Transocean has continued to set world records in deepwater drilling while upgrading its high-specification fleet. Currently, it owns or has a partial equity interest in and operates a fleet of 37 mobile offshore drilling units, including 27 floaters in ultra-deep waters and 10 floaters in harsh environments.

Transocean Launches $500 Million Private Offer of Secured Bonds to Finance New Offshore Drilling Ship Deepwater Titan

The Project for the Acquisition, Improvement and Refurbishment of the Offshore Drilling Vessel Deepwater Titan Will Be Financed with the Funds Raised by the Company. Transocean Has Already Begun the Private Offering of US$ 500 Million in Secured Notes Maturing in 2028.

Company Seeks Million-Dollar Fundraising to Continue the Stages of the Project for the New Offshore Drilling Vessel Deepwater Titan

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Meet Transocean

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Transocean Launches $500 Million Private Offer of Secured Bonds to Finance New Offshore Drilling Ship Deepwater Titan

The Project for the Acquisition, Improvement and Refurbishment of the Offshore Drilling Vessel Deepwater Titan Will Be Financed with the Funds Raised by the Company. Transocean Has Already Begun the Private Offering of US$ 500 Million in Secured Notes Maturing in 2028.

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