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Transocean raises $410M to pay for drillship construction

Transocean, world’s largest offshore drilling contractor, has closed a private offering $410 million in senior secured notes with an annual rate of 5.52% and maturing in 2022.

Transocean last week posted a net income of $95 million for the first quarter of the year, which is a drop when compared to $242 million in the corresponding quarter in 2016.

During the conference call, the company reps said that the previously announced divestment of its entire jack-up fleet to Borr Drilling has yet to be completed. Transocean is looking to wrap up the sale of its 10 jack-ups, and five jack-ups under construction for $1.35 billion.

This will transform the company to a fully deepwater rig operator. This is where Transocean is looking to expand.

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