HOUSTON, Oct. 3, 2025 – Baker Botts L.L.P., a leading international energy, technology, and life sciences law firm, advised Transocean Ltd. (NYSE: RIG) in two capital markets transactions totaling nearly $1 billion, including a public equity offering and a 144A senior notes issuance.
The firm first represented Transocean in the upsized underwritten public offering of 143,750,000 shares, which closed on September 26, 2025. The offering, initially proposed at 100,000,000 shares, was priced at $3.05 per share and included the full exercise of the underwriters’ option to purchase additional shares, generating expected gross proceeds of approximately $438 million.
Separately, Baker Botts advised Transocean International Limited, a wholly-owned subsidiary, in the pricing of its private offering of U.S. $500 million in aggregate principal amount of 7.875% Senior Priority Guaranteed Notes due 2032.
Transocean will use the combined proceeds to repay or refinance existing debt, including its 8.00% Senior Notes due 2027 and 6.875% Senior Secured Notes due 2027, and to fund a tender offer for up to $50 million of additional outstanding notes.
Transocean is a leading international provider of offshore contract drilling services for oil and gas wells, specializing in ultra-deepwater and harsh environment drilling services. The company operates a fleet of 27 mobile offshore drilling units, consisting of 20 ultra-deepwater floaters and seven harsh-environment floaters.
Baker Botts Lawyers/Office Involved:
Corporate: James Marshall (Partner, Houston); Andrew Schulte (Partner, Houston); Parker Hinman (Senior Associate, Houston); Michael Mazidi (Associate, Houston); Sarah Dyer (Associate, Houston); Blake Vick (Associate, Houston)
Finance: Luke Weedon (Partner, Dallas); Regan Vicknair (Associate, Houston)