News Releases

Baker Botts Represents Transocean in Joint Venture to Acquire Harsh Environment Drilling Rig

News Release
Deal Description: Transocean Ltd. (NYSE:RIG) announced today that, through a joint venture with funds managed and/or advised by Hayfin Capital Management LLP (“Hayfin”), it has purchased a 33.3% interest in the West Rigel, a newbuild harsh environment semisubmersible. The total purchase price for the rig, built by Sembcorp Marine Ltd.’s (“Sembcorp”) Jurong Shipyard Pte Ltd, is $500 million.

Transocean has initially invested $83 million in the joint venture with an additional investment of $83 million to be made at a later date in accordance with the terms of the joint venture arrangements with Hayfin. Transocean has also invested $8 million for working capital, which includes upgrades and activation cost with additional amounts to be later funded. The rig is expected to be delivered in the fourth quarter of 2018, and available for charter in the first quarter of 2019.

Baker Botts represented Transocean in the transaction.

Baker Botts Lawyers/Office Involved:

Corporate: Gene Oshman (Partner, Houston); Jim Marshall (Partner, Houston); Jonathan Bobinger (Partner, Houston); Derek Jones (Partner, London); Jude Dworaczyk (Associate, Houston); and Kelton Miller (Associate, Houston);

Tax: Derek Green (Partner, Houston) and Jon Lobb (Partner, Houston)

Antitrust: Thomas Fina (Partner, Washington) and David Cardwell (Partner, Brussels)

Financial Restructuring: Jim Prince (Partner, Dallas)

Finance: Luke Weedon (Partner, Dallas)

Global Projects: James Douglass (Partner, London)

 

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About Baker Botts LLP
Baker Botts is an international law firm of approximately 725 lawyers practicing throughout a network of 14 offices around the globe. Based on our experience and knowledge of our clients’ industries, we are recognized as a leading firm in the energy and technology sectors. Throughout our 177-year history, we have provided creative and effective legal solutions for our clients while demonstrating an unrelenting commitment to excellence. For more information, please visit BakerBotts.com.

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