Baker Botts Represents Transocean in Formation of Joint Venture and Purchase of Deepwater Drillship
Deal Description: Transocean Ltd. (“Transocean”) announced that one of its subsidiaries, together with Perestroika A.S. and funds managed by Lime Rock Management L.P., have formed a joint venture, Liquila Ventures Ltd. (“Liquila Ventures”). Liquila Ventures agreed with Daewoo Shipbuilding & Marine Engineering Co., Ltd. (“DSME”), to purchase Hull 3623, the ultra-deepwater newbuild drillship formerly known as West Aquila, for approximately $200 million. Transocean made a $15 million noncontrolling investment in Liquila Ventures and will have the exclusive right to market and manage the operations of the rig, which is expected to be delivered from DSME in the third quarter of 2023.
Baker Botts L.L.P. represented Transocean in the transaction.
Baker Botts Lawyers/Office Involved:
Corporate: Jim Marshall (Partner, Houston); Jamie Yarbrough (Senior Associate, Houston); Garrett Hughey (Senior Associate, Houston); Michael Mazidi (Associate, Houston); Chelsea Johnson (Associate, Houston)
Tax: Jon Lobb (Partner, Houston)
For more information, please see Transocean’s news release.
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