News Releases

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.

Baker Botts is an international law firm whose lawyers practice throughout a network of offices around the globe. Based on our experience and knowledge of our clients' industries, we are recognized as a leading firm in the energy, technology and life sciences sectors. Since 1840, we have provided creative and effective legal solutions for our clients while demonstrating an unrelenting commitment to excellence. For more information, please visit



Read More

Related Professionals