News Releases

Baker Botts Represents Transocean in Senior Secured Notes Offering


Deal Description: On January 9, 2023, Transocean Ltd. (NYSE: RIG) announced that Transocean Titan Financing Limited ("Transocean Titan"), a wholly-owned indirect subsidiary of Transocean Ltd., priced an offering of U.S. $525 million in aggregate principal amount of senior secured notes due 2028 (the "Notes") to eligible purchasers pursuant to Rule 144A/Regulation S.

The Notes will be guaranteed by Transocean Ltd., Transocean Inc. and a wholly-owned indirect subsidiary that owns and initially will operate the Deepwater Titan, and will be secured by a lien on the Deepwater Titan and certain other assets related to the rig.

The Notes will bear interest at the rate of 8.375% per annum and will be callable after February 1, 2025. The offering is expected to close on or about January 17, 2023, subject to customary closing conditions. Transocean Titan expects to receive aggregate net proceeds of approximately $515 million from the offering, after deducting the initial purchasers' discount and estimated offering costs.

The net proceeds from the Notes will be used to partially finance the construction, acquisition, improvement or alteration of the Deepwater Titan and to fund the initial debt service reserve.

For more information, please see Transocean's press release.

Client: Transocean

In-House Counsel to Transocean: Daniel Ro-Trock

Value: $525 million

Baker Botts Lawyers/Office Involved:

Corporate: Jim Marshall (Partner, Houston), Garrett Hughey (Senior Associate, Houston), Michael Mazidi (Associate, Houston) and Chelsea Johnson (Associate, Houston)

Finance: Luke Weedon (Partner, Dallas), Alex Kamel (Senior Associate, Houston) and Regan Vicknair (Associate, Houston)

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

Related Professionals