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Transocean Ltd. Announces Pricing of Upsized Private Offering of Senior Notes Due 2029 and Senior Notes Due 2031

Vinson & Elkins represented Citigroup Global Markets Inc. (“Citi”), as the representative of the initial purchasers, in connection with a private offering (the “Offering”) of $1.8 billion aggregate principal amount of senior notes, consisting of $900 million of 8.250% Senior Notes due 2029 (the “2029 Notes”) and $900 million of 8.500% Senior Notes due 2031 (the “2031 Notes” and, together with the 2029 Notes, the “Notes”) by Transocean Inc. (the “Issuer”), a wholly-owned subsidiary of Transocean Ltd. (NYSE: RIG).

The transaction priced on Thursday, April 11, 2024, and the Offering is expected to close on Thursday, April 18, 2024, subject to customary closing conditions. Vinson & Elkins also advised Citi, as the dealer manager, in connection with the Issuer’s concurrent tender offer to purchase, subject to customary terms and conditions, the Issuer’s outstanding 11.500% Senior Guaranteed Notes due 2027 and 7.250% Senior Notes due 2025.

The Vinson & Elkins team was led by partners Mike Telle and David Stone and counsel Joanna Enns, with assistance from senior associate Markeya Brown and associate Patience Li. Also advising were partner Wendy Salinas and associate Tyler Underwood.

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