Transocean revises credit facility and retires $165M in notes

Transocean Ltd. (NYSE: RIG) announced that its subsidiary, Transocean International Limited, entered into an amended and restated credit agreement with Citibank, N.A. as administrative agent and collateral agent, contingent on the closing of Transocean's previously announced acquisition of Valaris Limited.

The amended agreement would extend the revolving credit facility's maturity date from June 2028 to October 2031 and increase total revolving commitments to $750 million from $510 million. The facility will continue to be guaranteed by Transocean Ltd. and certain subsidiaries and secured by certain drilling rigs and related collateral.

Separately, Transocean retired its 8.00% Senior Secured Notes due 2028, known as the Aquila Notes, on Oct. 1, 2026. The $165 million outstanding principal, along with a call premium and accrued interest, was paid using cash on hand and funds from an associated debt service reserve account. The company said the early retirement is expected to generate approximately $22 million in interest expense savings through the original maturity date.

Transocean operates a fleet of 27 mobile offshore drilling units, comprising 20 ultra-deepwater floaters and seven harsh environment floaters.

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