Transocean Ltd. Announces Results of Tender Offers

STEINHAUSEN, Switzerland, April 18, 2024 (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE: RIG) announced today on behalf of Transocean Inc., its wholly-owned subsidiary (the “Company” and, together with Transocean Ltd., “Transocean”), the results of the Company’s previously announced tender offers to purchase for cash (collectively, the “Offers” and each, an “Offer”) any and all of its outstanding 11.50% Senior Guaranteed Notes due 2027 (the “2027 Super Priority Guaranteed Notes”) and 7.25% Senior Notes due 2025 (the “2025 Priority Guaranteed Notes,” collectively with the 2027 Super Priority Guaranteed Notes, the “Notes”), in each case, from holders thereof (each, a “Holder” and collectively, the “Holders”). Each of the Notes specified in the table below are referred to as a “series” of Notes. The Offers were made pursuant to an Offer to Purchase, dated April 11, 2024 (the “Offer to Purchase”).

According to information received from D.F. King & Co., Inc., the tender agent and information agent for the Offers, as of 5:00 p.m., New York City time, on April 17, 2024, $844,367,000 in combined aggregate principal amount of Notes had been validly tendered, consisting of the following Notes:

Title of Security	CUSIP Number(1)	Principal Amount Outstanding		U.S. Treasury Reference Security	Bloomberg Reference Page	Fixed Spread	Total Consideration(2)		Principal Amount Tendered
11.500% Senior Guaranteed Notes due 2027	893830BQ1	$687,343,000		1.750% UST due 07/31/2024	FIT3	+0 bps	$1,044.94		$594,948,000
7.250% Senior Notes due 2025	893830BK4	$354,244,000		N/A	N/A	N/A	$1,000.00		$249,419,000

^{(1)   No representation is made as to the correctness or accuracy of the CUSIP numbers listed herein or printed on the Notes, and are provided solely for convenience of the reader.
(2)   Per $1,000 principal amount. Excludes Accrued Interest (as defined herein), which will be paid as set forth herein as applicable.}

The principal amounts tendered indicated above excludes $1,221,000 aggregate principal amount of Notes tendered pursuant to the guaranteed delivery procedures described in the Offer to Purchase and the related notice of guaranteed delivery provided in connection therewith, which remain subject to the Holders’ performance of the delivery requirements under such procedures.