Transocean Ltd. Announces Final Results of Exchange Offers

STEINHAUSEN, Switzerland, Sept. 09, 2020 (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE: RIG) announced today the final results of the previously announced offers (the “Exchange Offers”) by Transocean Inc., its wholly-owned subsidiary (together with Transocean Ltd., “Transocean”), to exchange the existing notes set forth in the table below (collectively, the “Existing Notes”) for 11.50% Senior Guaranteed Notes due 2027 (the “New 2027 Senior Guaranteed Notes”) to be issued by Transocean Inc. The Exchange Offers were made pursuant to the Exchange Offer Memorandum and Consent Solicitation Statement, dated August 10, 2020 (as supplemented, the “Exchange Offer Memorandum”).

The Exchange Offers expired at 5:00 p.m., New York City time, on September 9, 2020 (the “Expiration Time”). According to information received from D.F. King & Co., Inc., the exchange agent and information agent for the Exchange Offers, as of the Expiration Time, $1,514,164,000 in aggregate principal amount of Existing Notes had been validly tendered, consisting of the following Existing Notes:

Title of Existing Notes		Total Consideration(2)					Aggregate Principal Amount Tendered
6.375% Senior Notes due 2021(1)		$825.00					$37,294,000
3.800% Senior Notes due 2022(1)		$730.00					$136,035,000
7.25% Senior Notes due 2025		$475.00					$207,101,000
7.50% Senior Notes due 2026		$475.00					$180,818,000
8.00% Senior Notes due 2027		$455.00					$137,870,000
8.00% Debentures due 2027		$375.00					$35,455,000
7.45% Notes due 2027		$405.00					$35,460,000
7.00% Notes due 2028		$375.00					$38,783,000
7.50% Notes due 2031		$395.00					$192,226,000
6.80% Senior Notes due 2038		$375.00					$390,358,000
7.35% Senior Notes due 2041(1)		$395.00					$122,764,000

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