Transocean Ltd. Announces Cash Tender Offers

STEINHAUSEN, Switzerland, Oct. 13, 2020 (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE: RIG) announced that Transocean Inc., its wholly-owned subsidiary (the “Company” and, together with Transocean Ltd., “Transocean”), has commenced tender offers (collectively, the “Offers” and each, an “Offer”) to purchase for cash (i) any and all of its outstanding 6.500% Senior Notes due 2020 (the “2020 Notes”) and (ii) up to an aggregate principal amount of (a) its outstanding 6.375% Senior Notes due 2021 (the “2021 Notes”), 3.800% Senior Notes due 2022 (the “2022 Notes”) and 7.250% Senior Notes due 2025 (the “2025 Notes”) and (b) the 5.375% Senior Secured Notes due 2023 issued by Transocean Sentry Limited, a wholly-owned subsidiary of Transocean Ltd. (the “Sentry Notes” and, collectively with the 2021 Notes, the 2022 Notes and the 2025 Notes, the “Capped Notes” and, collectively with the 2020 Notes, the “Notes” and, each series, a “series of Notes”), that will not result in the aggregate purchase price for Capped Notes validly tendered (and not validly withdrawn) and accepted for purchase pursuant to the Offers exceeding $200.0 million (subject to increase or decrease by the Company in its sole discretion, subject to applicable law, the “Maximum Amount”), in each case, from holders thereof (each, a “Holder” and collectively, the “Holders”). The Offers are being made pursuant to an Offer to Purchase, dated October 13, 2020 (the “Offer to Purchase”).

Each Offer will expire at 11:59 p.m., New York City time, on November 9, 2020, or any other time and date to which the Company extends such Offer in its sole discretion (such time and date, as it may be extended, in its sole discretion, the “Expiration Time”), unless earlier terminated. To be eligible to receive the applicable Total Consideration, Holders must validly tender and not validly withdraw their Notes at or prior to 5:00 p.m., New York City time, on October 26, 2020, or any other time and date to which the Company extends such period in its sole discretion (such time and date, as it may be extended, in its sole discretion, the “Early Tender Time”). The Early Tender Time and/or Expiration Time with respect to an Offer can be extended independently of the Withdrawal Deadline (as defined below) for such Offer and the Early Tender Time, Expiration Time or Withdrawal Deadline with respect to any other Offer. The following table describes certain terms of the Offers: