Transocean Ltd. Announces Consent Solicitation for 8.375% Senior Secured Notes due 2028

STEINHAUSEN, Switzerland, May 01, 2024 (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE: RIG) announced today that its wholly owned and indirect subsidiary, Transocean Titan Financing Limited (the “Company” and, together with Transocean Ltd., “Transocean”), is soliciting consents (“Consents” and, such solicitation being referred to herein as, the “Consent Solicitation”) from holders (the “Holders”) of its outstanding 8.375% Senior Secured Notes due 2028 (the “Notes”) as of 5:00 p.m. New York City time, on April 29, 2024 to effect an amendment to the indenture governing the Notes (the “Indenture”), as described below, upon the terms and subject to the conditions set forth in the Consent Solicitation Statement, dated May 1, 2024 (as may be amended or supplemented from time to time, the “Consent Solicitation Statement”). The Consent Solicitation will expire at 5:00 p.m. New York City time, on May 7, 2024 (such time and date, as the same may be extended by the Company from time to time, the “Expiration Date”).

Certain details regarding the Consent Solicitation are set forth in the table below.

Title of Security	CUSIP / ISIN No.	Outstanding Principal Amount		Consent Payment(1)
8.375% Senior Secured Notes due 2028	89386MAA6 / US89386MAA62 (144A) G9007MAA6 / USG9007MAA65 (Reg. S)	$525,000,000		$2.50

(1)   Per $1,000 principal amount of Notes for which a Holder has validly delivered (on or prior to the Expiration Date) and not validly revoked its Consent.

The purpose of the Consent Solicitation is to seek Consents with respect to the adoption and effectiveness of an amendment (the “Proposed Amendment”) to the Indenture to defer the first measurement date of the Collateral Rig Leverage Ratio under the Indenture to specify that Collateral Rig Net Income (as defined in the Indenture) would be calculated on an annualized basis commencing with the two-fiscal quarter period ending September 30, 2024, with the first test date of the Collateral Rig Leverage Ratio (as defined in the Indenture) being September 30, 2024.