Transocean Announces Proposed Share Offering
(Thomson Reuters ONE) -
Transocean Ltd. /
Transocean Announces Proposed Share Offering
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The issuer is solely responsible for the content of this announcement.
ZUG, SWITZERLAND--(Marketwire - November 29, 2011) - Transocean Ltd. (NYSE:RIG)
(SIX: RIGN) today announced that it has commenced a public offering of
26,000,000 of its shares to be newly issued utilizing Transocean's authorized
share capital, subject to market and other conditions. The underwriters will
have an option to purchase up to an additional 3,900,000 shares from Transocean
solely to cover over-allotments, if any.
Transocean intends to use the net proceeds from the share offering to partially
refinance its acquisition of Aker Drilling ASA, which was initially financed
through the use of available cash and the assumption of Aker's outstanding debt.
In particular, the equity offering would replenish cash that would be applied to
the expected approximate $1.7 billion in aggregate repurchase by Transocean Inc.
of its 1.50% Series B Convertible Senior Notes due December 2037.
The offering price for the shares is expected to be determined via an
accelerated bookbuild process. The offering represents up to 8.9% of
Transocean's total issued and outstanding shares, and preemptive rights will be
excluded.
We have provided certain information related to our five-year revolving credit
facility, potential long-term debt financing and a market update regarding
expected revenues in the fourth quarter 2011 in the section captioned "Summary -
Recent Developments" in the prospectus supplement related to this offering.
Barclays Capital Inc. and Credit Suisse Securities (USA) LLC are acting as joint
book-running managers in the equity offering.
The issuer has filed a registration statement (including a prospectus and
prospectus supplement) with the U.S. Securities and Exchange Commission for the
offering to which this communication relates. Before you invest, you should read
the prospectus in that registration statement, the related prospectus
supplement, and other documents the issuer has filed with the SEC for more
complete information about the issuer and this offering. You may get these
documents for free by visiting EDGAR on the SEC Web site at www.sec.gov.
Alternatively, the issuer, any underwriter or any dealer participating in the
offering will arrange to send you the prospectus if you request it by calling,
toll-free, Barclays Capital Inc. at 888-603-5847 or Credit Suisse Securities
(USA) LLC at 1-800-221-1037.
This press release shall not constitute an offer to sell or the solicitation of
an offer to buy these securities, nor shall there be any sale of these
securities in any state or jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under the
securities laws of such state or jurisdiction. This offering may only be made by
means of a prospectus supplement and related base prospectus.
Forward-Looking Statements
Statements included in this news release regarding purchases of the Series B
Convertible Senior Notes and the timing, use of proceeds, number of shares and
other aspects of the proposed offering and potential long-term debt financing
are forward-looking statements that involve certain assumptions. These
statements involve risks and uncertainties including, but not limited to, market
conditions, closing conditions, actions by holders of the Series B Convertible
Senior Notes, Transocean's results of operations and other factors detailed in
"Risk Factors" and elsewhere in Transocean's filings with the Securities and
Exchange Commission. Should one or more of these risks or uncertainties
materialize (or the other consequences of such a development worsen), or should
underlying assumptions prove incorrect, actual outcomes may vary materially from
those forecasted or expected. Transocean disclaims any intention or obligation
to update publicly or revise such statements, whether as a result of new
information, future events or otherwise.
About Transocean
Transocean is the world's largest offshore drilling contractor and the leading
provider of drilling management services worldwide. With a fleet of 135 mobile
offshore drilling units, excluding two Ultra-Deepwater Drillships and four High-
Specification Jackups under construction, Transocean's fleet is considered one
of the most modern and versatile in the world due to its emphasis on technically
demanding segments of the offshore drilling business. Transocean owns or
operates a contract drilling fleet of 50 High-Specification Floaters (Ultra-
Deepwater, Deepwater and Harsh-Environment semisubmersibles and drillships), 25
Midwater Floaters, nine High-Specification Jackups, 50 Standard Jackups and one
swamp barge.
Notice to Swiss Investors
This document does not constitute an offer to buy or to subscribe for securities
of Transocean nor a prospectus within the meaning of applicable Swiss law. The
prospectus and prospectus supplement for this offering are available in
Switzerland free of charge from Credit Suisse AG, Zurich, Switzerland (Facsimile
+41 44 333 35 93, E-mail: equity.prospectus(at)credit-suisse.com). Investors are
advised to consult their bank or financial adviser before making any investment
decision.
Notice to Investors in the European Economic Area
In any EEA Member State that has implemented Directive 2003/71/EC (such
Directive and amendments thereto, including Directive 2010/73/EU, to the extent
implemented in each relevant Member State, together with any applicable
implementing measures in the relevant home Member State, the "Prospectus
Directive"), this communication is only addressed to and directed at qualified
investors in that Member State within the meaning of the Prospectus Directive.
Notice to Investors in the United Kingdom
This communication is only being distributed to and is only directed at (i)
persons who are outside the United Kingdom or (ii) investment professionals
falling within Article 19(5) of the Financial Services and Markets Act 2000
(Financial Promotion) Order 2005 (the "Order") or (iii) high net worth
companies, and other persons to whom it may lawfully be communicated, falling
within Article 49(2)(a) to (d) of the Order (all such persons together being
referred to as "relevant persons"). The shares are only available to, and any
invitation, offer or agreement to subscribe, purchase or otherwise acquire such
shares will be engaged in only with, relevant persons. Any person who is not a
relevant person should not act or rely on this document or any of its contents.
Analyst Contacts:
Thad Vayda
+1 713-232-7551
Chris Kettmann
+1 713-232-7420
Media Contact:
Guy A. Cantwell
+1 713-232-7647
--- End of Message ---
Transocean Ltd.
Chemin de Blandonnet 10 Vernier Switzerland
ISIN: CH0048265513;
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Transocean Ltd. via Thomson Reuters ONE
[HUG#1567312]
Unternehmensinformation / Kurzprofil:
Datum: 29.11.2011 - 12:00 Uhr
Sprache: Deutsch
News-ID 92039
Anzahl Zeichen: 8202
contact information:
Town:
Vernier
Kategorie:
Business News
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