Transocean acquires interest in harsh environment semisub

Through a joint venture Transocean Ltd. has purchased a 33.3% interest in the West Rigel, a newbuild harsh environment semisubmersible.

Offshore staff

STEINHAUSEN, Switzerland –Transocean Ltd., through a joint venture with funds managed and/or advised by Hayfin Capital Management LLP, has purchased a 33.3% interest in the West Rigel, a newbuild harsh environment semisubmersible.

The total purchase price for the rig, built by Sembcorp Marine Ltd.’sJurong Shipyard Pte Ltd., is $500 million.

Transocean has initially invested $83 million in the joint venture with an additional investment of $83 million to be made later in accordance with the terms of the joint venture arrangements with Hayfin.

The drilling contractor has also invested $8 million for working capital, which includes upgrades and activation cost with additional amounts to be later funded.

The rig is expected to be delivered in 4Q 2018, and available for charter in 1Q 2019.

The rig, renamed theTransocean Norge, is a Moss Maritime CS60 design harsh environment semisubmersible.

President and CEO Jeremy Thigpen said: “Our interest in theTransocean Norge, along with the recent acquisition of Songa Offshore, underscores our commitment to high-grading our fleet in a financially prudent manner to provide our customers with the drilling assets and expertise they seek for projects in harsh environment and ultra-deepwater environments.

“Given the strong demand and improving utilization and day rates for this class of rig, we expect to secure work for theTransocean Norge in the near future.”

05/09/2018

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