Transocean Ltd. has formed a joint venture to acquire an ultra-deepwater drillship, Hull 3623, for approximately $200 million, enhancing its operational capabilities in the offshore drilling sector.

Information on the Target

Transocean Ltd., a leading provider of offshore contract drilling services, has formed a joint venture with Perestroika A.S. and funds managed by Lime Rock Management L.P., named Liquila Ventures Ltd. This new entity has agreed to acquire Hull 3623, an ultra-deepwater newbuild drillship previously known as West Aquila. The purchase agreement with Daewoo Shipbuilding & Marine Engineering Co., Ltd. is valued at approximately $200 million.

Hull 3623 is a high-specification, seventh-generation dual-activity drillship capable of supporting a hook load of 1400 short tons. With its large deck space, high load capacities, and dual-stack compatibility, this drillship is positioned to operate in the challenging environments often experienced in the offshore drilling industry. The delivery of Hull 3623 is anticipated for the third quarter of 2023.

Industry Overview in the Target's Specific Country

In Switzerland, the offshore drilling sector is an integral part of the energy market, contributing significantly to the global energy supply chain. The country is home to several key players in the drilling industry, which have