Transocean Ltd. has secured an agreement to defer payments and delivery of two ultra-deepwater drillships, enhancing its liquidity and positioning for future projects in the expanding offshore drilling industry.
Information on the Target
Transocean Ltd. has entered into an agreement with Sembcorp Marine’s subsidiary, Jurong Shipyard Pte Ltd (JSPL), to delay the delivery and defer payments for two ultra-deepwater drillships, Deepwater Atlas and Deepwater Titan. These drillships are the world's first of the eighth generation and are distinguished by their 3,000,000-pound hook-load capacity, advanced drilling technologies, and environmental efficiency.
The Deepwater Atlas is now expected to be delivered in December 2021, with an initial payment of $50 million due upon delivery. The remaining $370 million will be paid over five years under a secured financing arrangement. The Deepwater Titan's delivery has been postponed to May 2022, with $350 million payable upfront and $90 million deferred for five years.
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Industry Overview
The offshore drilling industry has been undergoing significant changes due to evolving technologies and regulatory demands aimed at improving safety and environmental performance. In particular, the ultra-deepwater drilling sector is experiencing a renaissance, as companies seek t
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Transocean Ltd.
invested in
Jurong Shipyard Pte Ltd
in 2021
in a Other deal
Disclosed details
Transaction Size: $420M