The advisors in Transocean equity distribution agreement
Transocean entered into an equity distribution agreement with Jefferies. Pursuant to the terms of the agreement, Transocean may offer and sell its shares, par value CHF 0.10 per share, from time to time through Jefferies, as Transocean’s sales agent for the offer and sale of the shares, up to an aggregate offering price of USD 400 million. Sales of the shares, if any, will be made by means of ordinary brokers’ transactions on the New York Stock Exchange, to or through a market maker or directly on or through an electronic communications network at market prices, in negotiated transactions or as otherwise permitted by law.
The legal team
Homburger has acted as Swiss counsel to Transocean with a team led by David Oser (partner, corporate / m&a, pictured), Marc Hanslin (associate, corporate / m&a) and Reto Heuberger (partner, tax), among others.
The agreement
Transocean intends to use the net proceeds from the sale of the shares for general corporate purposes, which may include, among other things the repayment or refinancing of indebtedness and the funding of working capital, capital expenditures, investments and additional balance sheet liquidity. Transocean may invest funds not required immediately for such purposes in marketable securities and short-term investments.
Transocean is an international provider of offshore contract drilling services for oil and gas wells.
