Baker Botts represented Transocean in the transaction.
Transocean Ltd. (NYSE:RIG), through a joint venture with funds managed and/or advised by Hayfin Capital Management LLP (“Hayfin”), it has completed the acquisition of 33.3% interest in the West Rigel, a newbuild harsh environment semisubmersible. The total purchase price for the rig, built by Sembcorp Marine Ltd.’s (“Sembcorp”) Jurong 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 at a later date in accordance with the terms of the joint venture arrangements with Hayfin. Transocean 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 the fourth quarter of 2018, and available for charter in the first quarter of 2019.
The rig, renamed the Transocean Norge, is a Moss Maritime CS60 design harsh environment semisubmersible and is considered to be among the most capable newbuild semisubmersibles in the world. Transocean possesses the exclusive right to market and operate the Transocean Norge, and will immediately begin engagement with customers.
Transocean Ltd. is an offshore drilling contractor. The Company, led by Jeremy D Thigpen, Mark-Anthony Lovell Mey and John B Stobart owns and operates mobile offshore drilling units, inland drilling barges, and other assets utilized in the support of offshore drilling activities worldwide. In 2017 Transocean recorded $3 Billion Revenues.
Transocean in the transaction.
Baker Botts advised Transocean with a team including Gene Oshman (Picture), Jim Marshall, Jonathan Bobinger, Derek Jones, Jude Dworaczyk, Kelton Miller (M&A), Derek Green, Jon Lobb (Tax), Thomas Fina and David Cardwell (Antitrust), Jim Prince (Restructuring), Luke Weedon (Finance) and James Douglass (Global Projects).
Involved fees earner: Gene Oshman – Baker Botts; James Marshall – Baker Botts; Jonathan Bobinger – Baker Botts; Derek Jones – Baker Botts; Jude Dworaczyk – Baker Botts; Kelton Miller – Baker Botts; Derek Green – Baker Botts; Jon Lobb – Baker Botts; Thomas Fina – Baker Botts; David Cardwell – Baker Botts; Jim Prince – Baker Botts; Luke Weedon – Baker Botts; James Douglass – Baker Botts;
Law Firms: Baker Botts;
Clients: Transocean Ltd.;