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Transocean Announces Exercise of Underwriters' Option to Purchase\r Additional Shares

November 30, 2011


Transocean Ltd. (NYSE: RIG) (SIX: RIGN) today announced that theunderwriters for Transocean's previously announced share offeringhave exercised in full their option to purchase up to an additional3,900,000 shares. Including the shares being purchased pursuant toexercise of this option, Transocean, upon registration of the sharesissued in connection with this option in accordance with Swiss law,will have issued an aggregate of 29,900,000 shares in the offering,for aggregate gross proceeds of $1,211 million.

Barclays Capital Inc. and Credit Suisse Securities (USA) LLC acted asjoint book-running managers in the offering.

The shares were offered and sold under a shelf registration statementfiled by Transocean with the Securities and Exchange Commission onSeptember 16, 2010, which became automatically effective.

Copies of the preliminary prospectus supplement for the offering maybe obtained on the website of the Securities and Exchange Commission,www.sec.gov, or by contacting Barclays Capital Inc., c/o BroadridgeFinancial Solutions, 1155 Long Island Avenue, New York, NY 11717, viatelephone at 1-888-603-5847, or by e-mailing:Barclaysprospectus@broadridge.com or Credit Suisse Securities (USA)LLC, Prospectus Department, at One Madison Avenue, New York, New York10010, or by telephone at (800) 221-1037, or by email:newyork.prospectus@credit-suisse.com.

This press release shall not constitute an offer to sell or thesolicitation of an offer to buy these securities, nor shall there beany sale of these securities in any state or jurisdiction in whichsuch offer, solicitation or sale would be unlawful prior toregistration or qualification under the securities laws of such stateor jurisdiction. This offering may only be made by means of aprospectus supplement and related base prospectus.

Forward-Looking Statements

Statements included in this news release regarding the use ofproceeds, number of shares and other aspects of the proposed offeringare forward-looking statements that involve certain assumptions.These statements involve risks and uncertainties including, but notlimited to, market conditions, closing conditions, Transocean'sresults of operations and other factors detailed in \"Risk Factors\"and elsewhere in Transocean's filings with the Securities andExchange Commission. Should one or more of these risks oruncertainties materialize (or the other consequences of such adevelopment worsen), or should underlying assumptions proveincorrect, actual outcomes may vary materially from those forecastedor expected. Transocean disclaims any intention or obligation toupdate publicly or revise such statements, whether as a result of newinformation, future events or otherwise.

About Transocean

Transocean is the world's largest offshore drilling contractor andthe leading provider of drilling management services worldwide. Witha fleet of 135 mobile offshore drilling units, excluding twoUltra-Deepwater Drillships and four High-Specification Jackups underconstruction, Transocean's fleet is considered one of the most modernand versatile in the world due to its emphasis on technicallydemanding segments of the offshore drilling business. Transocean ownsor operates a contract drilling fleet of 50 High-SpecificationFloaters (Ultra-Deepwater, Deepwater and Harsh-Environmentsemisubmersibles and drillships), 25 Midwater Floaters, nineHigh-Specification Jackups, 50 Standard Jackups and one swamp barge.

Notice to Swiss Investors

This document does not constitute an offer to buy or to subscribe forsecurities of Transocean nor a prospectus within the meaning ofapplicable Swiss law. The prospectus and prospectus supplement forthis offering are available in Switzerland free of charge from CreditSuisse AG, Zurich, Switzerland (Facsimile +41 44 333 35 93, E-mail:equity.prospectus@credit-suisse.com). Investors are advised toconsult their bank or financial adviser before making any investmentdecision.

Notice to Investors in the European Economic Area

In any EEA Member State that has implemented Directive 2003/71/EC(such Directive and amendments thereto, including Directive2010/73/EU, to the extent implemented in each relevant Member State,together with any applicable implementing measures in the relevanthome Member State, the \"Prospectus Directive\"), this communication isonly addressed to and directed at qualified investors in that MemberState within the meaning of the Prospectus Directive.

Notice to Investors in the United Kingdom

This communication is only being distributed to and is only directedat (i) persons who are outside the United Kingdom or (ii) investmentprofessionals falling within Article 19(5) of the Financial Servicesand Markets Act 2000 (Financial Promotion) Order 2005 (the \"Order\")or (iii) high net worth companies, and other persons to whom it maylawfully be communicated, falling within Article 49(2)(a) to (d) ofthe Order (all such persons together being referred to as \"relevantpersons\"). The shares are only available to, and any invitation,offer or agreement to subscribe, purchase or otherwise acquire suchshares will be engaged in only with, relevant persons. Any person whois not a relevant person should not act or rely on this document orany of its contents.


SOURCE: Transocean Ltd.