Transocean Ltd. completed the acquisition of the remaining outstanding interest in Liquila Ventures Ltd from Lime Rock Partners, LLC.
September 14, 2023
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Transocean Ltd. agreed to acquire the remaining outstanding interest in Liquila Ventures Ltd from Lime Rock Partners, LLC on September 9, 2023. Pursuant to the Purchase Agreements, the Company agreed to issue the New Shares to the outstanding equity holders of Liquila in exchange for all of their respective equity interests in Liquila. In related transaction Transocean Ltd. (NYSE:RIG) acquired shares from Perestroika AS. Following this acquisition, Transocean will own and operate eight of the twelve ultra-deepwater, 1,400 short-ton hookload drillships in the world. Transocean is exploring various debt financing alternatives to partially fund the costs associated with acquiring the rig from the shipyard and preparing it for its contract in Brazil. Upon consummation of the transactions contemplated by the Purchase Agreements, the Company will own all of the issued and outstanding equity interest in Liquila indirectly through its subsidiaries. Jim Marshall and Luke Weedon of Baker Botts (UK) LLP acted as a legal advisor to Transocean Ltd. (NYSE:RIG).
Transocean Ltd. completed the acquisition of the remaining outstanding interest in Liquila Ventures Ltd from Lime Rock Partners, LLC on September 15, 2023. Transocean Ltd. agreed to issue 9.8 million shares to Lime Rock Partners VIII, L.P.
Transocean Ltd. is an international provider of offshore contract drilling services for oil and gas wells. The Company's primary business is to contract its drilling rigs, related equipment and work crews on a dayrate basis to drill oil and gas wells. As of February 9, 2017, it owned or had partial ownership interests in and operated 56 mobile offshore drilling units. As of February 9, 2017, its fleet consisted of 30 floaters, seven harsh environment floaters, three deepwater floaters, six midwater floaters and 10 high-specification jackups. As February 9, 2017, it also had four ultra-deepwater drillships and five high-specification jackups under construction or under contract to be constructed. Its contract drilling services operations are spread across oil and gas exploration and development areas throughout the world. The Company's drilling fleet can be characterized as floaters, including drillships and semisubmersibles, and jackups.