On September 30, 2025, subsidiary Transocean International Limited launched a $500 million offering of Senior Priority Guaranteed Notes due 2032. Together with released restricted cash, the money is meant to repay the rest of the 8.00% notes due February 2027 (after a $415 million redemption noticed September 26) and the 6.875% secured notes due 2027, and to fund a tender offer of up to $50 million for 7.35% 2041 and 7.00% 2028 notes. This continues the push to refinance 2027 debt that the share offering started.
The share offering was priced on September 24, 2025 and upsized to 125,000,000 shares at $3.05 each, for expected gross proceeds of about $381.25 million, closing expected September 26. Underwriters have an option for up to 18,750,000 more shares. Proceeds are intended for repaying or redeeming debt, including part of the 8.00% notes due February 2027. Existing shareholders are diluted.
On September 24, 2025, Transocean announced plans to sell 100,000,000 new shares in an underwritten public offering, with a 30-day option for 15,000,000 more. Proceeds are intended to repay or redeem debt, including part of the $655 million of 8.00% Senior Notes due February 2027. This is a new, larger equity raise than the earlier bond swaps and would dilute existing shareholders.
The August 11 bond-for-share swap closed on August 19, 2025: about $39.7 million of 4.0% exchangeable bonds due 2025 were exchanged for about 13.9 million shares plus an immaterial cash payment for accrued interest. About $37.3 million of those bonds remain outstanding, down from about $77 million after the July closing. This completes the deal and adds shares for existing holders.
On August 11, 2025, holders of about $39.7 million of the 4.0% exchangeable bonds due 2025 agreed to swap them for Transocean shares, with the share count set by trading prices over five trading days. At $3.10 (the August 8 close) that would be about 13.3 million shares; the swaps pause below a $2.50 limit price. This continues the June 2025 bond-for-share swaps and means more shares for existing holders.
22 July 2025capital raising announcement● NeutralMajor
The June bond-for-share exchange closed on July 22, 2025: holders swapped about $157 million of 4.0% exchangeable bonds due 2025 for about 59 million new shares, plus an immaterial cash payment for accrued interest. About $77 million of those bonds remain outstanding. This completes the deal announced in June and cuts debt, at the cost of more shares for existing holders.
On July 3, 2025, the terms of the June bond-for-share exchange agreements were amended so the price below which daily exchanges pause is lowered from $2.63 to $2.50 per share, starting July 7. This is a small change to the existing deal; no new amounts are given.
20 June 2025capital raising announcement● NeutralMajor
On June 19, 2025, holders of about $157 million of the 4.0% exchangeable bonds due 2025 agreed to swap them for Transocean shares, with the share count set by trading prices over 15 trading days from June 20. At $3.09 (the June 18 close) that would be about 53 million shares. The swaps pause if the share price falls below $2.63. This continues the company's earlier bond-for-share exchanges, and means more shares outstanding for existing holders.
28 June 2024capital raising announcement● NeutralMajor
Transocean completed the Hayfin buyout and now owns 100% of the joint venture that owns Transocean Norge, paying with 55,513,043 new shares (issued at par, $5,551,304.30) and $130m of 8.00% senior notes due 2027 (added to its existing January 2020 notes). Share capital rises to 940,828,901 shares (from 862,815,858 at Mar 1, 2024), so existing holders are diluted by these new shares; Hayfin also gets registration rights for them. This resolves the June 3 letter of intent, though the filing does not mention the Norwegian regulatory approval.
Transocean Inc. launched a $1.5bn private offering of senior unsecured notes due 2029 and 2031, and at the same time offered to buy back for cash any and all of its 11.50% 2027 and 7.25% 2025 priority guaranteed notes, with part of the proceeds funding the buybacks and a conditional redemption of any 2025 notes left, set for April 23, 2024. It also said it is in advanced talks with revolver lenders to extend commitments by three years from June 22, 2025, at a smaller total size. This continues the company's refinancing of its older, higher-cost debt; nothing was priced or completed in this filing.
On Mar 1, 2024, Transocean amended its Articles of Association to reflect 19,100,582 new shares issued to a wholly owned subsidiary, mainly to meet share delivery obligations under its equity benefit plans. Share capital is now CHF 86,281,585.80, divided into 862,815,858 shares; the new shares are not sold to outside investors, but they increase the share count available for future delivery to employees (inference: potential dilution when delivered).
10 Oct 2023capital raising announcement● NeutralMajor
Transocean Inc. agreed (Oct 3-4, 2023) with bondholders to swap $60,000,000 of its 4.0% 2025 exchangeable bonds for 11,428,568 shares and $41,000,000 of its 4.625% 2029 exchangeable bonds for 11,917,130 shares, and to hand over a further 1,921,298 and 1,223,550 shares respectively as extra consideration. This continues the company's pattern of converting debt into shares: it cuts debt by $101 million of principal but issues more shares to existing holders, diluting them.
Transocean agreed on Sept 9, 2023 to buy the outstanding equity of Liquila Ventures (owner of the newbuild drillship Deepwater Aquila) from its partners, including Perestroika and Lime Rock Partners, paying with 11,870,376 new shares (issued at par to a subsidiary, taking share capital to 843,715,276 shares). Alongside, Aquila won a three-year Brazil contract with a national oil company from Q3 2024, about $486 million in firm backlog excluding a mobilization fee of about 90 times the dayrate; delivery is expected October 2023. Transocean says it is exploring debt financing to partly fund taking the rig from the shipyard and preparing it for Brazil. This converts the previously managed Aquila into an owned rig and is dilutive for existing shareholders (inference).
A subsidiary agreed with a holder of $213,367,000 of the 2.5% exchangeable bonds due 2027 that the holder will exchange them all for company shares for nominal cash, and Transocean expects to issue 34,600,147 shares. The company describes this as part of its ongoing efforts to reduce debt. It issued those shares at par to a wholly-owned subsidiary, lifting share capital to CHF 83,184,490.00 (831,844,900 shares). This is the first conversion of the 2027 bonds noted in the filings and is dilutive for existing shareholders (inference), continuing the earlier pattern of share issuances to a subsidiary.
The September 13 bond and warrant deals closed on Sept 30, 2022. Transocean Inc. issued $300m of 4.625% exchangeable bonds due 2029, exchangeable at about $3.44 per share, plus 22,175,910 warrants exercisable at $3.71 per share until March 13, 2026. These were issued in exchange for $72,976,000 of 0.5% 2023 exchangeable bonds, $43,254,000 of 7.25% 2025 notes and $188,095,000 in cash. Shares could be issued if the bonds are exchanged or the warrants exercised, which would dilute existing holders.
Transocean announced private deals with holders of its 0.50% exchangeable bonds due 2023 and its 7.25% notes due 2025. It will swap about $73.0m of the 2023 bonds and about $43.3m of the 2025 notes for new 4.625% exchangeable bonds due 2029 (about $73.0m and $38.9m), and sell about $188.1m more of the new bonds, each with share warrants. Proceeds go to repurchasing about $13.8m of the 2025 notes for about $11.7m and to general corporate purposes. The company says this adds about $175m of liquidity. Separately, 43,000,000 new shares were issued at par (CHF 4.3m) to a wholly-owned subsidiary on Sept 8, taking issued shares to 797,244,072. Warrants and exchangeable bonds could dilute shareholders if used. This continues the company's earlier bond exchanges, and the subsidiary share issues seen in 2021 and 2022.
On March 11, 2022 Transocean issued 26,067,616 new shares at par (CHF 2,606,761.60 total) to one of its own wholly-owned subsidiaries, raising issued share capital to 754,243,781 shares. This follows the 46 million shares issued to a subsidiary in April 2021; the filing does not state the purpose. Shares held by a subsidiary are not shown as sold to outside investors in this filing (the filing calls them 'Treasury Shares'), though whether they feed the $400m at-the-market programme or exchangeable bond settlement is an inference, not stated.
On April 6, 2021 Transocean issued 46 million new shares at par (CHF 4,600,000 total) to one of its own wholly-owned subsidiaries, raising issued share capital to 685,676,165 shares. The filing describes these as treasury shares issued to a subsidiary, not sold to outside investors; the board also renamed its Health, Safety, Environment and Sustainability Committee. The filing does not state the purpose of the issuance.
26 Feb 2021capital raising announcement● NeutralMajor
On February 26, 2021 Transocean Inc. issued $293,751,000 of new 4.00% senior guaranteed exchangeable bonds due 2025 plus $11,300,670 in cash in exchange for $322,806,000 of its 0.5% exchangeable bonds due 2023, with no cash proceeds received. The new bonds are guaranteed by Transocean Ltd. and six holding subsidiaries and are exchangeable at 190.4762 shares per $1,000 into shares, cash or a mix at the company's election, so shareholders could be diluted if shares are used (inference); this continues the August 2020 exchange of the same 2023 bonds.
14 Aug 2020capital raising announcement● NeutralMajor
On August 14, 2020 Transocean Inc. issued $237,933,000 of new 2.5% exchangeable bonds due 2027 in exchange for $396,556,000 of the 0.5% exchangeable bonds due 2023, with no cash proceeds received. The new bonds are guaranteed by Transocean Ltd. and three new Mid Holdings subsidiaries and can convert into shares at 162.1626 shares per $1,000, so shareholders could be diluted if holders convert (inference on dilution); the principal amount owed on these bonds falls.
20 Dec 2017capital raising announcement● NeutralMajor
Transocean, Transocean Inc. and Songa amended the deal agreement and the pre-acceptances again on December 19, 2017, moving the long stop date from January 31, 2018 to February 15, 2018; the agreements otherwise remain in force. Separately, on December 15 Transocean Inc. agreed private exchanges: about $273.5 million of 0.5% exchangeable senior bonds due 2023 (exchangeable into about 26.6 million Transocean shares) in return for Songa's SONG04 bonds (NOK 1.206 billion at 103.5%), SONG05 bonds (NOK 587.0 million at 101%) and Perestroika's $50 million loan (at 100%). These close with the Songa offer, and Transocean intends to call remaining SONG04/SONG05 bonds for cash after completion. For shareholders, the bonds could add roughly 26.6 million shares if exchanged, a potential dilution; the filing says more shares may be needed if terms adjust. This turns the earlier proposal for exchangeable bonds into signed agreements.
