Transocean said its wholly owned subsidiary has signed an amended and restated credit agreement that would expand its revolving credit facility to $750 million from $510 million, a $240 million increase, while pushing the maturity out to October 2031 from June 2028, a three-year extension of about 40 months.
The company said the facility was oversubscribed during syndication. It will remain guaranteed by Transocean and certain subsidiaries and secured by drilling rigs and related collateral.
Separately, Transocean retired its 8.00% senior secured notes due 2028 in full on Oct. 1, 2026. The company said the outstanding principal was $165 million, plus a call premium and accrued but unpaid interest, and that the debt was settled with cash on hand and funds from the related debt service reserve account.
Transocean said the early retirement of the notes will save about $22 million in interest expense through maturity.
The company operates 27 mobile offshore drilling units, including 20 ultra-deepwater floaters and seven harsh-environment floaters. Following these announcements, the company's shares moved -1.25%, and are now trading at a price of $5.51. If you want to know more, read the company's complete 8-K report here.
