UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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the Securities Exchange Act of 1934
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Item 7.01 | Regulation FD |
On October 13, 2020, Transocean Ltd. (the “Company”) issued a press release announcing the commencement by Transocean Inc., its wholly owned subsidiary, of tender offers to purchase (i) any and all of its outstanding 6.500% Senior Notes due 2020 and (ii) up to $200 million in aggregate purchase price of (a) its 6.375% Senior Notes due 2021, 3.800% Senior Notes due 2022 and 7.250% Senior Notes due 2025 and (b) the 5.375% Senior Secured Notes due 2023 issued by Transocean Sentry Limited, a wholly-owned subsidiary of the Company, subject to certain conditions (the “Tender Offers”). A copy of the press release announcing the Tender Offers is attached hereto as Exhibit 99.1 and incorporated by reference herein.
In connection with the Tender Offers, the Company disclosed that, based on information available to management as of October 13, 2020, it expects that its results of operations for the quarterly period ended September 30, 2020, will be substantially consistent with the guidance for such quarterly period that it publicly disclosed during its July 30, 2020 earnings call, with the Company expecting to report slight improvements in its contract drilling revenues and operating and maintenance expenses as compared to such prior guidance. These statements and expectations are based on management’s internal reporting as of October 13, 2020. The Company’s actual results may be materially different from such expectations and holders of notes and investors should not place undue reliance on such expectations. In addition, such expectations are not necessarily indicative of the Company’s results for any future period. No independent public accounting firm has performed any procedures with respect to the preliminary data for the quarterly period ended September 30, 2020, nor has any such firm expressed any opinion or other form of assurance on such information.
As of September 30, 2020, the Company owned or had partial ownership interests in, and operated a fleet of 38 mobile offshore drilling units, consisting of 27 ultra-deepwater floaters and 11 harsh environment floaters. In addition, the Company was constructing two ultra-deepwater drillships as of such date.
This Current Report on Form 8-K does not constitute a notice of redemption under any indenture, nor an offer to tender for, or purchase, any notes or any other security.
Item 9.01Financial Statements and Exhibits
(d) Exhibits.
Exhibit No. |
| Description |
99.1 | Press Release, dated October 13, 2020, announcing the Tender Offers | |
101 | Interactive data files pursuant to Rule 405 of Regulation S-T formatted in Inline Extensible Business Reporting Language | |
104 | Cover Page Interactive Data File (formatted as inline XBRL). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
TRANSOCEAN LTD. | ||
Date: October 13, 2020 | By: | /s/ Daniel Ro-Trock |
Daniel Ro-Trock | ||
Authorized Person |