TRANSOCEAN LTD. (NYSE:RIG) Files An 8-K Entry into a Material Definitive Agreement

TRANSOCEAN LTD. (NYSE:RIG) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01Entry into a Material Definitive Agreement

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On July 15, 2019, Transocean Inc., a wholly-owned subsidiary of Transocean Ltd. (the “Company”), entered into an Increase of Commitments, Second Amendment to Credit Agreement and First Amendment to Guaranties (the “Amendment”), which amends Transocean Inc.’s credit agreement dated June 22, 2018, as amended by the first amendment to credit agreement dated May 13, 2019 (as amended, the “Revolving Credit Facility”), with the lenders parties thereto and Citibank, N.A., as administrative agent. The Revolving Credit Facility contains an accordion provision allowing Transocean Inc., subject to the conditions set forth therein, to increase from time to time the aggregate commitments under the Revolving Credit Facility up to $1.5 billon. The Amendment, among other things, added a lender party to the Revolving Credit Facility and exercised in part the accordion provision to increase the aggregate commitments under the Revolving Credit Facility from $1.36 billion to $1.37 billion.  

The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the complete document, which is attached hereto as Exhibit 10.1.

Item 2.03.Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

The information described in Item 1.01 is incorporated herein by reference.

Item 9.01.Financial Statements and Exhibits

(d)  Exhibits.

Transocean Ltd. Exhibit
EX-10.1 2 c505-20190715ex101d99a73.htm EX-10.1 2019.07.15_RIG-Form-8-K_RCF Second Amendment Execution Version INCREASE OF COMMITMENTS,…
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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 primarily on a day rate basis to drill oil and gas wells. The Company operates through the contract drilling services segment. The Company specializes in technically demanding regions of the global offshore drilling business with a particular focus on deepwater and harsh environment drilling services. Its mobile offshore drilling fleet consists of floaters and high-specification jackups used in support of offshore drilling activities and offshore support services across the world. The Company owns or has partial ownership interests in and operates over 60 mobile offshore drilling , including approximately 30 ultra‑deepwater floaters, over seven harsh environment floaters, over five deepwater floaters, over 10 midwater floaters and approximately 10 high-specification jackups.

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