TRANSOCEAN LTD. (NYSE:RIG) Files An 8-K Other Events

ME Staff 8-k
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TRANSOCEAN LTD. (NYSE:RIG) Files An 8-K Other Events
Item 8.01 Other Events

On November 28, 2017, Wilmington Trust Company, in its capacity as trustee, filed a lawsuit against Global Marine Inc. (“Global Marine”), an indirect subsidiary of Transocean Ltd. (NYSE: RIG) (the “Company”), seeking a declaratory judgment that Global Marine is in default under the indenture governing its $300 million of outstanding 7.00% Notes due June 2028.The Company disagrees with the assertions in the lawsuit and believes that Global Marine is in compliance with the indenture and has meritorious defenses against these allegations, although it can make no assurance regarding the outcome of the lawsuit, including the actual amount that would be due in the event that the lawsuit is successful.The notes are neither guaranteed by, nor recourse to, the Company or other subsidiaries of the Company.However, should the court ultimately determine that an event of default had occurred, Global Marine could potentially be obligated to pay prior to scheduled maturity the principal amount of notes outstanding as well as other amounts under the indenture.In addition, the acceleration of the amounts due under the indenture could, absent a waiver from the requisite lenders, result in an event of default under the Company’s currently undrawn $3 billion revolving credit facility.Any requirement to pay all of the Global Marine notes prior to scheduled maturity or the inability of the Company to access the Company’s revolving credit facility, prior to their respective scheduled maturity dates, could have an adverse effect on the Company’s liquidity position.The Company intends to vigorously defend the lawsuit.

The Company has included the information above as part of its combined offer document and prospectus prepared in accordance with the Norwegian Securities Trading Act of June 29, 2007 and submitted to the Financial Supervisory Authority of Norway (Finanstilsynet) and the Oslo Stock Exchange in connection with the Company’s proposed offer to acquire all outstanding shares of Songa Offshore SE previously announced.As a result, the Company has also filed this Current Report on Form 8-K in order to incorporate this information in the Company’s filings with U.S. Securities and Exchange Commission.


About TRANSOCEAN LTD. (NYSE:RIG)

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.