
Offshore drilling contractor Transocean is raising $550m via a senior secured note offering, with net proceeds to be used to partially finance for drillship Deepwater Poseidon .
Transocean took delivery of the drillship from South Korea’s DSME last year and immediately sent it out on a 10-year contract with Shell in the Gulf of Mexico.
The offering is expected to close February 1, with net proceeds estimated at $538m.