Transocean Ltd. (NYSE:RIG) announced today that, through a joint venture with funds managed and/or advised by Hayfin Capital Management LLP (“Hayfin”), it has purchased a 33.3% interest in the West Rigel, a newbuild harsh environment semisubmersible. The total purchase price for the rig, built by Sembcorp Marine Ltd.’s (“Sembcorp”) Jurong Shipyard Pte Ltd, is $500 million.

Transocean has initially invested $83 million in the joint venture with an additional investment of $83 million to be made at a later date in accordance with the terms of the joint venture arrangements with Hayfin. Transocean has also invested $8 million for working capital, which includes upgrades and activation cost with additional amounts to be later funded. The rig is expected to be delivered in the fourth quarter of 2018, and available for charter in the first quarter of 2019.

Baker Botts represented Transocean in the transaction.

Baker Botts Lawyers/Office Involved:

Corporate: Gene Oshman (Partner, Houston); Jim Marshall (Partner, Houston); Jonathan Bobinger (Partner, Houston); Derek Jones (Partner, London); Jude Dworaczyk (Associate, Houston); and Kelton Miller (Associate, Houston);

Tax: Derek Green (Partner, Houston) and Jon Lobb (Partner, Houston)

Antitrust: Thomas Fina (Partner, Washington) and David Cardwell (Partner, Brussels)

Financial Restructuring: Jim Prince (Partner, Dallas)

Finance: Luke Weedon (Partner, Dallas)

Global Projects: James Douglass (Partner, London)