Transocean
completes redemption of 9.50 per cent senior notes due 2008
Posted: 1 April 2004
Transocean Inc announced it has completed the redemption of its
$289.8 million face value, 9.50 per cent Senior Notes due 2008.
The notes were redeemed on March 30, 2004 at 127.796 per cent of
face value, or $370.3 million plus accrued and unpaid interest of
$8.0 million. The company will recognize a loss on retirement of
the notes of approximately $28.1 million in the first quarter of
2004. The redemption did not include the 9.50 per cent Notes due
2008 of TODCO (NYSE:THE), a publicly traded drilling company in
which Transocean owns a majority interest.
Transocean Inc. is the world's largest offshore drilling contractor
with full or partial ownership in 96 mobile offshore drilling units,
excluding the 70-rig fleet of TODCO, a publicly traded drilling
company in which Transocean Inc. owns a majority interest.
The company's mobile offshore drilling fleet is considered one
of the most modern and versatile in the world due to its emphasis
on technically demanding segments of the offshore drilling business,
including industry-leading positions in high-specification deepwater
and harsh environment drilling units. The company's fleet consists
of 32 High-Specification Floaters (semisubmersibles and drillships),
26 Other Floaters, 26 Jackup Rigs and other assets utilized in the
support of offshore drilling activities worldwide.
With a current equity market capitalization in excess of $8 billion,
Transocean Inc.'s ordinary shares are traded on the New York Stock
Exchange under the symbol RIG.
Posted by Richard Price,
Editor Pipeline Magazine
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