Transocean amendment and extension of revolving credit facility
Davis Polk advised the administrative agent, joint lead arranger and lender in connection with the amendment and extension of Transocean Inc.’s senior secured revolving credit facility to, among other things, extend the maturity of $600.25 million of revolving commitments from June 2023 to June 2025, subject to certain early maturity triggers.
Transocean Inc. is a subsidiary of Transocean LTD., a leading international provider of offshore contract drilling services for oil and gas wells. Transocean LTD. specializes in technically demanding regions of the global offshore drilling business with a particular focus on ultra-deepwater and harsh environment drilling services.
The Davis Polk finance team included partner Kenneth J. Steinberg and associates Zachary R. Frimet, David J. Kennedy, Aaron Shubert and Jenny Dai. Counsel Will Schisa provided sanctions advice. Members of the Davis Polk team are based in the New York and Washington DC offices.