Transocean Ltd. announced on September 25, 2025, the pricing of an upsized underwritten public offering of 125,000,000 shares at $3.05 per share. This represents an increase from the originally proposed 100,000,000 shares and is significantly lower than the previous day's closing price of $3.64.
The gross proceeds to Transocean from the offering are expected to be approximately $381.25 million. The company also granted underwriters a 30-day option to purchase up to an additional 18,750,000 shares.
Transocean intends to use the net proceeds primarily for the repayment or redemption of indebtedness, specifically a portion of the $655 million aggregate principal amount of 8.00% Senior Notes due February 2027. However, the offering at a discount and the increased number of shares led to a 13% plunge in the company's stock price on Thursday, closing at $3.16 per share.
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