Transocean in $1.2 Billion Public Equity Offering and $2.5 Billion Public Note Offering

December 5, 2011

Cleary Gottlieb represented Barclays Capital and Credit Suisse as the underwriters of Transocean Ltd.’s registered public offering of 29,900,000 shares, which resulted in gross proceeds of more than $1.2 billion for the company. Transocean is a Swiss corporation, and the offering was conducted on a public basis in Switzerland as well as in the United States. The share offering priced on November 29 and closed on December 5 (including exercise in full of the related overallotment option).

Cleary Gottlieb also represented the underwriters, led by Barclays Capital, Credit Suisse and Mitsubishi UFJ Securities, in Transocean Inc.’s registered public offering of $2.5 billion of its senior notes (which are guaranteed by Transocean Ltd., its parent). The note offering priced on November 30 and closed on December 5. The firm was also counsel to the underwriters in Transocean’s 2010 offering of notes.

Transocean is the leading international provider of offshore contract drilling services for oil and gas wells. It specializes in technically demanding segments of the offshore drilling business with a particular focus on deepwater and harsh environment drilling services.