Transocean acquires interest in newbuild semisubmersible

Transocean Ltd., through a joint venture with funds managed by Hayfin Capital Management LLP, has purchased 33.3% interest in the West Rigel, a newbuild harsh-environment semisubmersible drilling rig, that will be renamed the Transocean Norge.

Total purchase price for the rig, built by Sembcorp Marine Ltd.’s Jurong Shipyard Pte. Ltd., was $500 million. Transocean possesses exclusive rights to market and operate the semi.

Initially, Transocean invested $83 million in the joint venture with plans to pay another $83 million in accordance with the terms of arrangements with Hayfin.

Transocean 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 and to be available for charter in early 2019.