Company: RIG
Filing Date: 2025-02-18
Form Type: 10-K
Source: 0001451505-25-000018
Chunk: 42

Company: Transocean Ltd.
Filing Date: 2025-02-18
Form: 10-K
Item: Item 7
Chunk 42
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 a loss of $629 million ($617 million or $0.67 per diluted share, net of tax), associated with the impairment of such assets, which we determined were impaired at the time that we classified the assets as held for sale.  The transactions contemplated by the binding purchase and sale agreements, executed in September 2024, for these rigs and related assets were subject to customary closing conditions, including the buyers’ ability to secure financing for the purchases.  In January 2025, after extending the originally agreed closing dates, we canceled the purchase and sale agreements as a result of the buyers’ failure to deliver the proceeds.  See “—Operating Results,” “—Liquidity and Capital Resources—Sources and uses of liquidity.”

Secured credit facility—In April 2024, we amended the credit agreement that established our secured credit facility (as amended from time to time, the “Secured Credit Facility”) to, among other things, (a) extend the maturity date from June 22, 2025 to June 22, 2028 and (b) reduce the borrowing capacity from $600 million to $576 million through June 22, 2025, and thereafter reduce the borrowing capacity to $510 million through June 22, 2028.  See “—Liquidity and Capital Resources—Sources and uses of liquidity.”