Company: RIG
Filing Date: 2025-02-18
Form Type: 10-K
Source: 0001451505-25-000018
Chunk: 41

Company: Transocean Ltd.
Filing Date: 2025-02-18
Form: 10-K
Item: Item 7
Chunk 41
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. Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our annual report on Form 10-K for the year ended December 31, 2023, filed with the United States (“U.S.”) Securities and Exchange Commission on February 21, 2024.

Significant Events

Acquisition—In June 2024, we transferred noncash consideration with an aggregate fair value of $431 million, including 55.5 million Transocean Ltd. shares and $130 million aggregate principal amount of 8.00% senior notes due February 2027 (the “8.00% Senior Notes”), to acquire the outstanding 67.0 percent ownership interest in Orion Holdings (Cayman) Limited (together with its subsidiary, “Orion”), the Cayman Islands company that owned the harsh environment floater Transocean Norge, and as a result, Orion became our wholly owned subsidiary.  See “—Operating Results” and “—Liquidity and Capital Resources—Sources and uses of liquidity.”

Disposal of assets—In February 2024, we completed the sale of the harsh environment floaters Paul B. Loyd, Jr. and Transocean Leader, together with related assets, for aggregate net cash proceeds of $49 million, including $6 million received as a deposit in the year ended December 31, 2023.  See “—Operating Results” and “—Liquidity and Capital Resources—Sources and uses of liquidity.”

In July 2024, we completed the sale of the ultra-deepwater floater Deepwater Nautilus and related assets for aggregate net cash proceeds of $53 million.  In the year ended December 31, 2024, we recognized a loss of $143 million ($138 million or $0.15 per diluted share, net of tax) associated with the impairment of the rig and related assets, which we determined were impaired at the time that we classified the assets as held for sale.  See “—Operating Results,” “—Liquidity and Capital Resources—Sources and uses of liquidity.”

In September 2024, we executed purchase and sale agreements for the sale of the ultra-deepwater floaters Development Driller III and Discoverer Inspiration, together with related assets, for aggregate expected net cash proceeds of $343 million, and we recognized