Transocean Ltd.: amends credit agreement, increases revolver to $750,000,000

What happened On Oct 15, 2026, Transocean International Limited, a wholly owned subsidiary of Transocean Ltd., entered into an amended and restated credit agreement with Citibank, N.A., as administrative agent and collateral agent, and certain lenders party thereto (the "A&R Credit Agreement"), the effectiveness of which is subject to the closing of Transocean Ltd.’s previously announced acquisition of all of the issued and outstanding common shares of Valaris Limited and the satisfaction or waiver of customary conditions for a secured credit facility. Upon its effectiveness, the A&R Credit Agreement will amend and restate the Company's existing credit agreement dated Jun 22, 2018.

Key details

• The scheduled maturity date would be extended from Jun 2028 to Oct 2031.
• The total amount of revolving commitments would increase to $750,000,000 from $510,000,000.
• The Revolving Credit Facility will continue to be guaranteed by Transocean Ltd. and certain subsidiaries and secured by certain drilling rigs and related collateral.
• The Existing Credit Agreement remains in effect until the A&R Credit Agreement becomes effective; if conditions to effectiveness are not satisfied or waived by May 9, 2027, the lenders' commitments under the A&R Credit Agreement will automatically terminate.

Why it may matter The filing reports Item 1.01 (entry into a material definitive agreement) covering the amended and restated credit agreement, Item 2.03 (creation of a direct financial obligation) related to the Revolving Credit Facility, and Item 7.01 (Regulation FD disclosure) via a related press release. The filing does not show why the company acted.