Transocean Partners submits IPO filing

|About: Transocean Ltd. (RIG)|By:, SA News Editor

Transocean (NYSE:RIG) spinoff Transocean Partners (Pending:RIGP) files for an IPO of 17.5M common units at an expected price range of $19-$21.

Expected net proceeds of as much as $423M will purchase a 51% stake in three of RIG’s existing drillships; all are working in the Gulf of Mexico, with two operated by RIG for Chevron under contract through 2018 and 2020 at dayrates of $590K and $526K, and one semisubmersible rig on contract to BP until 2016 at a dayrate of $428K.

Following the IPO and assuming exercise of the underwriters' provision, RIG would own 49% of RIGP.