Transocean has issued $600million in secured notes due 2024 to finance the construction of a drillship which started work on a contract for Shell earlier this year.
Deepwater Thalassa, built by South Korean yard DSME, has a contract with Shell until 2026 and commenced operations in the Gulf of Mexico.
The bonds were issued by Transocean subsidiary Pheonix 2, which owns the vessel.
They received a 7.75% interest rate and will be callable after October 15, 2020.
The offering is expected to close on October 19, 2016, according to Piper Jaffray, which acted as sole bookrunner and initial purchaser on this transaction.