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Transocean Partners LLC Files IPO

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June 24, 2014

Transocean Ltd. (NYSE: RIG) plans to raise as much as $350 million in the IPO of a company owning three of its drillships as the world’s largest offshore rig contractor seeks to strengthen its balance sheet, Bloomberg said June 23.

The new entity, Transocean Partners LLC, expects to sell 51% partnership units in each of the three rigs, while Vernier, Switzerland-based Transocean Ltd. retains the remaining 49% stakes, the company said in a federal filing June 23.

Offshore rig contractors have been studying tax-free partnerships for some long-term contract drillships ...

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