A joint venture between Swiss-based offshore driller Transocean and UK investment platform Hayfin Capital Management owns the 6th generation harsh-environment semisubmersible rig Transocean Norge. The offshore driller owns 33% of the joint venture while Hayfin owns the remaining 67%. Earlier this week, Transocean entered into a non-binding letter of intent with certain funds managed and advised by Hayfin and its affiliates to acquire the outstanding equity interests in the joint venture that owns the Transocean Norge semisub. The driller said in a US Securities and Exchange Commission filing that the consideration in the proposed transaction would be a combination of ordinary shares of Transocean and senior notes issued by a subsidiary of the company. The proposed acquisition is subject to regulatory approval in Norway, and the stake acquisition is expected to go through as soon as practicable after obtaining the required regulatory approval. The rig was originally ordered by Seadrill under the name West Rigel and acquired by Transocean in 2018 from Sembcorp Marine Jurong Shipyard for $500m. The price for Hayfin’s stake was not revealed but experts believe that the company would probably be looking to recoup its $335m investment and then some as the rig is working on a long-term deal with Wintershall Dea which was extended this week for another 140 days. The work under the extension, worth around $71m, is set to begin in the first quarter of 2028 in direct continuation of the rig’s current program. With that in mind, some experts stated that the figure for the 67% Hayfin stake would cost somewhere in the region of $400m. googletag.cmd.push(function() { googletag.display('div-gpt-ad-1_95_0_1_2'); }); TagsSwitzerland United Kingdom