Moody's rates Transocean Titan notes B2

Moody's Investors Service said it assigned a B2 rating to Transocean Titan Financing Ltd.'s planned $500 million of senior secured notes due 2028. The issuer is a wholly owned unit of Transocean Inc.

Concurrently, Moody's affirmed Transocean's ratings, including its B1 revolver and B2 senior secured bond ratings of its various subsidiaries. The SGL-3 speculative grade liquidity rating is unchanged.

The proceeds will be used to finance a portion of the construction expenses for the newbuild eigth generation, ultra-deepwater drillship Deepwater Titan and for additional related costs. A first lien on the Deepwater Titan will secure the notes. The Deepwater Titan is under a five-year contract with Chevron Corp. that is scheduled to start in the second quarter of 2023.

The outlook is stable.

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