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# Transocean Signs $750 Million Revolver Running To October 2031, Contingent On Valaris Deal
- URL: https://www.bullished.co/transocean-signs-750-million-revolver-running-to-october-2031-contingent-on-valaris-deal-4bbd5eea/
- Published: 2026-10-15T21:36:08.000Z
- Updated: 2026-10-28T20:54:26.000Z
- Description: The credit line replaces a $510 million facility, and the company says it also paid off $165 million of Aquila notes early.
- Author: Matteo Parrino
- Tags: SEC Filings, RIG, Industry: Energy

[Transocean](https://www.bullished.co/tag/rig/)'s subsidiary signed an [amended and restated credit agreement](https://www.sec.gov/Archives/edgar/data/0001451505/000145150526000075/rig-20261015x8k.htm?ref=bullished.co) that lifts its revolving commitments to $750 million from $510 million, according to an [8-K](https://www.bullished.co/learn/8-k-items-explained/) filed Thursday. The new terms take effect only if Transocean closes its previously announced purchase of Valaris Limited.

## What the 8-K says

Transocean International Limited, a wholly owned subsidiary of Transocean Ltd., entered into the agreement with Citibank, N.A. as administrative agent and collateral agent, plus certain lenders. It would amend and restate the existing credit agreement dated June 22, 2018.

The scheduled maturity moves out to October 2031 from June 2028, and certain covenants and other terms will be modified. Transocean Ltd. and certain subsidiaries will keep guaranteeing the facility, which stays secured by certain drilling rigs and related collateral.

The company's press release says the revolver was oversubscribed during syndication, which it described as reflecting strong lender support.

Separately, Transocean said it retired its 8.00% Senior Secured Notes due 2028, the Aquila notes, in full on October 1, 2026\. It paid $165 million of principal plus a call premium and accrued interest, using cash on hand and the associated debt service reserve account. The company [put interest savings to maturity at about $22 million](https://www.sec.gov/Archives/edgar/data/0001451505/000145150526000075/rig-ex99d1.htm?ref=bullished.co).

## What it changes

Nothing in the credit agreement changes yet. The existing agreement stays in full force until the new one becomes effective, and that depends on the Valaris closing and customary conditions for a secured credit facility.

If those conditions are not met or waived by May 9, 2027, the lenders' commitments terminate automatically.

The note payoff is already done. The company said it reflects a commitment to prioritize deleveraging, cut interest expense and simplify the balance sheet.

In after-hours trading Thursday, RIG shares were at $5.52, against a regular-session close of $5.51.

## What to watch

The date to track is May 9, 2027, the cutoff for the Valaris closing and the other conditions. The company describes itself as owning or partly owning and operating 27 mobile offshore drilling units: 20 ultra-deepwater floaters and seven harsh environment floaters.

If the Valaris deal has not closed and the conditions are not satisfied or waived by May 9, 2027, the new $750 million commitments lapse and the existing $510 million facility remains.

Learn

- [Item 1.01: entry into a material agreement →](https://www.bullished.co/learn/8-k-items-explained/#item-101-entry-into-a-material-agreement)  
From 8-K Items Explained: What Every Item Code From 1.01 To 9.01 Tells You, With Examples

### Sources

- [8-K Filing — Transocean Ltd. (RIG)](https://www.sec.gov/Archives/edgar/data/0001451505/000145150526000075/rig-20261015x8k.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit rig-ex99d1.htm — Transocean Ltd. 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0001451505/000145150526000075/rig-ex99d1.htm?ref=bullished.co) — SEC EDGAR
- [As crude tumbles, oil drillers seek to temporarily idle more rigs](https://theedgemalaysia.com/article/crude-tumbles-oil-drillers-seek-temporarily-idle-more-rigs?ref=bullished.co) — The Edge Malaysia

### More on Transocean

- [Transocean And Valaris Holders Vote November 24 On All-Stock Deal, With Court Hearing Two Days Later](https://www.bullished.co/transocean-and-valaris-holders-vote-november-24-on-all-stock-deal-with-court-hearing-two-6b8e2ebd/)
- [Transocean Wins Two U.S. Gulf Drillship Contracts Adding About $550 Million To Backlog](https://www.bullished.co/transocean-wins-two-u-s-gulf-drillship-contracts-adding-about-550-million-to-backlog-b8c8ed2a/)
- [Brazil's Antitrust Authority Clears Transocean's Valaris Deal With No Restrictions](https://www.bullished.co/brazils-antitrust-authority-clears-transoceans-valaris-deal-with-no-restrictions-7e9c0b4f/)

[All Transocean (RIG) coverage →](https://www.bullished.co/tag/rig/)