Transocean Ltd (switzerland) · NYSE:RIG

Transocean Ltd (switzerland) — Transocean — Merger or Acquisition (August 2017)

17 slides from Transocean Ltd (switzerland)'s merger presentation, Aug 15, 2017

  1. Slide 1: Transocean's Presentation: Agreement to Acquire Songa Offshore

    Transocean’sPresentation: AgreementoAcquireSonga Offshore August 15, 2017

  2. Slide 2: Legal Disclaimer

    LegaDl isclaimer Thestatementsdescribedinthispresentati onthaat renoht istoricaflactsareforwar d-lookingstatements withinthemeaningo f Section27AotfheSecurities Acot1f 933a,samendeda, nd Section21EotfheSecuritiesExchangeAcot1f 934a,samended. Thesestatementscontainwords suchas"possible,"intend,"w ill

  3. Slide 3: Legal Disclaimer (continued)

    LegaDl isclaime(rcontinued) INVESTORSANDSECURITYHOLDERSAREURGEDTO READCAREFULLYTHEDEFINITIVEPROXYSTATEM ENTAND/ORPROSPECTUSREGARDINGTHETRANSA CTIONIN ITS/THEIRENTIRETYWHENTHEY DEFINITIVEPROXYSTATEMENTOR BECOMEAVAILABLE(INCLUDINGANYAMENDMENTSORSUPPLEMENTSTHERET OO) RANYDOCUMENTSWHICHAREIN CORPORATEDB

  4. Slide 4: Transaction Benefits

    TransactionBenefits  StrengthensTransocean’spositionastheundisputedleadeirnharsh environmenatndultra-deepwatedr rilling  Addsfoucrontractedh, igh-specification harshenvironment semisubmersiblestothefleet IncreasesTransocean’sindustryleadingbacklogby~$4.1billion into 2024   StrengthensTransocean’

  5. Slide 5: High-Specification Harsh Environment Semisubmersibles Contracted

    High-SpecificationHarshEnvironment Semisubmersibles* Contracted *Songa’srigsareinitiallycontractedfo8ryear termswithStatoild; ayratesrangefrom$444K-$490K 5

  6. Slide 6: Strengthens Transocean's Fleet

    StrengthensTransocean’sFleet 60 55 HarshEnvironmenFtloaters HarshEnvironmenUt ndeCr onstruction Ultra-DeepwateFrloaters Ultra-DeepwateUr ndeCr onstruction Deepwate&rMidwateFrloaters 50 48 11 7 40 33 30 30 8 1 26 30 18 20 18 14 14 19 11 4 10 7 4 3 7 4 7 13 14 4 4 3 5 10 7 7 5 0 1 RIG/ SONG RIG SDRL E

  7. Slide 7: Transocean Fleet Transformation

    TransoceanFleeTt ransformation UDW&HEFloaters UDW&HEFloaters 34 45 HS Jackups DW& MW OtheRr igs 49 OtheFrloaters ~10 DW&MW * Includesrigscurrentlyundecronstruction 7

  8. Slide 8: ~40% Increase to Transocean's Industry-Leading Backlog

    ~40%IncreasetoTransocean’sIndustry-Leading Backlog 3.0 Ove9r 0%withInvestmenGt radeCompanies $2.7 2.5 $2.3 SongaOffshore $2.0 2.0 Transocean $1.7 $1.6 $1.6 1.5 $1.3 $1.1 1.0 0.5 0.0 Remaining 2017 2018 2019 2020 2021 2022 2023 2024-28 * Contractedoperatingdayratemultipli edbythecontracdt urationfofr

  9. Slide 9: Transaction Summary

    TransactionSummary •$660millionestimated– IssueTransoceanIncc.onvertiblebond acceptances meetingapproval *Excludesexistingcontracbt acklog **Estimates, ubjectomixoffinaclonsideration 9 Proposed Transaction Transoceantoexchangealol utstandingsharesoSf ongaOffshorewith50%RIG equity5, 0%convertiblebond

  10. Slide 10: Voluntary Offer – Key Terms

    VoluntaryOffer– KeyTerms Ltda.nd50%convertiblebondsissuedbyTransocean withacappedcashoptioncomponendt escribedbelow 10 SongaOffshore Shareholders– Consideration • Combinationo5f 0%newlyissuedsharesoTf ransocean Ince. xchangeableintonewsharesoTf ransoceanLtd.; SongaOffshore Shareholders-CappedCash Op

  11. Slide 11: Convertible Bond – Key Terms

    ConvertibleBond– KeyTerms issuedbyTransoceanInc. 11 Price • Apt arU, SD$660millionestimatedocfonvertibledebt Reference Price • USD$8.39pesrhare Maturity • Q42022f,iveyearsfromissuedate Coupon • 0.5%pearnnump, ayablesemi-annually Conversion Price • ConversionPricewilbl eseata2t 2.5%premiumtothe under

  12. Slide 12: Cost and Operational Synergies

    CosO/t perationSalynergies G&Acosot ptimization OEMmaintenanceagreements Supplychainl/ogisticsavings Performancefficienciets/echnologry/eatlimedecisionmaking Insurancepremiumreductions LeadingindustryUDW/HEexperience/ fleemt anagemenwt ithaproposed newHarsEhnvironmenCt enteorEfxcellenceinNorwa

  13. Slide 13: Strong Liquidity – Pro Forma Through 12/31/19

    StrongLiquidity– ProFormaThrough12/31/19 4.0 1.2B 3.0 ~$1.7B* ~$2.2B 2.0 1.0 ~$0.6B-$1.0B 0.0 Casha6t /30/17, proforma OperationsCash Flowthrough 2019** CapExthrough 2019 Debt-Duethrough 2019 ProjectedLiquidity a1t 2/31/19 *ExcludesEksportfinansdebt **SourceT: ransoceanandconsensusestimates 13 US$Bi

  14. Slide 14: Pro Forma Combined Company Has One Of The Lowest Leverage Ratios Among Peers

    * 2018 NeDt ebC/t onsensusEBITDA* 30.0 25.0 20.0 15.0 10.0 5.0 0.0 DOSonga RIG/RIGRDCESVNESDRLATW Offshore Songa Offshore ProFormaSource: Bloomberg and company filings 14 ProFormaCombinedCompanyHasOneOf TheLowesLLteverageRatiosAmongPeers

  15. Slide 15: Pro Forma Adjusted Debt Maturity Profile at Closing

    * ProFormaAdjustedDebt MaturityProfileaCt losing 4.0 Offshore 3.5 $3.1 Transocean 3.0 2.5 2.0 $1.8 $1.7 1.5 3.0 1.0 0.5 0.0 2017-2019 2019 2020-2022 2023-2024 2025+ * Pro Forma adjusted debt excludes Eksportfinans debt 15 US$billions So nga RIG’s$3BRevolvinCgredit Facility(CurrentlyUndrawn) $2. 6

  16. Slide 16: Conclusion

    Conclusion Combinestwoprominenot ffshoredrillersr,esultingin: Ahigh-gradedfleeta,ddingfouhr arshenvironmenstemisubmersibles Abacklogo~f $14.3billionsupportedalmoset ntirelybyinvestmengt rade customers AstrengthenedfootprinitnharshenvironmenatreasincludingNorway, CanadaU, Ka,ndtheArctic Acontinue

  17. Slide 17: Transocean's Presentation: Agreement to Acquire Songa Offshore

    Transocean’sPresentation: AgreementoAcquireSonga Offshore August 15, 2017

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