Transocean Partners, which was formed by Transocean to own three ultra-deepwater drilling rigs in the Gulf of Mexico, filed on Monday with the SEC to raise up to $350 million in an initial public offering. The shares offered by its parent, Transocean (RIG), will compose the entire offering. Transocean Partners currently operates under long-term contracts with Chevron (CVX) and BP (BP).
The Aberdeen, United Kingdom-based company, which was formed in 2014 and booked $558 million in sales for the 12 months ended March 31, 2014, plans to list on the NYSE under the symbol RIGP. Morgan Stanley and Barclays are the joint bookrunners on the deal. No pricing terms were disclosed.
