RIG Stock Meltdown: Transocean’s $381M Share Sale Rocks the Market—Will 13% Dilution Fix the Debt Problem or Set Up a Rebound?
Key facts (Sept. 25–26, 2025) What just happened—and why it mattered Timeline (Sept. 24–26): Strategic aim: Management is steering fresh equity toward debt reduction, specifically highlighting the 8.00% notes due 2027. If all base proceeds went against those notes, annual interest expense could fall by ~$30.5M (and ~$35M with a fully exercised green‑shoe), before fees and taxes. The greenshoe option can also be used by underwriters for price stabilization in the aftermarket. deepwater.com Context from operations: Transocean’s Q2 2025 print showed $988M contract drilling revenue, 34.9% adjusted EBITDA margin, and $7.2B total backlog (July fleet status). Management emphasized balance‑sheet progress;