04:14 AM EDT, 09/25/2025 (MT Newswires) -- Transocean ( RIG ) said late Wednesday it priced an upsized public offering of 125 million shares at $3.05 per share.

The offering represents an increase from the 100 million shares originally proposed, the company said.

Gross proceeds are expected to total around $381.3 million and the offering is expected to close Friday.

Transocean ( RIG ) said it has granted the underwriters a 30-day option to purchase up to about 18.8 million additional shares.

The company intends to use the net proceeds to pay down debt and for general corporate purposes.

Shares of Transocean ( RIG ) were down 12.8% in premarket activity Thursday.