Transocean Inc. said its subsidiary TODCO (formerly R&B Falcon Corporation) has filed a registration statement on Form S-1 with the Securities and Exchange Commission in connection with the previously announced initial public offering of its Gulf of Mexico Shallow and Inland Water business segment. The registration statement relates
to TODCO common stock
to be sold by Transocean in the offering. TODCO does not expect to sell any shares in the offering.
Upon the closing of the initial public offering, TODCO's fleet is expected to consist of 76 drilling rigs including 27 jackup rig
s, 31 drilling barges and three submersible drilling rigs located in the U.S. Gulf of Mexico, two jackup rigs and one platform rig located in Trinidad and nine land rigs
and three lake barges located in Venezuela.
Morgan Stanley is leading a group of underwriters in this offering.