TransOcean Said to Seek Up to $330 Million From Share Sale

Transocean Ltd. is seeking to raise as much as $330 million from the overnight sale of shares at $3.05 to $3.30, according to people familiar with the matter.

• Offshore contract drilling is offering 100 million shares at discount of 9.3% to 16% off Wednesday’s closing price of $3.64: people
• Earlier confidential marketing enabled the banks to secure demand for all of the shares in the offering before it was publicly announced: people
• A representative for Transocean did not immediately respond to a request for comment
• Shares trading down almost 11% to $3.24 in after-hours trading
• Net proceeds will be used ...