Latham & Watkins Advises Lime Rock in Formation of Joint Venture, Purchase of Deepwater Drillship

Transocean Ltd. (Transocean) announced that one of its subsidiaries, together with Perestroika A.S. and funds managed by Lime Rock Management L.P., have formed a joint venture, Liquila Ventures Ltd. (Liquila Ventures). Liquila Ventures agreed with Daewoo Shipbuilding & Marine Engineering Co., Ltd. (DSME), to purchase Hull 3623, the ultra-deepwater newbuild drillship formerly known as West Aquila, for approximately US$200 million. The rig is expected to be delivered from DSME in the third quarter of 2023.

Latham & Watkins LLP represented Lime Rock in the transaction with a corporate deal team led by Houston partners Bruce Herzog and James Garrett, with associates Justin Thekkekara, Cecilia Turchetti, and Kevin Donovan. Advice was also provided on project document matters by Houston partners Jonathan Castelan and Michael King; on tax matters by Houston partner Jim Cole, with associate J. Dylan White; and on capital markets matters by associate Om Pandya.