Baker Botts, Skadden Advising as Transocean Sells 38 Oil Rigs for $1 Billion

, The Am Law Daily

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Transocean Ltd. said Monday that it has agreed to sell 38 shallow water oil rigs to private equity consortium Shell Drilling International Holdings for roughly $1.05 billion. The sale comes as the offshore drilling contractor, which owned the notorious Deepwater Horizon oil rig, nears a $1.5 billion settlement with the U.S. government related to that rig's 2010 explosion and spill in the Gulf of Mexico.

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