The US-listed driller said that it had made the submission to the US Securities and Exchange Commission (SEC).

It plans to offer 17.5m shares in the new company with an expected price range for the offering of between $19 and $21 per share.

The underwriters of the offering have a 30-day option on an additional 2.63m shares. Morgan Stanley and Barclays are the lead underwriters.

Transocean said the shares are expected to trade on the New York Stock Exchange under the ticker symbol ‘RIGP’.