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Transocean to Put 3 Deepwater Rigs Into Tax-Free Partnership

Transocean Ltd. plans to raise as much as $350 million in the initial public offering of a company owning three of its drillships as the world’s largest offshore rig contractor seeks to strengthen its balance sheet.

The new entity, Transocean Partners LLC, expects to sell 51 percent partnership units in each of the three rigs, while Vernier, Switzerland-based Transocean Ltd. retains the remaining 49 percent stakes, the company said in a federal filing today.