Transocean has sought to use its share sale proceeds as another attempt to bolster its balance sheet. Last year, the company managed to get past legal challenges to conduct distressed debt exchanges that reduced its outstanding debt by an aggregate of $1.1 billion. This was after Transocean won a key default trial that averted a bankruptcy filing under chapter 11 unlike some of its peers. While the overall macro environment has improved significantly, the company is still struggling financially, and the risk of bankruptcy is very much present. Transocean's total debt is currently more than $7.6 billion with just $1.5 billion in cash and cash equivalents, which has seen a continued decline over several quarters. Moreover, the company's debt-to-capitalization as of the end of the first quarter, at 40.2%, is on the higher side.