Transocean Ltd. (NYSE:RIG) saw a 13.19% drop in Thursday’s trading session, closing at $3.16. The company plans to raise $381 million through a discounted share sale, offering 125 million shares at $3.05 apiece. This represents an increase from the originally proposed 100 million shares.

The share offering is expected to close on September 26, subject to customary closing conditions. Transocean Ltd. (NYSE:RIG) also granted underwriters a 30-day option to purchase up to 18.75 million shares at the public offering price. The net proceeds will be used for debt repayment and general corporate purposes.

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Read more at Yahoo Finance: Transocean (RIG) Ends 3-Day Win, Drops on $381-Million Discounted Share Sale