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(Image courtesy of Transocean)

Transocean Partners LLC, a subsidiary of Scottish-domiciled Transocean, filed an amended S1 on Tuesday that details their IPO plans for the New York Stock Exchange.

The company plans to raise $350 million by offering 17.5 million units at a price range of $19 to $21.

Assuming a $20 price, Transocean Partners LLC would have a fully capitalized market value of $1.4 billion.

Transocean Partners LLC was formed in 2014 and booked $558 million in historical sales for the 12 months ended March 31, 2014.

The company plans to list on the NYSE under the symbol RIGP.

Following the IPO, Transocean would own 49% of the new publicly traded company.