Transocean has confirmed that two of its indirect, wholly-owned subsidiaries will relinquish their respective interests in two drillships under construction at Samsung Heavy Industries (SHI).
Upon relinquishment of the drillships Ocean Rig Santorini and Ocean Rig Crete, Transocean's subsidiaries will not make further payments to SHI under the construction contracts.
The total estimated future costs associated with the delivery and placing the drillships into service would have been approximately US$1.1 billion, which includes future payments to SHI under the construction contracts and costs related to spares, materials and supplies, and to the commissioning and mobilisation of the rigs.
