Transocean relinquishes interests in Samsung drillships under construction

Transocean has announced that two of its indirect, wholly owned subsidiaries will relinquish their respective interests in two drillships under construction – the Ocean Rig Santorini and the Ocean Rig Crete drillships – to Samsung Heavy Industries (SHI). Upon relinquishment of the drillships, Transocean’s indirect, wholly owned subsidiaries will not make further payments to SHI under the construction contracts. The total estimated future costs associated with the delivery and placing of the drillships into service would have been approximately $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 mobilization of the rigs. The construction contracts are not guaranteed by Transocean or any of its affiliates.