Transocean relinquishes interests in Samsung drillships

Source: press release, 23 September 2019

Transocean specialises in technically demanding environments, specifically ultra-deepwater and harsh environments (photo: Transocean)
Transocean specialises in technically demanding environments, specifically ultra-deepwater and harsh environments (photo: Transocean)

Transocean Ltd. 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 – to Samsung Heavy Industries Co., Ltd. (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 the drillships into service would have been approximately USD 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.

The construction contracts are not guaranteed by Transocean Ltd. or any of its affiliates.