Transocean (RIG) has just announced that it would relinquish interests in two drillships under construction – Ocean Rig Santorini and Ocean Rig Crete – to Samsung Heavy Industries. The company will no longer make any payments to the yard. Transocean stated that future costs associated with delivery and placing the drillships into service would have been approximately $1.1 billion. Since the contracts were not guaranteed by Transocean or any its affiliates, the company is able to simply walk away from the rigs.
What a move!
Source: Transocean’s presentation of Ocean Rig acquisition
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