Transocean relinquishes drillship pair under construction at Samsung

Transocean relinquishes drillship pair under construction at Samsung

Offshore driller Transocean has announced that it will relinquish its interests in two drillships under construction at South Korea’s Samsung Heavy Industries.

The Ocean Rig Santorini and the Ocean Rig Crete were ordered by Ocean Rig, which Transocean acquired in 2018.

Transocean says that upon relinquishment of the drillship, the company will not make further payments to Samsung under the construction contracts, saving it future costs of around $1.1bn. The construction contracts are not guaranteed by Transocean.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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