Transocean Ltd. 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 (the “Drillships”) – 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 $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 Ltd. or any of its affiliates.
About Transocean
Transocean (NYSE: RIG) is a leading international provider of offshore contract drilling services for oil and gas wells. The company specializes in technically demanding sectors of the global offshore drilling business with a particular focus on deepwater and harsh environment drilling services, and believes that it operates the highest specification floating offshore drilling fleet in the world.
Transocean owns or has partial ownership interests in, and operates a fleet of 45 mobile offshore drilling units consisting of 28 ultra-deepwater floaters, 14 harsh environment floaters, and three midwater floaters. In addition, Transocean is constructing two ultra-deepwater drillships.
About Samsung Heavy Industries
Samsung Heavy Industries has successfully completed many of the world's first and largest shipbuilding and offshore EPC projects, with sole aim to establish global leadership in each of the participating market segments.
Most notably, it has achieved unbeatable leadership in the high-tech high-value shipbuilding sector by maintaining the world’s No. 1 share in the drill ship, LNG carrier and FPSO markets.
The company has developed and built the first Arctic Shuttle-Tanker and LNG-FPSOs in the world, and has pioneered new market developments by developing innovative products such as LNG-FSRU, and various ships for polar applications, Arctic Ice-Breaker Container Ships.
In the offshore facilities sector, the company has fortified its reputation through its excellent technology and rich experience, by successfully delivering the world’s largest semi-submerged offshore drilling platform.