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Transocean units give up stakes in 2 drillships to Samsung Heavy Industries

Two unnamed subsidiaries of Transocean Ltd. relinquished their respective stakes in two under-construction drillships to Samsung Heavy Industries Co. Ltd., according to a Sept. 23 release.

The subsidiaries will not make any further payments to Samsung Heavy Industries under the construction contracts after relinquishing their stakes in the Ocean Rig Santorini and the Ocean Rig Crete drillships.

An estimated $1.1 billion could have been spent delivering and putting the vessels into service, including future payments to Samsung Heavy Industries and other costs, the company said.

In a Sept. 3 securities filing, Transocean said it would retire three ultra-deepwater floaters and may identify additional rigs as candidates for retirement as it continues to evaluate the competitiveness of its fleet.

Transocean provides offshore contract drilling services for oil and gas wells.