Transocean has relinquish its interests in two drillships under construction to Samsung Heavy Industries.

Switzerland-headquartered Transocean will make no further payments to SHI under the construction contracts for the Ocean Rig Santorini and the Ocean Rig Crete.

The total estimated future costs associated with the delivery and placing the drillships into service would have been approximately $1.1 billion.

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