The London-based rig giant will receive a cash payment of $170 million from Hyundai Samho Heavy Industries in settlement after earlier cancelling its contract for the rig due to delayed delivery from the South Korean yard, although it will record a $44 million non-cash impairment on the pact.

Seadrill said Seatankers has agreed to purchase the semisub but said the asset holding company will not engage in direct competition with the drilling contractor, which is set to manage the semi-submersible rig and will also have preferential purchase rights for the unit.