The privately-owned industrial giant had taken the 2010-built drillship on a five-year contract, due to start in December, at a dayrate of $508,000, having already employed the vessel for three years in the US Gulf of Mexico.
However, Transocean said in a statement Reliance had exercised its contractual right to terminate the deal and, as a result, will pay the Switzerland-based driller a compensation payment of $160 million.
