Samsung Heavy Industries has agreed to accept the cancellation of two newbuild drillships initially ordered by Ocean Rig before its acquisition by Transocean, writes Amanda Battesby.
The South Korean contractor has formally terminated the contract following compensation talks with Transocean.
Samsung will keep the $524 million it has already received in down payments for the two drillships it was building at its Geoje Island yard and will now own the units.
