By Stephen Nakrosis
Transocean Ltd said Monday a pair of its subsidiaries were relinquishing their respective interests in two drillships currently being built.
Transocean said the interests in the Ocean Rig Santorini and the Ocean Rig Crete would be transferred to Samsung Heavy Industries Co. Ltd. (010140.SE).
Transocean said futures costs associated with the drillships would have been about $1.1 billion, including future payments, materials and supplies and commissioning and mobilizing the rigs.
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