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Transocean gives up two drillship newbuildings at Samsung Heavy

Cash preservation believed to be the rationale behind the move. Transocean expects to save $1.1bn in estimated future costs associated with delivery and deployment of the drillships

Samsung Heavy says it will review the contract cancellation, but its options are expected to be limited since Transocean did not guarantee the construction contracts it picked up along with its acquisition of Ocean Rig in 2018

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