Transocean (RIG) Says Reliance Terminates Discoverer India Contract

October 3, 2016 8:35 AM EDT

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Transocean Ltd. (NYSE: RIG) announced today that Reliance Industries Ltd. (Reliance) has elected to exercise its contractual option to terminate the contract for the ultra-deepwater drillship Discoverer India, effective December 2016, prior to its expiration in January 2021. In accordance with the contract, Transocean will be compensated by Reliance and its partners for the early termination through a lump-sum payment of approximately $160 million.

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