Transocean has reached an agreement to amend the contract for the Transocean Leader vessel with its customer.
The contractor said the rig broke down and could not be repaired in a timely fashion.
The customer could have canceled the contract, but decided to complete its work programme with the semi-submersible vessel after Transocean agreed to amend the terms of the deal.
The rig is currently in the shipyard for repairs and will not earn a dayrate during the first quarter of 2018.
It is expected to return to work in April of 2018, for approximately 300 days, 210 of which are with the incumbent customer and 90 days with Dana Petroleum.
Contract backlog is reduced by approximately $112 million ($73 million in 2018 and the remainder in 2019) as a result of the contract renegotiation and a new fixture with Dana Petroleum.