Shell has terminated its contract for the harsh environment semisubmersible Polar Pioneer.
The rig had been used in the company’s Arctic oil bid before it was ended earlier this year.
A spokesman for Transocean said the company would be compensated.
He said: “Transocean will be compensated for the early termination through a lump-sum payment that includes adjustments for reduced operating costs and demobilization to Norway.”
In October, Shell said the two drill vessels it had been using before it pulled out of its Arctic operations had been safely departed from Alaska.
Shell said in September it would be pulling out of its Arctic drilling campaign.
Transocean was awarded a three-year contract for the Polar Pioneer two years ago, with a dayrate of $620,000.