Shares of Seadrill (SDRL - Get Report)  were gaining by 7.26% to $1.33 in early afternoon trading on Monday, after the drilling contract provider announced it has settled a dispute with Hyundai Samho Heavy Industries regarding a canceled rig contract.

Seadrill will receive cash payments of $170 million this month, fully settling the dispute. Arbitration on the matter began in October 2015 and wasn't expected to end until the first half of next year.