Restore failed error: 0 - The semaphore timeout period has expired (4244527)

Restore was running for 16 hours and failed eventually with the following:

Operation completed with errors.
A transport level error has occurred when receiving results from the server (Provider: TCP Provider, error: 0 - The semaphore timeout period has expired.)

Another attempt to restore the database with verbose logging shows the following messages from the log file:

...
13:22:14.663  4608 Main  CSLSEngine::TransferData         Get command return code: 0x80770003 command code: 0 size: 65536
13:22:14.663  4608 Main  CSLSEngine::TransferData         Engine timeout
...

Checking Task Manager and it seems like there is no activity going on for the SQLLiteSpeed64.exe binary at all.