A host of hugely expensive drillships contracted for up to $750m each with Korean yards around the time of the global financial crisis have met early ends.
Vantage Drilling is the latest offshore name to ditch a drillship well before its normal shelf life expiry date.
Clarksons Research Services reports in its latest weekly report that the 2012-built Titanium Explorer has been sold for demolition as is in South Africa
Founded in 2007, Houston-based Vantage Drilling’s fleet following the sale of the Titanium Explorer consists of two drillships and five jackup rigs.
Last July Splash reported on offshore driller Valaris’s decision to send three drillships, all less than ten-years-old, to the scrapyard amid continued uncertainty in the offshore market.