Vantage Drilling sends nine-year-old drillship for scrap

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.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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