In November 2020, the Houston-based offshore driller Vantage Drilling reported a quarterly web lack of $169.Three million which included a non-cash loss on impairment cost of $128.9 million associated to longer-term stacked drillship, the Titanium Explorer.
The firm was working a fleet of 5 fashionable jackups and three ultra-deepwater drillships, the platinium Explorer, Tungsten Explorer and Titanium Explorer.
The UK dealer Clarkson Research Services lately reported that the Titanium Explorer had been bought for scrap in South Africa. The Infield Rigs Offshore Data Portal has categorized the drillship as “destroyed”. The vessel was final moored close to Port Elizabeth within the Eastern Cape province of South Africa.
Titanium Explorer was a state-of-the-art ultra-deepwater drillship constructed by Daewoo at its Okpo shipyard in South Korea in 2012.
Contracted by Petrobras for eight yrs at a dayrate of $572,000, the unit commenced operations within the Gulf of Mexico in December 2012.
In 2014 the Titanium Explorer carried out a drilling program within the North Gabon Basin and Equatorial Guinea in West Africa for Ophir.
Troubles began in July 2015 when Petrobras terminated the contract for an alleged breach of obligations together with bribery. The Vantage events instantly filed the worldwide arbitration declare for wrongful termination of the drilling contract.
In 2019 Petrobras paid Vantage greater than $700 million for early termination of the drilling vessel contract.
The Tungsten Explorer would by no means drill once more.
The sale of such latest and prestigious vessels displays all of the uncertainties and difficulties within the deepwater drilling market.
It follows the sale in August 2020, of the Valaris DS-Three, Valaris DS-5 and Valaris DS-6 constructed respectively in 2010, 2011 and 2012.
It might take a number of many years to the market to get well from the development craze that marked the beginning of the 2010s.
(Source: Vantage/Clarkson/Infield rigs/Valaris – Image: Vantage Drilling)
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