TITANIUM EXPLORERscrapped
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Beached at Alang 02.11.21
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Sold to Breakers asis South Africa
Contract for drillship Titanium Explorer terminated by Petrobras
The deepwater-rig owner’s $1.1 billion of 7.5 percent secured bonds slid 5 cents to 42 cents on the dollar, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority. Its contract for the drillship Titanium Explorer was terminated by Petrobras for an alleged breach of obligations, according to a regulatory filing on Wednesday. The Petrobras contract represented a majority of Vantage’s revenue backlog and its termination may impact the company’s ability to service debt, according to Bloomberg Intelligence analyst Andrew Cosgrove. The company was yet to realize $1.2 billion on the original value of the $1.7 billion contract. The remaining backlog represented 61 percent of its $1.9 billion revenue backlog as of June 2015, according to Cosgrove. http://gcaptain.com/vantage-drilling-bonds-plunge-as-petrobras-cancels-deal-amid-bribe-probe/#.VefaXvmvG9I
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