It is scrapping the Deepwater Expedition (built 1999), its sixteenth rig to be sent for demolition in recent months.
Cowen & Co analyst JB Lowe described the decision as “a turning point in history of the 5th-generation drillship market segment.”
“The scrapping of the Expedition is notable because it is the newest, most capable rig to be retired this cycle, and could be a harbinger of things to come,” said Lowe.
“The
