Bermuda-registered Scorpion Offshore has terminated its $405 million contract for a DSS-38 class semi-submersible drilling rig as it was unable to secure financing.
Scorpion had also signed contracts with subsea vendors for equipment for the rig, which came with a price tag of about $700 million including commissioning and financing costs.
The vessel owner is now working with Keppel Fels and third-party vendors to step up talks with others interested in taking over subsidiary Scorpion Deepwater's contracts to build and equip the semisub.
