Vantage Drilling Inc. announced on September 1, 2015 that Petrobras America and Petrobras Venezuela Investments &Services BV terminated its contract for Vantage's ultra-deepwater drillship, the Titanium Explorer. Both Petrobras America and Petrobras Venezuela are units of state-owned Petroleo Brasiliero SA. According to the statement, Petrobras America is alleging that Vantage breached its obligations under the drilling contract, but that the notice of termination provided to Vantage didn't provide any explanation regarding the breach.

Vantage has filed for arbitration to challenge the assertions in the termination notice and to assert that the notice is a wrongful attempt to terminate the drilling contract. Vantage believes that it's in compliance with all of its obligations under the drilling contract. The early termination with Vantage occurred based on existing contract terms, due to operational failures from Vantage.