The market for off-shore oil drilling has collapsed, as it can't currently compete with on-shore (e.g., shale). So most of them are now only worth their scrap

The market for off-shore oil drilling has collapsed, as it can't currently compete with on-shore (e.g., shale). So most of them are now only worth their scrap value, which isn't trivial but from which you also need to subtract scrapping cost. It's not surprising to me that a $300M piece of machinery has <$10M of metal scrap value, and you loose half in the scrapping process. Your $30,000 dollar car is only worth about $200 as scrap.