It's ruined.
The Ruined Lifeboat can be found in Stranglethorn Vale.
[49.7, 81.2]Quests[]
[42] Enticing Negolash 
![[49.7, 81.2]](/wiki/File:WorldMap-StranglethornVale.jpg){kind=link}
Trivia[]
This lifeboat once belonged to the ship Smotts' Revenge, however it's on the opposite side of the land mass from where the ship was wrecked.