Vantage Drilling secures $80 million contract for deepwater drillship
Vantage Drilling International has received a conditional letter of award for the Platinum Explorer deepwater drillship with a 90-day validity period. The contract value is circa $80 million with an anticipated 260 days required to render the campaign, inclusive of mobilization time, paid-for contract preparation time and demobilization time.
A material portion of the contract value, covering mobilization and paid-for contract preparation, is reimbursed based on the cost incurred and a limited margin amount.
The award of the contract is subject to customary closing conditions.
About Vantage Drilling
Vantage Drilling International Ltd., a Bermuda exempted company, is an offshore drilling contractor. Vantage Drilling’s primary business is to contract drilling units, related equipment and work crews primarily on a dayrate basis to drill oil and natural gas wells globally for major, national and independent oil and gas companies. Vantage Drilling also markets, operates and provides management services in respect of drilling units owned by others.
