Vantage Drilling said it has received a conditional letter of award (CLOA) of work for its Platinum Explorer drill rig.
The letter, a precursor to a contract, has a 90-day validity period and is contingent upon approvals.
Signed with an undisclosed client, Vantage said the contract value would be worth around $80M with an anticipated 260 days of work to complete the drilling campaign, inclusive of mobilisation time, paid-for contract preparation time and demobilisation time.
“A material portion of the contract value, covering mobilisation and paid-for contract preparation, is reimbursed based on the cost incurred and a limited margin amount,” the company said in a statement.
The CLOA will remain in effect until the eitther Vangage begins execution of the contract for services or the 90-day validity period expires, according to Vangage.
According to a Vantage specification Platinum Explorer is an ultra-deepwater drillship, capable of operating in water depths of up to 10,000 feet (3,000 m). The rig has a maximum drilling depth of 40,000 feet (12,000 m).
Platinum Explorer entered service in 2010 and was built by South Korea’s Daewoo Shipbuilding & Marine Engineering (DSME).
In April 2024, Vantage said Platinum Explorer had begun a mobilisation from Indian waters to Labuan, Malaysia, where the rig was due to undergo its five-year special periodic survey, maintenance and be upgraded with a blow-out preventer. The drillship completed its six-year contract with Malaysian state-owned ONGC in February 2024.
