Vantage Drilling still waiting for green light on $80m

Vantage Drilling has announced an extension of the conditional letter of award for its drillship, the Platinum Explorer. Initially granted on April 23, the award from an undisclosed client has been extended by an additional 30 days, now set to expire on August 23. The contract, valued at approximately $80 million, is expected to span 260 days, including mobilization and demobilization periods.

Details of the Contract Extension

The conditional letter of award for the Platinum Explorer was first issued for a 90-day period, reflecting the client’s commitment to the project. With the recent extension, Vantage Drilling aims to finalize the terms and conditions necessary for the contract’s execution. The company has emphasized that the award is contingent upon the client securing all required approvals.

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As part of the contract, the anticipated duration includes not only the drilling campaign but also preparation and mobilization time. This comprehensive approach ensures that all logistical aspects are accounted for, facilitating a smooth operation once the contract is officially executed. The letter of award will remain valid until either the contract is signed or the expiration date is reached, underscoring the urgency for both parties to finalize the agreement.

Vantage Drilling continues to position itself as a key player in the offshore drilling sector, with the Platinum Explorer being a significant asset in its fleet. The company’s proactive measures in securing and extending contracts reflect its commitment to maintaining operational efficiency and meeting client demands in a competitive market.