Offshore drilling contractor Vantage Drilling International has signed a conditional letter of award (CLOA) with an unnamed client for an ultra-deepwater rig from its fleet.
According to the drilling player, the contract for the Platinum Explorer comes with a 90-day validity period and is valued at approximately $80 million. The 2010-built vessel is a sixth-generation ultra-deepwater drillship built by DSME.
Rendering the campaign, inclusive of mobilization time, paid-for contract preparation time, and demobilization time, is expected to take 260 days.
Based on Vantage’s rig status report, the rig will mobilize and undergo preparation work during Q3 2025 for a program of approximately 70 days of drilling starting in Q4 2025 and ending in Q1 2026.
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 drilling player reported.
The award of the contract is subject to the terms and conditions of the contract being mutually agreed upon between Vantage and the client. The latter also needs to obtain all necessary internal board approvals, as well as state, governmental, and administrative approvals.
The CLOA remains in effect until the execution of the contract for services or the expiration of the validity period, whichever occurs earlier.
In February, Vantage secured a marketing deal for a newbuild ultra-deepwater drillship, Dorado , owned by Eldorado Drilling. This will enable the drilling player to market the seventh-generation rig for opportunities spanning continents by pursuing assignments in Africa, the Mediterranean, Asia, and Australasia.
At the start of 2025, Vantage Holdings International established a new joint venture (JV) with TotalEnergies, TEVA Ship Charter (TEVA), following a deal announced in early 2024 .