Vantage Drilling International, a Bermuda-exempted offshore drilling contractor, has agreed to prolong the expiration date of a conditional letter of award (CLOA) with an undisclosed client regarding a potential job for one of its ultra-deepwater drillships.
The conditional letter of award for the 2010-built Platinum Explorer drillship, which was revealed in April 2025 , entailed a 90-day validity period and a value of approximately $80 million.
While the CLOA for the sixth-generation ultra-deepwater rig got extended by 30 days on July 22, Vantage Drilling has now confirmed a further extension until August 29, 2025. However, the rig owner has underlined that the remainder of the terms and conditions remain unchanged.
As a result, the drillship is still expected to mobilize and prepare for this assignment during Q3 2025 and begin the drilling work in Q4 2025. The rig, which is capable of working in water depths of up to 10,000 feet (3,048 meters), has a maximum drilling depth of 40,000 feet (12,192 meters).
Earlier this year, Vantage secured marketing rights for a newbuild ultra-deepwater drillship, enabling it to market the seventh-generation rig for opportunities in Africa, the Mediterranean, Asia, and Australasia.