Vantage Drilling International has announced the receipt of a conditional letter of award (CLOA) for the deployment of its Platinum Explorer drillship.
The CLOA, which remains valid for 90 days, outlines a contract valued at around $80m for an estimated 260-day campaign, inclusive of mobilisation, contract preparation, and demobilisation activities.
Vantage Drilling did not disclose the name of the client or specific geographical details of the project.
The agreement is contingent on several prerequisites, including the successful negotiation and finalisation of contractual terms between Vantage Drilling and the client.
In addition, the client is required to secure necessary internal board approvals, alongside relevant state and governmental clearances. The CLOA will remain active until the earlier of the formal contract execution or the expiry of the stipulated validity period.
A significant portion of the contract value covers mobilisation and contract preparation, with reimbursement structured around actual costs and a limited margin. These early-stage activities are essential for positioning the Platinum Explorer ahead of the operational deployment.
The Platinum Explorer is a DSME 10,000-class drillship constructed by DSME and entered service in 2010. The rig is registered under the Bahamian flag and classified by DNV.
Key specifications include a hull length of 781ft, hull breadth of 138ft, and a moon pool measuring 82 by 41ft. It is equipped with accommodation facilities for 180 personnel and a CAP437-compliant helideck compatible with Sikorsky S-61N and S-92 helicopters.
The rig offers operational capacities including a drilling depth of up to 40,000ft and a maximum water depth of 12,000ft, with a variable deck load capacity of 25,000 metric tonnes.
Last month, the company released results for the fourth quarter and full year ending 31 December 2024. Vantage Drilling reported a net gain attributable to shareholders of $55.5m, or $4.17 per diluted share, for Q4 2024.
This compared to a net loss of $14.6m, or $1.1 per diluted share, recorded in the same quarter of the previous year. For the full year, the company posted a net gain of $27.8m, or $2.09 per diluted share, reversing the net loss of $15.4m, or $1.16 per diluted share, reported in 2023.
Based in Bermuda, Vantage Drilling operates as an offshore drilling contractor. Its core business model is structured around providing contract drilling units and related services on a dayrate basis to global oil and gas firms, including national oil companies, multinational operators, and independent producers.
