Vantage Takes Delivery of Platinum Explorer

Vantage Drilling Company has taken delivery of the ultra-deepwater drillship, the Platinum Explorer, from Daewoo Shipbuilding and Marine Engineering Co. Ltd. in South Korea. The vessel has set sail from the shipyard in transit to India to commence a five year contract with Oil & Natural Gas Corporation Limited.

Paul Bragg, Chairman and Chief Executive Officer of Vantage, commented, "We have taken delivery of Platinum Explorer on time and budget, and have begun the maiden voyage to India to commence the contract there, starting around yearend. This is a huge milestone for Vantage, as we have now completed construction of the fleet orders that we acquired two years ago. Our jackups have enjoyed full utilization and high operating efficiency since commencement of operations. We are well prepared to start work with Platinum Explorer, and having her in service will result in more than doubling of our ongoing rig cashflows."

 

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