Finance & Investing
News Services
Newsletters
Get free industry updates via email.
Daily News
Weekly News
Equipment Updates
Weekly Job Register
Monthly Event Guide
Our privacy
pledge.


advertisement

Vantage Drilling Lines Up Gig for Tungsten Explorer

change text size

Vantage Drilling Company announced Tuesday that it has received a conditional letter of award for its newbuild drillship the Tungsten Explorer (UDW drillship) to work in West Africa. The award is for a period of up to four years commencing in mid 2014. The contract has a minimum duration of two years, while the customer has four six-month options to extend the contract. The letter of award is subject to customary conditions including negotiating the final terms of the contract which is anticipated to be completed in the first quarter 2013. The estimated revenue over the initial two year firm period of the contract is approximately $468 million, including mobilization.

Paul A. Bragg, Chairman and Chief Executive Officer of Vantage, commented:

"The announced project is an attractive cornerstone for us. Since the Tungsten Explorer is scheduled for delivery in May 2013, we expect to obtain additional work for the unit to commence upon delivery from the shipyard. We are currently discussing drilling requirements for the second half of 2013 and early 2014 with both affiliates of the counterparty to this contract, as well as several others customers. We expect that we will conclude another contract, thereby increasing Tungsten's contracted backlog, inclusive of options, to be approximately five years from commencement."

 

WHAT DO YOU THINK?

Post a Comment Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
Jorgen H. Christiansen | Jan. 22, 2013
We, at STX Engine, would like to congratulate Vantage Drilling on this potential contract award. We will do our utmost to keep you Safe & Mobile (Safe and Positioned when in DP...).


Related Companies
For More Information on the Offshore Rig Fleet:
RigLogix can provide the information that you need about the offshore rig fleet, whether you need utilization and industry trends or detailed reports on future rig contracts. Subscribing to RigLogix will allow you to access dozens of prebuilt reports and build your own custom reports using hundreds of available data columns. For more information about a RigLogix subscription, visit www.riglogix.com.

Most Popular Articles
From the Career Center
Jobs that may interest you
Crane Mechanical Technician - Offshore
Expertise: Crane Operator, Mechanic, Rig Mechanic
Location: Qatar
 
Cementing Field Operator III
Expertise: Cementing, Field Service Tech, Heavy Machinery Operator
Location: Victoria, TX
 
Quality Tool Inspector
Expertise: Maintenance Technician, QA / QC / Inspection, Toolpusher
Location: Lafayette, LA
 
search for more jobs