Vantage Drilling Company executed a contract for the newbuild Tungsten Explorer (UDW drillship) to commence work in Southeast Asia on a project expected to take approximately 90 days at a day rate of around $750,000.
The Tungsten Explorer, currently under commissioning, has also received a Letter of Award (LOA) for a 3 well program in Southeast Asia to commence following the end of the first contract. The LOA is subject to customary conditions of negotiating the final contract and regulatory approvals, with the terms in line with recent market fixtures.
"We are very pleased ... to fill the contract period prior to the Tungsten Explorer commencing its multi-year contract in West Africa," Paul A. Bragg, chairman and CEO of Vantage said in a press statement.
The Tungsten Explorer is scheduled to begin work in mid 2014 on the Moho Nord development project in West Africa, possibly for a period of up to four years.
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