Vantage announced that its ultra-premium jackup rig, the Topaz Driller, has a Letter of Award for a drilling program in Southeast Asia consisting of three wells plus an option well. The anticipated duration of the first three wells is seven months. The contract is to commence in March 2010 following the mobilization to Vietnam from Singapore. Estimated revenues to be generated over the initial term of the contract are approximately $26.2 million.
Paul Bragg, President and Chief Executive Officer, commented, "We are very pleased to announce the award of this contract which provides for work commencing mid-March for the Topaz Driller. Contracting the Topaz Driller, our fourth jackup, represents a significant milestone as the Company has now successfully completed construction and contracting of all of our jackups."
The Baker Marine Pacific Class 375 jackup rig is an independent leg, cantilever, non-harsh environment jackup with a drilling depth of approximately 30,000 feet and is capable of operating in water depths up to 375 feet.
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