Vantage Drilling Secures $109MM Contract

Vantage Drilling Secures $109MM Contract
India-based ONGC has contracted the ultra-deepwater drillship Platinum Explorer for two more years.

Vantage Drilling International (OTCMKTS: VTGDF) reported Wednesday that it has received a letter of award for a two-year contract for the ultra-deepwater drillship Platinum Explorer from Oil and Natural Gas Corp. (ONGC) (NSE: ONGC).

“We are very pleased to receive this award from ONGC,” remarked Vantage CEO Ihad Toma in a written statement. “We have been working successfully with the Platinum Explorer for ONGC since the rig was built in 2010 and have built a first-class operation in India with them. We look forward to this program and continuing to provide our esteemed client another safe and successful campaign.”

According to Vantage, the drillship is currently operating under a three-year contract with India-based ONGC that is slated to conclude in the second quarter of 2021. The new ONGC contract will likely begin once the existing campaign concludes and should generate approximately $109 million in revenues, minus service tax, over the two-year term, Vantage added.

The Platinum Explorer is one of three drillships in Vantage’s fleet. The vessel is designed to operate in up to 10,000 feet (3,048 meters) of water and drill to 40,000 feet (12,192 meters), according to the drilling contractor’s website.

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