Vantage Drilling Receives $80 Million Conditional Award for Platinum Explorer Drillship

Vantage Drilling International has secured a conditional letter of award (CLOA) for deploying its Platinum Explorer drillship. This agreement includes an $80 million contract for a 260-day campaign, which covers mobilisation, contract preparation, and demobilisation activities. The CLOA remains valid for 90 days.

Key Details of the Conditional Award

The CLOA outlines that the contract will proceed once several conditions are met. These conditions include the successful negotiation of terms and securing the necessary internal and government approvals. Moreover, the award remains valid until either the formal contract is executed or the 90-day period expires.

Although Vantage Drilling has not revealed the client’s identity or project location, the majority of the contract value is tied to mobilisation and preparation efforts. These early activities play a critical role in ensuring the Platinum Explorer drillship is properly positioned for deployment.

Specifications of the Platinum Explorer Drillship

The Platinum Explorer is a DSME 10,000-class drillship built by Daewoo Shipbuilding & Marine Engineering (DSME) in 2010. The rig is registered under the Bahamian flag and classified by DNV.

Key specifications include:

• Hull Length: 781 feet

• Hull Breadth: 138 feet

• Moon Pool: 82 by 41 feet

• Drilling Depth: Up to 40,000 feet

• Maximum Water Depth: 12,000 feet

• Variable Deck Load Capacity: 25,000 metric tonnes

• Accommodation: 180 personnel

• Helideck: CAP437-compliant, compatible with Sikorsky S-61N and S-92 helicopters

These features make the Platinum Explorer ideally suited for deepwater and high-pressure offshore drilling operations. The rig’s substantial capabilities allow it to thrive in demanding offshore environments.

Vantage Drilling’s Financial Performance

In addition to the recent award, Vantage Drilling published its Q4 2024 and full-year financial results. For Q4, the company recorded a net gain of $55.5 million, reversing a loss of $14.6 million from the previous year. Furthermore, for the full year, the company achieved a net gain of $27.8 million, compared to a net loss of $15.4 million in 2023.

Conclusion: Vantage Drilling’s Strong Offshore Position

This conditional award further solidifies Vantage Drilling’s strong position in the offshore drilling market. As the contract progresses, the deployment of the Platinum Explorer will continue to support global oil and gas operations, reinforcing the company’s expanding offshore presence.