Vantage Drilling International introduced that its ultra-deepwater drillship, the Platinum Explorer, has obtained a letter of award for a two-year contract from Oil and Natural Gas Company (ONGC). The Platinum Explorer is at the moment performing underneath an present three-year contract with ONGC, which is anticipated to conclude within the second quarter of 2021. The new contract with ONGC is anticipated to start as soon as the prevailing marketing campaign concludes. Expected revenues over the brand new two-year contract time period, unique of service tax, are roughly $109 million. ONGC, based mostly in New Delhi, is owned by the Government of India.
The new contract dayrate ought to be near $150,000. In 2017, ONGC secured thePlatinium explorer for 3 years for $118 million which translated to a dayrate under $110,000.
Ihab Toma, the Company’s Chief Executive Officer, commented, “We are very happy to obtain this award from ONGC. We have been working efficiently with the Platinum Explorer for ONGC for the reason that rig was in-built 2010 and have constructed a first-class operation in India with them. We stay up for this program and persevering with to offer our esteemed consumer one other secure and profitable marketing campaign.”
Vantage Drilling International, a Cayman Islands exempted firm, is an offshore drilling contractor, with a fleet of three ultra-deepwater drillships, together with one at the moment held on the market, and 5 premium jackup drilling rigs. Vantage additionally gives building supervision providers and preservation administration providers for, and can function and handle, drilling models owned by others.
The Platinum Explorer was constructed by Daewoo at its Okpo shipyard in South Korea. It was delivered in 2010.
(Source and picture: Vantage Drilling)

The submit VANTAGE WINS TWO-YEAR CONTRACT EXTENSION FOR THE PLATINUM EXPLORER appeared first on Energy Global News.

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