Offshore drilling contractor Vantage Drilling has received a conditional letter of award (CLOA) for the Platinum Explorer ultra-deepwater drillship, valued at approximately $80 million.
The CLOA, with an undisclosed client and 90-day validity period, is for an anticipated 260 days required to render the campaign, inclusive of mobilization time, paid-for contract preparation time and demobilization time.
A material portion of the contract value, covering mobilization and paid-for contract preparation, is reimbursed based on the cost incurred and a limited margin amount.
The award of the contract is subject to the terms and conditions of the contract having been mutually agreed between the client and the company, as well as client having received all necessary internal board approvals, and all necessary state, governmental and administrative approvals.
The CLOA will remain in effect until the earlier of the execution of the contract for services or the expiration of the validity period, Vantage Drilling said.
The Platinum Explorer is an ultra-deepwater drillship, capable of operating in water depths of up to 10,000 feet (3048 meters), and has a maximum drilling depth of 40,000 feet (12192 meters).
The rig was built in 2010 by South Korea's Daewoo Shipbuilding & Marine Engineering.