UAE-based Vantage Drilling International has announced that the Conditional Letter of Award received from an undisclosed client for the ultra-deepwater drillship Platinum Explorer in April has been extended.
This follows a 30-day extension from July 22 to bring the contract end date to August 29.
The Platinum Explorer drillship is 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.
Earlier this month, Vantage Drilling announced the completion of the sale of the Tungsten Explorer to TEVA Ship Charter LLC, the joint venture entity owned 25% by it and 75% by TotalEnergies. Vantage will continue to manage the Tungsten Explorer for a 10 year term with the option to extend for an additional five years.
Vantage reported a net loss in the first quarter of approximately $18.9 million. As of March 31, 2025, Vantage had approximately $76.4 million in cash. This total includes $15.5 million in pre-funding for upgrading the Tungsten Explorer.