Vantage Drilling Co. said Tuesday it hired Daewoo Shipbuilding and Marine Engineering Co. to build an ultra-deep water drilling ship at an estimated cost of $580 million to $590 million, Forbes reports.
The company said it would make a down payment of slightly more than $100 million, with the rest due upon delivery in May 2013. Vantage said it will pay for the down payment with debt in connection with its plans to refinance high-cost debt.
Vantage, which provides drilling services to big oil- and gas-exploration companies, also said it took an option to buy another drilling ship.
The estimated cost of the new vessel includes spares, pre-delivery crew costs and other items. It will be built in South Korea.
The ship will be capable of operating in up to 12,000 feet of water with a vertical drilling depth capacity of 40,000 feet. The deck will measure 781 feet by 137 feet, and the vessel will have accommodations for 200 workers.
Vantage has four jackup drilling rigs and one ultra-deep water drilling ship.
The company said it would make a down payment of slightly more than $100 million, with the rest due upon delivery in May 2013. Vantage said it will pay for the down payment with debt in connection with its plans to refinance high-cost debt.
Vantage, which provides drilling services to big oil- and gas-exploration companies, also said it took an option to buy another drilling ship.
The estimated cost of the new vessel includes spares, pre-delivery crew costs and other items. It will be built in South Korea.
The ship will be capable of operating in up to 12,000 feet of water with a vertical drilling depth capacity of 40,000 feet. The deck will measure 781 feet by 137 feet, and the vessel will have accommodations for 200 workers.
Vantage has four jackup drilling rigs and one ultra-deep water drilling ship.