Vantage Drilling International Ltd. announced it has received a conditional letter of award (CLOA) for its ultra-deepwater drillship, the Platinum Explorer.
The CLOA has a validity period of 90 days. The contract is valued at approximately $80 million and encompasses an anticipated 260-day campaign, according to the company's release.
This duration includes mobilization, paid-for contract preparation, and demobilization time. A significant portion of the contract value, covering mobilization and contract preparation, will be reimbursed based on incurred costs plus a limited margin.
The award is subject to several conditions:
-Mutual agreement on the terms and conditions of the contract between the client and the company.
-The client's receipt of all necessary internal board approvals.
-The client's acquisition of all required state, governmental, and administrative approvals.
The CLOA remains effective until either the execution of the service contract or the expiration of the 90-day validity period.
Vantage Drilling International Ltd. is a Bermuda-exempted offshore drilling contractor. The company's primary business involves contracting drilling units, related equipment, and work crews on a dayrate basis to drill oil and natural gas wells globally for major, national, and independent oil and gas companies.