Vantage Drilling International has signed a conditional letter of award (CLOA) for its Platinum Explorer drillship , a sixth-generation drillship, in a contract that promises significant advancements in its offshore project portfolio. The drilling contract, valued at nearly $80 million, provides for a 260-day drilling campaign, including mobilization, preparation, and demobilization time.
Conditions of the drilling contract
Although the contract is subject to acceptance of the terms between Vantage Drilling and the client, as well as obtaining internal and government approvals, the CLOA is valid for 90 days. This agreement marks a resurgence for Platinum Explorer, which had been without active contracts for a year.
The client and location of the work have not yet been disclosed, but drilling is expected to commence in late Q4 2025 , with completion anticipated in early 2026. In addition, a substantial portion of the contract value, covering mobilization and contract preparation costs, will be reimbursed based on incurred costs and a limited margin.
A strategic recovery for Vantage
This contract joins other recent agreements that have solidified Vantage Drilling’s position as a leader in the ultra-deepwater drilling sector. Furthermore, the company continues its focus on enhancing its assets, as evidenced by the recent installation of a six-branch blowout preventer system on the Platinum Explorer .
This development underscores the stability and growth the company is experiencing in the global offshore market. The company continues to expand its drilling opportunities on various continents, looking toward a future filled with new projects and contracts in the energy sector.
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Source and photo: Vantage Drilling
