Offshore drilling contractor Vantage Drilling has recently announced an extension of the conditional letter of award for the Platinum Explorer, a 2010-built drillship.
The initial 90-day conditional letter of award from an undisclosed client was granted on April 23 of this year. This award has now been extended by an additional 30 days, with the new expiration date set for August 23.
According to Vantage Drilling, the contract value is estimated to be around $80 million, with an expected duration of 260 days to complete the campaign. This duration includes mobilization time, paid-for contract preparation time, and demobilization time.
The finalization of the contract is contingent upon the terms and conditions agreed upon by both the client and the company, as well as the client obtaining all necessary approvals.
It is important to note that the letter of award will remain valid until either the formal execution of the contract or the expiration of the specified validity period.