Conditional Letter of Award for Vantage Drilling’s Drillship
Offshore drilling contractor Vantage Drilling has recently announced that it has received a conditional letter of award from an undisclosed client for the 2010-built drillship, Platinum Explorer.
The contract, valued at approximately $80 million, comes with a 90-day validity period. It is expected to require 260 days to complete the campaign, including mobilization time, paid-for contract preparation time, and demobilization time.
As part of the agreement, a significant portion of the contract value will cover mobilization and paid-for contract preparation costs, which will be reimbursed based on the expenses incurred and a limited margin amount.
The finalization of the contract is contingent upon the terms and conditions agreed upon by both the client and Vantage Drilling, as well as the client obtaining all necessary approvals. The conditional letter of award will remain in effect until either the contract is executed or the 90-day validity period expires.