Vantage Drilling International Secures Contract for Ultra-Deepwater Rig

Offshore drilling contractor Vantage Drilling International has recently announced the signing of a conditional letter of award (CLOA) with an undisclosed client for one of the ultra-deepwater rigs from its fleet. The contract, valued at approximately $80 million, is for the Platinum Explorer – a sixth-generation ultra-deepwater drillship built by DSME in 2010.

The contract, with a 90-day validity period, includes mobilization time, contract preparation time, and demobilization time, totaling 260 days. The rig is expected to mobilize and undergo preparation work in Q3 2025 for a drilling program lasting approximately 70 days, starting in Q4 2025 and concluding in Q1 2026.

Vantage Drilling International reported that a significant portion of the contract value, covering mobilization and contract preparation costs, will be reimbursed based on actual expenses incurred with a limited margin amount.

However, the award of the contract is subject to mutual agreement on terms and conditions between Vantage and the client, along with obtaining necessary internal and external approvals from relevant authorities.

The CLOA remains valid until the contract is executed or the expiration of the 90-day validity period, whichever comes first.

In addition to this recent contract, Vantage Drilling International secured a marketing deal for another ultra-deepwater drillship, Dorado, owned by Eldorado Drilling. This strategic move will allow the company to explore drilling opportunities across various regions, including Africa, the Mediterranean, Asia, and Australasia.

Earlier in 2025, Vantage Holdings International established a joint venture (JV) with TotalEnergies, known as TEVA Ship Charter (TEVA), following a partnership deal announced in 2024. This collaboration signifies a strong commitment to enhancing operational capabilities and expanding market presence in the offshore drilling sector.