Offshore drilling contractor Vantage Drilling has received a conditional letter of award from an undisclosed client for the 2010-built drillship Platinum Explorer.
The company stated that the conditional letter of award has a 90-day validity period. The contract value is around $80m with an anticipated 260 days required to complete the campaign, inclusive of mobilisation time, paid-for contract preparation time, and demobilisation time.
A material portion of the contract value, covering mobilisation and paid-for contract preparation, is reimbursed based on the cost incurred and a limited margin amount.
The award of the contract is subject to the terms and conditions of the contract agreed between the client and the company, and the client receiving all necessary approvals. The CLOA will remain in effect until either the execution of the contract or the expiration of the validity period.