Vantage scores long-term contracts for newbuild drillships

Oil and Natural Gas Co. (ONGC) has awarded Vantage Drilling a five-year contract for the ultra deepwater drillship Platinum Explorer.

Offshore staff

HOUSTON -- Oil and Natural Gas Co. (ONGC) has awarded Vantage Drilling a five-year contract for the ultra deepwater drillship Platinum Explorer. Vantage has also received an eight-year contract from a subsidiary of Petrobras for the ultra deepwater drillship Titanium Explorer. Both rigs are currently being constructed by Daewoo Shipbuilding & Marine Engineering in Okpo, Korea.

ThePlatinum Explorer, following completion of shipyard construction, is scheduled to mobilize to India in 4Q 2010. Expected revenues over the five-year contract term, excluding revenues for mobilization of the rig, are approximately $1.1 billion.

TheTitanium Explorer, upon completion of construction, is expected to mobilize in 3Q 2011 to the US Gulf of Mexico. Under the contract, Petrobras has the right to re-locate and use the Titanium Explorer on a worldwide basis. Expected revenues over the eight-year contract term, excluding revenues for mobilization of the rig and costs escalations, are approximately $1.6 billion.

03/03/2009

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