Vantage Drilling International this week announced that its ultra-deepwater drillship, the Platinum Explorer, has received a letter of award for a two-year contract from Oil and Natural Gas Company (“ONGC”). The Platinum Explorer is currently performing under an existing three-year contract with ONGC, which is expected to conclude in the second quarter of 2021. The new contract with ONGC is expected to begin once the existing campaign concludes. Expected revenues over the new two-year contract term, exclusive of service tax, are approximately $109 million.

Ihab Toma, the Company’s Chief Executive Officer, commented, 
“We are very pleased to receive this award from ONGC. We have been working successfully with the Platinum Explorer for ONGC since the rig was built in 2010 and have built a first-class operation in India with them. We look forward to this program and continuing to provide our esteemed client another safe and successful campaign.”

KeyFacts Energy Industry Directory: Vantage Drilling