Dubai, April 23, 2025 (GLOBE NEWSWIRE) -- Vantage Drilling International Ltd. (the "Company”) announces it has received a conditional letter of award (”CLOA”) for the Platinum Explorer with a 90 day validity period. The contract value is circa $80M with an anticipated 260 days required to render the campaign, inclusive of mobilization time, paid-for contract preparation time and demobilization 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 following conditions:
- the terms and conditions of the contract having been mutually agreed between the Client and the Company;
- the Client having received: (i) all necessary internal board approvals; and (ii) all necessary state, governmental and administrative approvals;
The CLOA shall remain in effect until the earlier of the execution of the contract for services or the expiration of the validity period.
This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. The information was submitted for publication by Alaric Harrell, Chief Accounting Officer of the Company on the date and time as set out above.
About the Company
Vantage Drilling International Ltd., a Bermuda exempted company, is an offshore drilling contractor. Vantage Drilling’s primary business is to contract drilling units, related equipment and work crews primarily on a dayrate basis to drill oil and natural gas wells globally for major, national and independent oil and gas companies. Vantage Drilling also markets, operates and provides management services in respect of drilling units owned by others. For more information about the Company, please refer to the Company’s website, www.vantagedrilling.com
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CONTACT: Contact information Rafael Blattner Chief Financial Officer Vantage Drilling International Ltd. +971 4 449 34 28
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