Vantage drillship gets two-year contract extension

Vantage drillship gets two-year contract extension

Vantage Drilling’s ultra-deepwater drillship  Tungsten Explorer has had its employment contract extended for a further two years until October 2018. The vessel is currently deployed in West Africa.

The drillship (pictured) began a two-year firm contract to an unnamed charterer in Q3 2014, which was due to terminate in the same quarter this year.

The vessel has been earning a daily rate of $641,000, according to information on Vantage’s website. The original two-year contract was valued in 2014 at around $468m, including mobilisation.

“We are pleased to announce this agreement with our customer. This agreement will provide visibility to cash flow for an extended period of time,” Paul Bragg, president and CEO of Vantage, said in a statement today.

Revenue from the contract extension will be very welcome for Vantage. In mid-January, a US judge confirmed the Houston-based company’s chapter 11 plan, which aims more than halve the company’s debt load to under $1bn.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.

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