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.
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.
