Vantage Drilling International revealed that its ultra-deepwater drillship, the Platinum Explorer, has received a letter of award on Feb. 3 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.
“We are very pleased to receive this award from ONGC,” Ihab Toma, Vantage CEO, said. “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.”
Vantage Drilling International, a Cayman Islands exempted company, is an offshore drilling contractor, with a fleet of three ultra-deepwater drillships, including one currently held for sale, and five premium jackup drilling rigs. Vantage’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 large independent oil and natural gas companies. Vantage also provides construction supervision services and preservation management services for, and will operate and manage, drilling units owned by others.
The award have resulted in over 150 new positions being created in the region and includes scopes that accelerates the company’s expansion in the drilling sector.
NTS Group has acquired Amega West Services, a market leader in the manufacture, repair and rental of legacy and specialized drilling equipment used in offshore and land-based oil and gas extraction applications, from Carpenter Technology Corp. on Oct. 12.
Churchill Drilling Tools, a global oilfield service company specializing in drilling innovation, said Oct. 30 it achieved four successful drill-string severs using its HyPR HoleSaver, following stuck pipe events across the Middle East, including two in the UAE.