Vantage Gets Contracts for 'Sapphire Driller'
The two contract awards for the Sapphire Driller involve adding an additional well to the Sapphire Driller's current drilling program and three wells from another customer in the Ivory Coast. The contracts will commence in continuity with the current drilling program and have an anticipated duration of approximately 215 days. The contract awards will generate an estimate $34.5 million of revenue, net of taxes. Additionally, the Emerald Driller's customer in Thailand has exercised their six month option, extending the current contract through the middle of 2013. The exercise of the option adds approximately $23.4 million of backlog. Vantage…
Vantage Drilling Company Announces Agreement to Provide Construction Management Services for Two Aker Drilling Ultra Deepwater Drillships
Vantage Drilling Company ("Vantage, or the "Company") (NYSE Amex: VTG.U) (NYSE Amex: VTG) (NYSE Amex: VTG.WS) today announced that it has signed a definitive agreement to provide services related to design, construction and commissioning on behalf of Aker Drilling ASA ("Aker Drilling") of two Ultra deepwater drillships being built at Daewoo Shipbuilding & Marine Engineering Co., Ltd. ("DSME") shipyard in Okpo, Korea. The high specification drillships of DSME design will be equipped for dual activity operations in water depths down to 12,000 feet and with drilling depths of 40,000 feet. Furthermore, Aker Drilling has options to construct two additional drillships at DSME and may elect to expand the supervision agreements to include these drillships. Source: MARKET WIRE
Vantage to Manage Construction of the Dalian Developer
Vantage Drilling Company announced that it has signed a definitive agreement to supervise and manage the construction and marketing of the Ultra-deepwater Drillship/FPSO, the "Dalian Developer" (previously known as MPF-01). Dalian Deepwater Developer LTD (DDD) has awarded the Company a management agreement to supervise and manage the construction, commissioning and marketing of the Dalian Developer. The Dalian Developer, which will be the world's largest drillship, is capable of operating both as a drillship and is upgradeable to incorporate extended well testing and production. The drillship is capable of drilling in water depths up to 10,000 ft. with a maximum drilling depth of 30,000 ft.
Aker Solutions Wins Riser Deal
Aker Solutions won a contract to supply a further 2,500 feet riser extension to the Dragonquest (formerly Titanium Explorer) rig, which is owned by Valenica Drilling and managed by Vantage Drilling Company. The order comes in addition to the original delivery of a 7,500 feet drilling riser system. The riser joints will be produced by Aker Solutions and delivered to the client in the summer of 2011. Valenica Drilling is a subsidiary of TMT, which has chartered Vantage Drilling Company to manage the Dragonquest rig.
