Vantage Drilling International 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 ime. 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.
Source: Vantage Drilling via GlobeNewswire
