Dubai, April 23, 2025 (GLOBE NEWSWIRE) -- Vantage Drilling International Ltd.
(the "Company") announces it 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 time. 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.
This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to disclosure requirements pursuant to
section 5-12 of the Norwegian Securities Trading Act. The information was
submitted for publication by Alaric Harrell, Chief Accounting Officer of the
Company on the date and time as set out above.
About the Company
Vantage Drilling International Ltd., a Bermuda exempted company, is an offshore
drilling contractor. Vantage Drilling'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 independent oil and
gas companies. Vantage Drilling also markets, operates and provides management
services in respect of drilling units owned by others. For more information
about the Company, please refer to the Company's website,
www.vantagedrilling.com (http://www.vantagedrilling.com)