Vantage wins contract from ONGC for Petrobras business

Mar 03, 2009 01:00 AM

Houston-based Vantage Drilling has said two of its ultra-deepwater drill ships have won long-haul contracts worth a combined $ 2.7 bn.
The Platinum Explorer won a five-year order award with India's Oil and Natural Gas Company: the Titanium Explorer eight years with a Petrobras business. Both drill ships are being built at the yards of Daewoo Shipbuilding & Marine Engineering in Okpo, Korea.

The Platinum Explorer -- owned by Vantage (45 %) and by an affiliate of TMT (55 %) -- is seen earning $ 1.1 bn from 2010.
"The Platinum Explorer is Vantage will operate the rig pursuant to a management agreement which provides for fees to Vantage, in addition to its proportionate share of cash flow," a statement explained.

The Titanium Explorer in 2011 will start earning $ 1.6 bn (not including mobilizing) in the US Gulf of Mexico. Petrobras can re-locate the rig worldwide as it wishes over eight years.
Expected revenues minus mobilization of the rig and costs escalations, are approximately.

Vantage will operate the rig pursuant to a management agreement with an affiliate of TMT, which provides for fixed and performance-based fees.
"The addition of nearly $ 3 bn of contract backlog provides our company with a stable base of business for many years to come," said Vantage chief exec Paul Bragg.

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