Vantage Drilling International Announces Contract Award for the Tungsten Explorer

HOUSTON, June 09, 2022 (GLOBE NEWSWIRE) — Vantage Drilling International (“Vantage” or the “Company”), announced today that one of its subsidiaries entered into a drilling services contract with a subsidiary of TotalEnergies in respect of its ultra-deepwater drillship, the Tungsten Explorer. The contract is for a minimum duration of 225 days with three possible options for extension. The drillship is currently operating in the Mediterranean where it will be drilling up to two wells and from there it is planned to mobilize to West Africa in the third quarter of 2022 at the earliest. Total contract value over the firm term of the contract is approximately $79 million.

Ihab Toma, the Company’s Chief Executive Officer, commented, “We are delighted that the Tungsten Explorer will go back to work for TotalEnergies. This award reflects the confidence our esteemed client has in Vantage’s operational team and Vantage’s track record of delivering safe and reliable operations in West Africa. We look forward to performing up to their expectations, delivering a Perfect Day, Every Day.”

Vantage Drilling International, a Cayman Islands exempted company, is an offshore drilling contractor, with a fleet of two ultra-deepwater drillships and two 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 independent oil and gas companies. Vantage also markets, operates and provides management services in respect of drilling units owned by others. www.vantagedrilling.com

The information above includes forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. These forward-looking statements are subject to certain risks, uncertainties and assumptions identified above or as disclosed from time to time in the company’s filings that it may be required to make, or may otherwise voluntarily make, with the Securities and Exchange Commission. As a result of these factors, actual results may differ materially from those indicated or implied by such forward-looking statements. Vantage disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.

SOURCE: Vantage Drilling International

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