Sanctions Force Vantage Drilling to End Platinum Explorer Contract

Platinum Explorer drillship (Credit: Vantage Drilling)

Offshore drilling contractor Vantage Drilling has announced the termination of the contract for its ultra-deepwater drillship Platinum Explorer.

The termination, with immediate effect, is for the 260-day campaign the Platinum Explorer drillship was hired earlier in 2025, following the signing of initial letter of intent.

The campaign, with an undisclosed client and valued at approximately $80 million, was expected to begin in early 2026.

“The termination is due to changes in economic sanctions applicable to the campaign, rendering the contract execution unlawful and therefore subject to termination,” Vantage Drilling said.

The Platinum Explorer drillship is capable of operating in water depths of up to 10,000 feet (3048 meters), and has a maximum drilling depth of 40,000 feet (12192 meters).

The rig was built in 2010 by South Korea's Daewoo Shipbuilding & Marine Engineering.