Vantage Drilling’s Ultra-Deepwater Drillship Heads to India Under $260M Contract

Platinum Explorer drillship (Credit: Vantage Drilling)

Offshore drilling contractor Vantage Drilling has secured a contract with Oil and Natural Gas Corporation (ONGC) for its ultra-deepwater drillship Platinum Explorer for operations off India.

The binding Notification of Award (NoA) from ONGC comes following the conclusion of its tender for a deepwater drillship for a three-year firm, plus one-year optional campaign in India with an estimated total contract value of $261 million, exclusive of managed pressure drilling (MPD) services.

The contract will begin no later than 180-days after the issuance of the NoA in line with the requirements of the tender, 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.

To remind, Vantage Drilling announced the termination of the contract for its ultra-deepwater drillship Platinum Explorer with undisclosed client, citing ‘changes in economic sanctions applicable to the campaign’ which rendered the contract execution unlawful and subject to termination.

The campaign was valued at approximately $80 million and was slated to begin in early 2026.

• Sanctions Force Vantage Drilling to End Platinum Explorer Contract