Sanctions send ripples through offshore drilling realm as Vantage’s rig deal dissolves

October 20, 2025, by Melisa Cavcic

A drilling assignment for a 15-year-old drillship from a rig fleet operated by Vantage Drilling International, a Bermuda-exempted offshore drilling contractor, has been axed amid imposed sanctions.

Platinum Explorer; Source: Vantage Drilling

While disclosing the contract termination, Vantage Drilling explained that the Platinum Explorer drillship will no longer undertake an approximately 260-day campaign, which was secured via a conditional letter of award (CLOA) with an undisclosed client in April 2025.

With a value of approximately $80 million, the CLOA for the sixth-generation ultra-deepwater rig got extended by 30 days first in July and the in August 2025. The drillship was scheduled to mobilize and prepare for the contract during Q3 2025 and begin the drilling work in Q4 2025.

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

The 2010-built Platinum Explorer drillship, which is capable of working in water depths of up to 10,000 feet (3,048 meters), has a maximum drilling depth of 40,000 feet (12,192 meters).

Vantage also secured marketing rights for a newbuild ultra-deepwater drillship several months ago, enabling it to market the seventh-generation rig for opportunities in Africa, the Mediterranean, Asia, and Australasia.