Vantage lands two-year extension for jack-up rig

  • Business & Finance

Offshore driller Vantage Drilling has been awarded an extension of its drilling services contract for the Emerald Driller jack-up drilling rig. 

Vantage informed on Tuesday that the contract for the Emerald Driller would be extended for two years, beginning in May 2018.

Ihab Toma, the company’s Chief Executive Officer, commented, “We are very pleased that we will continue to work with one of our esteemed clients and keep our rigs working in this challenging environment.  I thank our team on the rig as it was their performance that made this happen.”

Vantage has not revealed further details about the client, location, nor the value of the extension. However, according to the driller’s latest fleet status report the Emerald Driller has been operating for Total Qatar since the fourth quarter of 2016.

The Emerald Driller is an independent leg, jack-up, cantilever of a Baker Marine Pacific Class 375 design built in 2008.

Also on Tuesday, Vantage reported a net loss of approximately $40.1 million for the three months ended September 30, 2017, as compared to a net loss of $41.5 million for the same period last year.

The driller’s revenues increased to $57.7 million during the third quarter 2017 from $39.9 million in the corresponding period last year.

Offshore Energy Today Staff

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