Vantage Drilling has announced that it has entered into a letter of intent for the 'Sapphire Driller', subject to final customer approval for a three-well drilling programme in West Africa, with an option for a fourth well. The anticipated duration of the contract is for four months with operations commencing as soon as the 'Sapphire Driller' can be mobilised to the new drilling location.
Estimated revenues to be generated over the initial term of the contract are approximately US$15.2 million.
Vantage has also entered into a contract amendment with its customer in Côte d'Ivoire, providing the customer the option to reinstate the existing contract for the 'Sapphire Driller' once political conditions in Côte d'Ivoire improve. The customer must exercise the option before April 15, 2011.
Vantage's customer for the 'Aquamarine Driller', operating in the Philippines, has announced the abandonment of its current well program and given Vantage a 90-day notice of termination as provided for under the contract. Vantage is currently working with customers on other near-term contract opportunities.
The customer for the 'Topaz Driller' has exercised the option for an additional well which Vantage anticipates will keep the rig operating in Vietnam until June 2011. Following the completion of this contract, it anticipates that the rig will enter the shipyard for upgrades before starting a two-well programme in Malaysia.
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