Vantage Drilling has secured a significant three-year contract for its drillship, the Platinum Explorer, with India's state-controlled Oil & Natural Gas Corporation (ONGC). The contract, valued at $261 million, represents a major opportunity for Vantage to reactivate the drillship following the termination of its previous contract in the last quarter of the previous year.

Contract Details and Vessel Requirements

The binding award resulted from an ONGC tender for a deepwater drillship for a firm three-year campaign offshore India, with a one-year optional extension available after the initial period. The tender required a vessel capable of operating in water depths up to 3,000 meters to drill exploration, re-entry completion, and stratigraphic wells. A key requirement was the potential to target challenging exploration wells in the ultra-deepwater regions of the Cauvery and Andaman basins.

Contract Execution and Competitive Context

The contract is scheduled to commence no later than 180 days after the issuance of the notification of award, in accordance with the tender's stipulations. In the competitive tender process, Vantage's offer prevailed over competing bids from offshore drilling contractors Transocean and Brazil's Foresea. The Platinum Explorer is set to replace Transocean's drillship Dhirubhai Deepwater KG 1, which was under a contract awarded by ONGC in 2023.

ONGC's Drilling Ambitions

This contract aligns with ONGC's extensive drilling plans. The company has reported setting a new record, achieving the highest number of exploration and development wells drilled in 35 years during the 2025 period, underscoring its ambitious offshore and onshore drilling objectives.