[Ferro-Alloys.com]The ultra-deepwater drillship Tungsten Explorer received extension of its employment contract with another two years until October 2018. The Vantage Drilling’s vessel was currently working under contract in the Gulf of Guinea and West Africa, which ends in Q3 2016. The vessels is currently working at daily rate of 641,000 USD and total value of the 2-year contract is around 468 million USD, including mobilisation. The revenues from charter extension of ultra-deepwater drillship Tungsten Explorer will be very welcome for Vantage, which in mid-January went into Chapter 11 bankruptcy and restructuring plan. The US judge confirmed that company should halve its debt load to less than 1 billion USD.

 

“We are pleased to announce this agreement with our customer. This agreement will provide visibility to cash flow for an extended period of time”, said the president and CEO of Vantage, Paul Bragg.

 

The ultra-deepwater drillship Tungsten Explorer (IMO: 9631735) has overall length of 238.00 m, moulded beam of 100.00 m and maximum draft of 14.30 m. The deadweight of the vessel is 64,969 DWT and the gross tonnage is 68,486 GRT. Tungsten Explorer was built in 2013 by Daewoo Shipbuilding and Marine Engineering in Geoje, South Korea.