Vantage Drilling…And We Shall Call it “Dragonquest”

Rob Almeida
Total Views: 22
March 22, 2012

So what else would you call a badass drilling rig but Dragonquest?  That was the first thing that came to my mind.

Houston-headquarted Vantage Drilling Company announced today that it has signed a definitive agreement to acquire the rights and obligations included in the construction contract for the newbuild ultra-deepwater drillship, Dragonquest, from Valencia Drilling Corporation, a Marshall Islands corporation, for the purchase price of approximately $164 million.

Under the transaction, Vantage Drilling will be responsible for funding the remaining construction-related payments for the Dragonquest, plus up to $5 million of Valencia’s costs and expenses at closing, bringing the total cost, including the purchase price, to approximately $800 million.

The Dragonquest was built at Daewoo Shipbuilding & Marine Engineering Co., in Okpo, Korea, where construction has been been completed and the vessel is set for delivery in April.

“We are excited to acquire the Dragonquest as we continue to build one of the most modern and technologically advanced offshore drilling fleets in the world, and expect to complete the acquisition and take delivery of the rig in the coming weeks,” said Paul A. Bragg, Vantage Drilling’s Chairman and CEO.

“We have managed the project since its inception in 2008, so we have the highest confidence in the quality and capabilities of the asset we are buying,” Bragg added.

The Dragonquest is equipped for drilling in water depths of up to 10,000 feet, with a total vertical drilling depth capacity of up to 40,000 feet. The Dragonquest’s hull design has a variable deck load of approximately 20,000 tons and measures 781 feet long by 137 feet wide.

Upon delivery, the Dragonquest is expected to be deployed in the U.S. Gulf of Mexico in an eight-year contract with Petrobras.

The Dragonquest will join Vantage’s fleet of ultra-deepwater drillships that include the Platinum Explorer and the Tungsten Explorer, which is currently still under under construction.  Vantage Drilling also manages the Dalian Developer, also currently still under construction and owned by Dalian Deepwater Developer, LTD, along with four jack-ups.

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