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Vantage set to acquire ultra-vessel

Vantage set to acquire ultra-vessel
Vantage Drilling has signed a definitive agreement to acquire the ultra-deepwater drillship Dragonquest from Valencia Drilling in a deal worth some $164million.

Vantage Drilling has signed a definitive agreement to acquire the ultra-deepwater drillship Dragonquest from Valencia Drilling in a deal worth some $164million.

The vessel is currently under construction at Daewoo Shipbuilding & Marine Engineering in Okpo, South Korea and delivery is fairly imminent.

Once the deal is completed, Vantage will be responsible for funding the remaining construction-related payments for the Dragonquest.

In addition, it has agreed to pay up to $5million of Valencia’s costs and expenses at closing, which is subject to specified closing conditions.

Construction of the drillship is mostly completed, including running initial sea trials. Upon delivery and the closing of the transaction, Vantage will be required to cover final construction payment, project costs, equipment, and spares.

All in, the Dragonquest will have cost around $800million when fully completed

It looks as if Dragonquest’s first deployment will be in the US Gulf of Mexico, working for Petrobras on an eight-year contract.

The vessel is equipped for drilling in water depths to 3,000m (10,000ft), with a total vertical drilling depth capacity of 12,192m (40,000ft).

The 781ft length overall hull’s designed variable deck load is some 20,000tons.

Staying with a drillship theme, Pacific Drilling has exercised an option to construct its seventh ultra-deepwater vessel with Samsung Heavy Industries, encouraged by a favourable build schedule and buoyant market for ultra-deepwater contracting.

This vessel will have a rated water depth of 3,657m (12,000ft), be equipped for drilling wells to 12,192m depth, have accommodation for 200 personnel and be equipped to support dual gradient drilling.

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