Vantage Drilling Confirms Indonesian Jackup Rig Deals

Adding over 200 days to its waiting list, the Houston-based offshore driller Vantage Drilling secured new work for its 2007-built jackup Soehanah (Pearl Driller) in Indonesia.

The recent return of the rig to work in Indonesia with Harbour Energy was awarded a 90-day contract with Kufpec and an additional 120 days of work for Medco Energi, with other options included. Analysts estimate the overall worth of the two contracts to be around $13 million.

After the rig completes its campaign for Harbour, the first contract will begin and then terminate by the end of the year. Medco’s deal is expected to begin in the second quarter of 2022, and it is currently in talks to obtain other business between the two contracts.

The backlog at the end of July was $380 million, with six of the company’s seven rigs at work.