Titanium Explorer Drillship Starts Petrobras Contract in U.S. Gulf
The ultra-deepwater drillship, Titanium Explorer, started its drilling contract with Brazil’s Petrobras in the U.S. Gulf of Mexico, on Friday, December 7.
The Titanium Explorer, formerly known as the Dragonquest, owned by Vantage Drilling, is contracted for eight years.
Under the contract, Brazilian-state controlled oil company Petrobras has the right to re-locate and utilize the Titanium Explorer on a worldwide basis. Expected revenues over the eight-year contract term, excluding revenues for mobilization of the rig and costs escalations, are approximately $1.6 billion.
The drillship is a self-propelled, dynamically positioned vessel suited for drilling in remote locations because of its mobility and large load carrying capacity. It is currently equipped for drilling in water depths up to 10,000 feet, and is designed to drill in water depths up to 12,000 feet.
Posted on December 9, 2012, in AMERICAS, Gulf of Mexico, North America, Oil & Gas - offshore, United States and tagged contract, deepwater, Drillship, Gulf, gulf of mexico, in, News, Petrobras, starts, titanium explorer, U.S, Vantage drilling. Bookmark the permalink. Comments Off on Titanium Explorer Drillship Starts Petrobras Contract in U.S. Gulf.