Aquadrill Announces Contract Awards for the Polaris and T-15
London, United Kingdom, May 31, 2022 - Aquadrill LLC ("Aquadrill” or the “Company") and a subsidiary of Vantage Drilling have reached an agreement to provide the Polaris, a 6th generation drillship, for a 9 month contract for operations in India with Oil and Natural Gas Corporation Limited.
The total contract value is expected to be approximately $66.5 million and work is expected to commence in Q4 2022 following relocation of the rig from Sri Lanka to Malaysia for reactivation, contract preparation and upgrades, including equipping the rig with the piping required for future use of a Managed Pressure Drilling system.
In addition, Aquadrill and a subsidiary of Energy Drilling Management have reached an agreement to provide the T-15, a tender assisted drilling barge, for a 5 month contract plus a three month priced optional period for operations in Thailand.
The total contract value of the firm portion of the contact is expected to be approximately $11.6 million and work is expected to commence in August 2022 following reactivation and contract preparation. In the event the optional period is exercised, the total additional contract value is expected to be approximately $5.4 million.
FORWARD LOOKING STATEMENTS
This news release includes forward looking statements. Such statements are generally not historical in nature, and specifically include statements about the Company's plans, strategies, business prospects, contracts, agreements, changes and trends in its business and the markets in which it operates. The duration, timing (including both starting and ending dates) and total contract value of customer contracts and any related agreements are estimates only. The actual total contract value over the course of any given contract or agreement may be lower and could be substantially lower, depending on a number of factors (cancellation, suspension, delays, rig downtime, etc.). These statements are made based upon management's current plans, expectations, assumptions and beliefs concerning future events impacting the Company and therefore involve a number of risks (some beyond the control of the Company), uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, which speak only as of the date of this news release. Consequently, no forward-looking statement can be guaranteed. When considering these forward looking statements, you should keep in mind the risks described from time to time in the Company's regulatory filings and periodic reporting. The Company undertakes no obligation to update any forward looking statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible for the Company to predict all of these factors. Further, the Company cannot assess the impact of each such factor on its business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward looking statement.