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Vantage Drilling extends conditional agreement for the Platinum Explorer rig

Vantage Drilling International Ltd. extends the validity of its conditional letter of award until August 29, without changes to the initial terms.

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Vantage Drilling International Ltd., a service provider in the offshore oil sector, confirmed a further extension of the conditional letter of award concerning the Platinum Explorer rig. This letter, initially issued on April 23, 2025, had already been extended for 30 days on July 22, 2025.

The company stated that the letter will now remain valid until August 29, 2025. No modifications have been made to the existing terms and conditions. The agreement relates to a drilling project, but no details have been released regarding operations or potential partners involved.

Regulatory communication and legal framework

According to the information provided, this update constitutes inside information under the Market Abuse Regulation (MAR), the European regulation on market abuse. It is also subject to the publication requirements outlined in Section 5-12 of the Norwegian Securities Trading Act.

The disclosure of this information was made by Alaric Harrell, Chief Accounting Officer of Vantage Drilling International Ltd., in line with the transparency obligations imposed on listed companies.

Contractual stability and absence of revised terms

The unchanged contractual conditions may indicate an intention to continue discussions within a predefined framework. No timeline for finalization has been specified. The Platinum Explorer rig is employed for deepwater drilling operations, but no technical specifications were detailed in this context.

The company’s communications did not provide any additional information regarding contracting parties, potential operating areas, or contract objectives beyond the extension of the letter’s validity.

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