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Vantage Drilling commences operations for Tungsten Explorer, provides update

Vantage Drilling announced that the ultra-deepwater drillship, Tungsten Explorer, commenced initial operations in Southeast Asia on the morning of September 20. Vantage also announced that the Sapphire Driller has received a Letter of Intent for an eighteen month contract plus options to work in West Africa. This contract will replace the previously announced two-year Letter of Award, as Vantage was unable to satisfactorily resolve significant contract issues with the previous customer. The estimated revenue over the initial eighteen month term of the contract is approximately $100.4M, including mobilization. Vantage also noted that it is winding down its efforts with respect to construction oversight of the Dalian Developer, which Vantage has been providing at a shipyard in China on behalf of its customer. Vantage plans to provide additionally limited support, as necessary, and is to receive another six months of revenues from the project.