Start-Up Of Tungsten Explorer To Double Vantage Drilling's Cash Flow
In September 2013, Vantage Drilling's (VTG) newest rig, Tungsten Explorer, began operating in Southeast Asia for Petronas Cargali at a very high dayrate of $750,000. This rig will prove to be accretive to Vantage Drilling's fourth quarter revenue and cash flow just as it did (to a limited extent) in the third quarter. In fact, it will be even more accretive to the company's fourth quarter results than it was to the third since it will spend a greater percentage of its time in actual operations during the quarter than in the previous one and rigs are compensated based on the amount of time that they spend in operation. This will prove to be very good for both the company and its shareholders due to the substantial impact that the rig will have on Vantage Drilling's earnings.
The Tungsten Explorer is one of the most modern and technically-sophisticated ultra-deepwater drillships in existence today. Tungsten Explorer is brand-new, having left the Daewoo Shipyard in South Korea in 2013, and is built using the Daewoo Shipbuilding DSME 12000 design. As the name would indicate, the rig is capable of operating in up to 12,000 feet of water and is capable of drilling wells up to 40,000 feet deep. This makes the rig easily the equal of nearly any rig in operation today.
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