France based oil and gas company ‘Total’ exercised a one year option to keep Emerald Driller in Qatar and decided to explore more hydrocarbons in the Persian gulf
Vantage Drilling International announces that, its client ‘Total’ has exercised a one year option on the existing contract for the
375 designed, 2008 PPL Shipyard built jack-up rig ‘Emerald Driller’ in Qatar.
Extension term will commence in direct continuation of previously signed a two year contract signed in Nov 2017, pushing the contractual term into Q2 2020 and includes an additional option year.
Earlier in July, Qatar North Oil Company also extends JDC rigs contract for Al Shaheen Field for one year, and partner with Total in this field.
As we reported earlier that, Vantage Drilling is losing grip with a net loss attributable to controlling interest of approximately $47.9 million or $9.58 per share for the three months ended March 31, 2019. This contract will definitely be helpful in adding some backlog in the kitty.
Qatar is a Global leading exporter of LNG, while at the same time Total also emerges as 2nd largest private Global LNG Player upon acquisition of Anadarko’s Shareholding in Mozambique LNG, recently.
Total signed an agreement with Qatar Petroleum, granting the Group a 30% interest in the concession covering the offshore Al-Shaheen oil field for a period of 25 years beginning July 14, 2017.
The Al-Shaheen field began production in 1994. The existing development consists of 30 platforms and 300 wells, and production from the field represents about half of Qatar’s oil production.
Moreover, on the 1st of May, QP awarded contracts for a total of eight offshore Jack-up Drilling Rigs required for the North Field Expansion Project, which brought Seadrill and Gulf Drilling International close together and joins forces to form “GulfDrill’ for QP Drilling Contracts.
US based Vantage Drilling International was formed in 2007 is an offshore drilling contractor that owned and managed a fleet currently consists of three ultra-deep-water Drillships and four premium BMC 375 Jackups, also, provide construction management services for two ultra-deep-water drillships.