Aquadrill and a subsidiary of Vantage Drilling have reached an agreement with ONGC to provide the Polaris, a sixth-generation drillship, for a nine-month contract for operations in India. 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 five-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.