Sanctions sink Vantage drillship contract

A 260-day contract for 2010-built Platinum Explorer has been terminated due to economic sanctions, according to owner Vantage Drilling International.

“The termination is due to changes in economic sanctions applicable to the campaign, rendering the contract execution unlawful and therefore subject to termination,” said the drilling contractor in a press release on 19 October.

The termination came slightly more than a month after Vantage had announced it had entered a contract for the drillship Platinum Explorer, firming an earlier conditional letter of award. The contract involved operations for a 260-day campaign, inclusive of mobilisation and demobilisation time, which had been expected to start in Q1 2026.

While no further details were revealed, just days before the Vantage Drilling announcement, the UK targeted Russia’s two largest oil and gas companies, Lukoil and Rosneft, and 44 shadow fleet tankers with a new round of sanctions. Lukoil and Rosneft were designated for the first time to a full asset freeze under the UK’s Russia sanctions laws on 15 October.

Key economic sanctions against Russia by the EU, UK and US have targeted the country’s financial, energy and defence sectors. The economic measures are designed to hinder Russia’s ability to generate revenue to fund its war against Ukraine.

As of 21 October, Platinum Explorer was at anchorage in Singapore, according to vessel positioning service provider, Marine Traffic.