Daewoo Shipbuilding & Marine Engineering announced through its regulatory filing on July 19 that the Korean shipbuilding conglomerate had inked a contract for construction of KRW 665.3bn ($595m) drillship from the US-based owner on July 18.
The US-based owner, Vantage Drilling released a regulatory filing through the US Securities and Exchange Commission (SEC) on July 10 that the company had signed a drillship construction contract with Daewoo.
Delivery is planned by August 31, 2015, and the owner will fund the initial $59.5m payment to the shipyard.
Named 'Cobalt Explorer', the high-specification drillship is capable of drilling to 40,000 feet in water depths of up to 12,000 feet.
The builder said the contract value approximates to 4.7% of its revenue recorded from last year.