Vantage Drilling Company Announces Delivery and Sailing of Platinum Explorer Drillship
November 16 2010 - 5:07PM
Marketwired
Vantage Drilling Company ("Vantage" or, the "Company") (NYSE Amex:
VTG.U) (NYSE Amex: VTG) (NYSE Amex: VTG.WS) is pleased to announce
that it has taken delivery of the ultra-deepwater drillship, the
Platinum Explorer, from Daewoo Shipbuilding and Marine Engineering
Co. Ltd. in South Korea. The vessel has set sail from the shipyard
in transit to India to commence a five year contract with Oil &
Natural Gas Corporation Limited.
Paul Bragg, Chairman and Chief Executive Officer of Vantage,
commented, "We have taken delivery of Platinum Explorer on time and
budget, and have begun the maiden voyage to India to commence the
contract there, starting around yearend. This is a huge milestone
for Vantage, as we have now completed construction of the fleet
orders that we acquired two years ago. Our jackups have enjoyed
full utilization and high operating efficiency since commencement
of operations. We are well prepared to start work with Platinum
Explorer, and having her in service will result in more than
doubling of our ongoing rig cashflows."
Vantage, a Cayman Islands exempted company, is an offshore
drilling contractor, with an owned fleet of four Baker Marine
Pacific Class 375 ultra-premium jackup drilling rigs and one
ultra-deepwater drillship, the Platinum Explorer. Vantage's primary
business is to contract drilling units, related equipment and work
crews primarily on a dayrate basis to drill oil and natural gas
wells. Vantage also provides construction supervision services for,
and will operate and manage, drilling units owned by others.
Through its fleet of nine owned and managed drilling units, Vantage
is a provider of offshore contract drilling services globally to
major, national and large independent oil and natural gas
companies.
The information above includes forward-looking statements within
the meaning of the Securities Act of 1933 and the Securities
Exchange Act of 1934. These forward-looking statements are subject
to certain risks, uncertainties and assumptions identified above or
as disclosed from time to time in the company's filings with the
Securities and Exchange Commission. As a result of these factors,
actual results may differ materially from those indicated or
implied by such forward-looking statements.
Contact: Public & Investor Relations Contact: Paul A. Bragg
Chairman & Chief Executive Officer Vantage Drilling Company
(281) 404-4700
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