Vantage Drilling Company Announces Contract Award
December 14 2010 - 7:37AM
Marketwired
Vantage Drilling Company ("Vantage") (NYSE Amex: VTG.U) (NYSE Amex:
VTG) (NYSE Amex: VTG.WS) announced today a contract award for a
drilling program in Southeast Asia consisting of two wells plus an
option well. The anticipated duration of the first two wells is
fourteen months. The contract is anticipated to commence in the
third quarter 2011 utilizing the Topaz Driller, or alternatively
the Emerald Driller or Aquamarine Driller. The actual rig
assignment will be based on the best suited availability to
maintain continuous work throughout the fleet. The rig will receive
project specific upgrades before transit to the initial well
location. Estimated revenues to be generated over the initial term
of the contract are approximately $77.9 million, including customer
reimbursement of upgrade costs.
Paul Bragg, President and Chief Executive Officer, commented,
"The Vantage team is well-positioned to carry out challenging
high-pressure/high-temperature well projects, such as this project
for Total E&P Malaysia and Petronas, with our fleet of modern,
high-specification rigs."
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 eight 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.
Paul A. Bragg Chairman and Chief Executive Officer (281)
404-4700
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