Vantage Drilling Company Announces Updates for Sapphire Driller and Platinum Explorer
December 21 2010 - 5:49PM
Marketwired
Vantage Drilling Company ("Vantage") (NYSE Amex: VTG.U) (NYSE Amex:
VTG) (NYSE Amex: VTG.WS) announced today that its customer for the
Sapphire Driller has advised Vantage that it believes the current
political disruptions in Côte d'Ivoire constitute a force majeure
event under the drilling contract. The Sapphire Driller has just
completed its work offshore Gabon and was preparing to mobilize to
Côte d'Ivoire when Vantage was informed that the customer would not
provide the necessary logistics support to allow Vantage to
mobilize to the initial well location. Vantage is working with this
customer to evaluate alternatives. However, Vantage intends to
vigorously preserve and defend its rights under the drilling
contract.
Paul Bragg, Chairman and Chief Executive Officer, commented,
"The recent developments in the Ivory Coast are unfortunate and we
hope that they are quickly resolved. We are monitoring the
situation closely and we are discussing other near-term contract
opportunities. We are hopeful that there will be little idle time
for the Sapphire Driller."
Vantage also announced that the Platinum Explorer has cleared
customs and navy inspection. The drillship is currently preparing
to mobilize to its first well location. Mr. Bragg commented, "We
are very pleased to be in India and the ship is progressing ahead
of plans. We anticipate arriving on the first well location within
a week."
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.
Contact: Paul A. Bragg Chairman and Chief Executive Officer
(281) 404-4700
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