Vantage Drilling Company Announces Updates for Jackup Fleet
January 11 2011 - 4:16PM
Marketwired
Vantage Drilling Company ("Vantage") (NYSE Amex: VTG.U) (NYSE Amex:
VTG) (NYSE Amex: VTG.WS) announced today that it has entered into a
letter of intent for the Sapphire Driller, subject to final
customer approval for a three well drilling program in West Africa,
with an option for a fourth well. The anticipated duration of the
contract is for four months with operations commencing as soon as
the Sapphire Driller can be mobilized to the new drilling location.
Estimated revenues to be generated over the initial term of the
contract are approximately $15.2 million.
Vantage has also entered into a contract amendment with its
customer in Côte d'Ivoire providing the customer the option to
reinstate the existing contract for the Sapphire Driller once
political conditions in Côte d'Ivoire improve. The customer must
exercise the option before April 15, 2011.
Our customer for the Aquamarine Driller operating in the
Philippines has announced the abandonment of its current well
program and given Vantage a 90 day notice of termination as
provided for under the contract. Vantage is currently working with
customers on other near-term contract opportunities.
Our customer for the Topaz Driller has exercised the option for
an additional well which we anticipate will keep the rig operating
in Vietnam until June 2011. Following the completion of this
contract, we anticipate that the rig will enter the shipyard for
upgrades before starting the previously announced two well program
in Malaysia.
Paul Bragg, President and Chief Executive Officer, commented,
"We are happy to have quickly resolved the issues for the Sapphire
Driller and to get the rig back to operations as quickly as
possible. While we are disappointed that our customer in the
Philippines was unable to continue with the current drilling
program, we wish them continued success in their efforts and look
forward to working with them in the future. With the continued
strength in the high-specification jackup market, we are evaluating
alternative work and believe we will be able to contract the
Aquamarine Driller during the 90 day notice period."
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 seven 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.
For further information, contact: Paul A. Bragg Chairman and
Chief Executive Officer (281) 404-4700
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