Vantage Drilling Company Announces Agreement to Provide Construction Management Services for Two Aker Drilling Ultra Deepwater D
11 March 2011 - 1:15AM
Marketwired
Vantage Drilling Company ("Vantage, or the "Company") (NYSE Amex:
VTG.U) (NYSE Amex: VTG) (NYSE Amex: VTG.WS) today announced that it
has signed a definitive agreement to provide services related to
design, construction and commissioning on behalf of Aker Drilling
ASA ("Aker Drilling") of two Ultra deepwater drillships being built
at Daewoo Shipbuilding & Marine Engineering Co., Ltd. ("DSME")
shipyard in Okpo, Korea.
The high specification drillships of DSME design will be
equipped for dual activity operations in water depths down to
12,000 feet and with drilling depths of 40,000 feet. Furthermore,
Aker Drilling has options to construct two additional drillships at
DSME and may elect to expand the supervision agreements to include
these drillships.
Paul A. Bragg, the Company's Chairman and CEO, commented, "We
are delighted that Aker Drilling has chosen the Vantage team to
oversee their construction projects. We are excited to be involved
with such vessels following the successful completion and delivery
of our drillship, Platinum Explorer, and the ongoing construction
supervision of the Dragonquest drillship at DSME."
Bill Thomson, the Company's Vice President of Assets and
Engineering, added, "Our experience with the supervision of the two
previous drillships at DSME has provided valuable experience. Our
project team is outstanding and we are confident we can add value
to the project."
About the Company Vantage is an
international offshore drilling company focused on operating a
fleet of high specification drilling units. Vantage's principal
business is to contract drilling units, related equipment and work
crews primarily on a day rate basis to drill oil and natural gas
wells for our customers. 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.
Forward-Looking Statements This press
release contains "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995 concerning
future events, including, but not limited to, the completion of the
acquisition of Mandarin, the Company's growth strategy and measures
to implement such strategy. These forward-looking statements are
based on current expectations, estimates and projections about the
Company, the Company's industry, management's beliefs and certain
assumptions made by management. Whenever possible, the Company has
identified these "forward-looking statements" by words such as
"expects," "believes," "anticipates" and similar phrases. Readers
are cautioned that any such forward-looking statements are not
guarantees of future performance and are subject to certain risks,
uncertainties and assumptions that are difficult to predict.
Because such statements involve risks and uncertainties, the actual
results and performance may differ materially from the results
expressed or implied by such forward-looking statements. Factors
that could cause actual results to differ materially include
competitive factors in the markets in which the Company operates,
risks associated with operating internationally in the marine
construction industry and other factors listed in the Company's
filings with the Securities and Exchange Commission. Given these
uncertainties, readers are cautioned not to place undue reliance on
such forward-looking statements. Unless otherwise required by law,
the Company disclaims any obligation to update its view of any such
risks or uncertainties or to announce publicly the result of any
revisions to the forward-looking statements made here.
For further information, contact: Paul A. Bragg Chairman and
Chief Executive Officer (281) 404-4700
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