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News Breaks
January 22, 2013
07:10 EDTVTGVantage Drilling received letter of award for Tungsten Explorer
Vantage Drilling announced that it has received a conditional letter of award for its newbuild drillship the Tungsten Explorer to work in West Africa. The award is for a period of up to four years commencing in mid 2014. The contract has a minimum duration of two years, while the customer has four six-month options to extend the contract. The letter of award is subject to customary conditions including negotiating the final terms of the contract which is anticipated to be completed in Q1. The estimated revenue over the initial two year firm period of the contract is approximately $468M, including mobilization.
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July 2, 2015
15:19 EDTVTGVantage challenges allegations of ties to arrest of former Petrobras director
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June 22, 2015
16:41 EDTVTGVantage Drilling retains Lazard to advise on financing, strategic opportunities
Vantage Drilling announced that it has retained Lazard Freres & Co to advise the company with respect to financing and strategic opportunities. The Board of Directors has retained Lazard to evaluate financing opportunities, strengthen and expand management's analysis of the changing marketplace and provide an independent resource for evaluating the company's strategic plans. The outcome of this process cannot be determined at this time and may not be determined in the near term. The company does not anticipate disclosure of developments concerning this process until the company determines that disclosure is necessary or appropriate. Paul Bragg, Chairman and CEO, commented, "Over the past year and a half, our strong operating performance has allowed us to maintain our commitment to the retirement of debt, resulting in the repayment of over $300M of outstanding debt. In accordance with this strategy, we have continued to retire debt during the second quarter, and anticipate that we will continue to opportunistically repurchase debt going forward. Given that our debt continues to trade well below its face value, we have retained Lazard to explore alternatives to take advantage of what we view as a current market opportunity for the near and long term benefit of the company."

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