Vantage Drilling Announces the Commencement of Operations for the Platinum Explorer
December 29 2010 - 6:42PM
Marketwired
Vantage Drilling Company ("Vantage" or, the "Company") (NYSE Amex:
VTG.U) (NYSE Amex: VTG) (NYSE Amex: VTG.WS) is pleased to announce
that the ultra-deepwater drillship, Platinum Explorer, commenced
operations for Oil & Natural Gas Corporation Limited (ONGC) in
India today. The Platinum Explorer is contracted for five years
with corresponding estimated revenues of approximately $1.1
billion.
Paul Bragg, Chairman and Chief Executive Officer, commented, "I
congratulate our team and partners for outstanding performance,
exceeding expectations, getting the Platinum Explorer on contract
timely. We greatly appreciate the support of ONGC in preparation
for and acceptance of Platinum Explorer. This is the culmination of
nearly three years of coordinated efforts between our operations,
engineering and project teams, along with the shipyard -- DSME, our
venders and ONGC. We look forward to the next five years of safe
operations and drilling excellence."
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.
For further information, contact: Paul A. Bragg Chairman and
Chief Executive Officer (281) 404-4700
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