SOURCE: Vantage Drilling Company

March 24, 2011 18:44 ET

Vantage Drilling Company Announces Extension of Exchange Offer

HOUSTON, TX--(Marketwire - March 24, 2011) -  Vantage Drilling Company (the "Company") (NYSE Amex: VTG.U) (NYSE Amex: VTG) (NYSE Amex: VTG.WS) announced today that Offshore Group Investment Limited, a subsidiary of the Company, is extending the expiration date for its exchange offer (the "Exchange Offer") to exchange $1,000,000,000 aggregate principal amount of its 11½% Senior Secured First Lien Notes due 2015 (the "Exchange Notes"), which have been registered under the Securities Act of 1933, as amended, for any and all of its outstanding 11½% Senior Secured First Lien Notes due 2015 (the "Outstanding Notes"), to 5:00 p.m., New York City time, on March 30, 2011. The Exchange Offer is being conducted upon the terms and subject to the conditions set forth in the prospectus (the "Prospectus") and accompanying letter of transmittal (the "Letter of Transmittal") relating to the Exchange Offer.

Except as described herein, the terms of the Exchange Offer remain unchanged. Copies of the exchange offer documents can be obtained by contacting Wells Fargo Bank, N.A., the Exchange Agent for the Exchange Offer, at (800) 344-5128. The Prospectus and the Letter of Transmittal are also available free of charge at the SEC's website at Questions concerning the Exchange Offer may also be directed to the Exchange Agent at the above number.

This press release is not an offer to exchange the Exchange Notes, which may be made only pursuant to the terms of the Prospectus and Letter of Transmittal, each dated February 24, 2011, and related documents (as may be amended from time to time). These documents should be consulted for additional information regarding delivery procedures and the conditions of the exchange offer.

The Company, 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. The Company'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. The Company 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, the Company 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, as amended, and the Securities Exchange Act of 1934, as amended. 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 Information

  • For further information, contact:
    Paul A. Bragg
    Chairman and Chief Executive Officer
    (281) 404-4700