SOURCE: Vantage Drilling Company

May 03, 2013 19:38 ET

Vantage Drilling Company Announces Extension of Exchange Offer

HOUSTON, TX--(Marketwired - May 3, 2013) - Vantage Drilling Company (the "Company") (NYSE MKT: VTG) 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 $1,150,000,000 aggregate principal amount of its 7.5% Senior Secured First Lien Notes due 2019 (the "Exchange Notes"), which have been registered under the Securities Act of 1933, as amended, for any and all of its outstanding 7.5% Senior Secured First Lien Notes due 2019 (the "Outstanding Notes"), to 5:00 p.m., New York City time, on May 10, 2013. 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 Securities and Exchange Commission'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 April 3, 2013, 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.

About Vantage

Vantage, a Cayman Islands exempted company, is an offshore drilling contractor, with an owned fleet of two ultra-deepwater drillships, the Platinum Explorer and the Titanium Explorer, as well as an additional ultra-deepwater drillship, the Tungsten Explorer, now under construction, and four Baker Marine Pacific Class 375 ultra-premium jackup drilling rigs. 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 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

Certain statements contained in this news release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent Vantage's expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of Vantage's control, that could cause actual results to differ materially from the results discussed in the forward-looking statements, including, among other things, changing market conditions and Vantage's ability to complete the offering.

Any forward-looking statement speaks only as of the date on which such statement is made, and, except as required by law, Vantage does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time and it is not possible for management to predict all such factors.

Contact Information

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