SOURCE: Vantage Drilling Company

January 21, 2011 18:08 ET

Vantage Drilling Company Announces Voluntary Cancellation of Stock Options

HOUSTON, TX--(Marketwire - January 21, 2011) - Vantage Drilling Company (the "Company") (NYSE Amex: VTG.U) (NYSE Amex: VTG) (NYSE Amex: VTG.WS) today announced that certain senior members of the Company's management team have voluntarily agreed to the cancellation of their stock options.

Options to acquire an aggregate of approximately 1.1 million of the Company's ordinary shares were voluntarily surrendered for cancellation. Following this cancellation there will be a total of 1.1 million shares available for issuance under the Company's 2007 Long-term Incentive Compensation Plan. 

Paul A. Bragg, the Company's Chairman and Chief Executive Officer, said, "We were very disappointed that shareholders did not approve an increase in the number of ordinary shares authorized for issuance under the Company's long-term compensation plan. The Company's senior management team recognizes how critical it is to the continued development of the Company to be able to use equity incentives to attract and retain highly qualified personnel, so we decided to voluntarily agree to cancel, without any consideration, stock options that were previously granted to us so that the Company will be able to continue to make awards to non-executive employees."

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