HOUSTON, TX--(Marketwire - November 18, 2008) - Vantage Drilling Company ("Vantage") (
Paul Bragg, President and Chief Executive Officer, commented, "We are fortunate to have a strong partner and lead shareholder in TMT. This agreement completes the funding of the Platinum Explorer construction project until the delivery of the rig in late 2010."
In connection with the new agreement, Vantage has agreed to enter into shipyard oversight, management and marketing agreements with Mandarin for the Platinum Explorer and with TMT for the two other drillships wholly owned by TMT, the Titanium Explorer and TMT#3. The final terms of these agreements are subject to final negotiation.
Vantage, a Cayman Islands exempted company, is an offshore drilling contractor, with four Baker Marine Pacific Class 375 ultra-premium jackup drilling rigs and an ultra deepwater drillship, the Platinum Explorer, currently under development.
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.
Contact Information: Public & Investor Relations Contact: Paul A. Bragg Chairman and Chief Executive Officer Vantage Drilling Company (281) 404-4700