HOUSTON, March 19, 2021 (GLOBE NEWSWIRE) -- Vantage Drilling International (“Vantage”), announced today, that it has entered into a Framework Agreement and related Management and Marketing Agreements with Seadrill Partners LLC (“Seadrill Partners”) under which Vantage’s subsidiaries will provide operating, management and marketing services to Seadrill Partners and its subsidiaries in respect of four of their deepwater floaters, which include the drillships: the West Polaris and the West Capella, and the semisubmersibles: the West Leo and the West Sirius. The U.S. Bankruptcy Court - Southern District of Texas reviewed and approved the Framework Agreement and related agreements on March 18, 2021.
John Roche, Seadrill Partner’s Chief Executive Officer, commented, “The floaters to be managed, operated and marketed by Vantage have played an important role in our fleet, and we are pleased to entrust these assets to Vantage. We believe Vantage’s strong track record and reputation for safe and efficient operations will position our assets to secure new contracts and maximize value for our customers and stakeholders.”
Ihab Toma, Vantage’s Chief Executive Officer, commented, “We are very pleased to have reached an agreement with Seadrill Partners to manage, operate and market certain of their deepwater floaters. This agreement is a testament to the confidence that owners and customers place in Vantage. We are excited to have the opportunity to collaborate with Seadrill Partners and intend to leverage our management platform to bring first-class operational performance and efficiency to our client’s fleet. We take very seriously the trust Seadrill Partners have placed in Vantage and we look forward to putting their rigs to work in the most safe and efficient manner, while leveraging the stellar track record of these deepwater floaters.”
Vantage Drilling International, a Cayman Islands exempted company, is an offshore drilling contractor, with a fleet of two ultra-deepwater drillships, and five 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 globally for major, national and independent oil and gas companies. Vantage also markets, operates and provides management services in respect of, drilling units owned by others.
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. Vantage disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.
Public & Investor Relations Contact:
Douglas E. Stewart
Chief Financial Officer & General Counsel
Vantage Drilling International
(281) 404-4700
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