Vantage Drilling Company Announces Contract Award

Vantage Drilling Company announced today a contract award for a drilling program in Southeast Asia consisting of two wells plus an option well. The anticipated duration of the first two wells is fourteen months. The contract is anticipated to commence in the third quarter 2011 utilizing the Topaz Driller, or alternatively the Emerald Driller or Aquamarine Driller. The actual rig assignment will be based on the best suited availability to maintain continuous work throughout the fleet. The rig will receive project specific upgrades before transit to the initial well location. Estimated revenues to be generated over the initial term of the contract are approximately $77.9 million, including customer reimbursement of upgrade costs.
Paul Bragg, President and Chief Executive Officer, commented, "The Vantage team is well-positioned to carry out challenging high-pressure/high-temperature well projects, such as this project for Total E&P Malaysia and Petronas, with our fleet of modern, high-specification rigs."
Source: Press release