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Vantage Reports Net Loss of USD 10 Mln

Vantage Reports Net Loss of USD 10 Mln| Offshore Energy Today

Vantage Drilling, a Cayman Islands exempted offshore drilling contractor, reports a net loss of $10.0 million or ($0.03) per diluted share for the three months ended June 30, 2012 as compared to a net loss of $40.1 million or ($0.14) per diluted share for the three months ended June 30, 2011.

Vantage Reports Net Loss of USD 10 Mln| Offshore Energy Today.

USA: Vantage Drilling Buys Dragonquest Drillship

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Vantage Drilling Company has signed a definitive agreement to acquire the rights and obligations under the construction contract for the ultra-deepwater drillship known as Dragonquest from Valencia Drilling Corporation, a Marshall Islands corporation for a purchase price of approximately $164 million.

Upon closing of this transaction the Company will be responsible for funding the remaining construction-related payments for the Dragonquest. In addition, Vantage has agreed to pay up to $5 million of Valencia’s costs and expenses at closing. The closing of the acquisition is subject to specified closing conditions.

The Dragonquest was constructed at Daewoo Shipbuilding & Marine Engineering Co., Ltd. (“DSME”) in Okpo, Korea. Construction has been completed on the vessel, and upon delivery of the Dragonquest and the closing of the transaction, Vantage will be required to make expenditures for the final construction payment, project costs, equipment, and spares, and the total delivered, in-service cost of the project, including the purchase price under the agreement with Valencia, totaling approximately $800 million. The closing of the transaction and the delivery of the Dragonquest are currently expected to take place in April 2012.

Paul A. Bragg, the Company’s Chairman and CEO, commented, “We are excited to acquire the Dragonquest as we continue to build one of the most modern and technologically advanced offshore drilling fleets in the world, and expect to complete the acquisition and take delivery of the rig in the coming weeks.

“We have managed the project since its inception in 2008, so we have the highest confidence in the quality and capabilities of the asset we are buying.”

Upon delivery, the Dragonquest is expected to be deployed in the U.S. Gulf of Mexico, pursuant to an eight-year contract with Petrobras. Bragg continued, “Beginning in the third quarter of 2012, we expect the Dragonquest to generate $140 to $150 million of EBITDA per year or approximately $1.2 billion over the life of this contract.”

The Dragonquest is equipped for drilling in water depths of up to 10,000 feet, with a total vertical drilling depth capacity of up to 40,000 feet. The Dragonquest’s hull design has a variable deck load of approximately 20,000 tons and measures 781 feet long by 137 feet wide.

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USA: Vantage Drilling Reports Record Revenues

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Offshore drilling contractor, Vantage Drilling Company, reports a net loss of $9.3 million for the 4th quarter, 2011 as compared to a net loss of $13.0 million for the 4th quarter, 2010.

Net loss for the full year, 2011 was $54.8 million, excluding approximately $25.2 million of charges for the early retirement of debt as compared to a loss of $19.8 million in the prior year period, excluding approximately $27.8 million of acquisition and refinancing charges. Including the acquisition and refinancing charges, Vantage reported a net loss $80.0 million for the full year 2011 as compared to a net loss of $47.6 million in 2010.

The company reported record revenues of $485 million for full year 2011 compared to $278 million in 2010.

Paul Bragg, Chairman and Chief Executive Officer, commented, “We are very pleased to announce record annual revenues and income from operations. Vantage continues to deliver operational excellence. Our jackup fleet had outstanding productive time for the year in excess of 99% and the Platinum Explorer completed its initial year of operations with productive time in excess of 92%. Market conditions are improving, particularly for new, modern rigs like ours.”

Vantage, 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 the ultra-deepwater drillship, the Platinum Explorer, as well as an additional ultra-deepwater drillship, the Tungsten Explorer, now under construction. 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 and managed drilling units, Vantage is a provider of offshore contract drilling services globally to major, national and large independent oil and natural gas companies.

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