Vantage Drilling Company Announces Order for Ultra-Deepwater Drillship

Vantage Drilling Company VTG today announced that it has entered into an agreement with Daewoo Shipbuilding and Marine Engineering Co., Ltd to construct an ultra-deepwater drillship further expanding the Company's ultra-deepwater drilling fleet. The Company plans to name the drillship Tungsten Explorer. The agreement is a fixed price turnkey contract for the construction of the drillship with a scheduled delivery date of May 31, 2013. The cost of the Tungsten Explorer, including all project management, commissioning, spares, pre-delivery crew costs and inventory is estimated to be approximately $580 to $590 million. The Company has also obtained a fixed price option for the purchase of an additional drillship.