Contact Information: For further information, contact: Paul A. Bragg Chairman and Chief Executive Officer (281) 404-4700
Vantage Drilling Company Announces Proposed Public Offering of Ordinary Shares
| Source: Vantage Drilling Company
HOUSTON, TX--(Marketwire - January 14, 2010) - Vantage Drilling Company ("Vantage") (NYSE Amex : VTG.U ) (NYSE Amex : VTG ) (NYSE Amex : VTG.WS ) announced today that it
intends to offer, subject to market and other conditions, 27,100,000 of its
ordinary shares. In connection with this offering, Vantage will grant the
underwriters an option to purchase 4,065,000 additional ordinary shares to
cover any over-allotments. Vantage intends to use proceeds from this
offering for working capital and for general corporate purposes.
Johnson Rice & Company L.L.C. and Pareto Securities Inc. will act as joint
book-running managers for the offering. The offering will be made under
Vantage's effective shelf registration statement previously filed with the
Securities and Exchange Commission (the "SEC"). Prospective investors
should read the preliminary prospectus supplement and the shelf
registration statement for more complete information about Vantage and the
offering. Copies of the preliminary prospectus supplement and the
accompanying prospectus and, when available, copies of the final prospectus
supplement will be available on the SEC's website, www.sec.gov, and by
contacting Johnson Rice & Company L.L.C., at 639 Loyola Avenue, Suite 2775,
New Orleans, Louisiana 70113, or by phone at (504) 525-3767, or by
contacting Pareto Securities Inc. at 150 East 52nd Street, 29th Floor, New
York, New York 10022, or by phone at (212) 829-4201.
This news release does not constitute an offer to sell or solicitation of
an offer to buy any security, nor will there be any sale of such security
in any jurisdiction in which such offer, sale or solicitation would be
unlawful prior to registration or qualification under the securities laws
of any such jurisdiction. The offering may be made only by means of a
prospectus supplement and related base prospectus.
About the Company
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 nine 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.
Forward-Looking Statements
Certain statements contained in this news release constitute
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements are based
on current expectations, estimates and projections about Vantage, Vantage's
industry, management's beliefs and certain assumptions made by management.
Whenever possible, Vantage has identified these "forward-looking
statements" by words such as "expects," "believes," "anticipates" and
similar phrases. Readers are cautioned that any such forward-looking
statements are not guarantees of future performance and are subject to
certain risks, uncertainties and assumptions that are difficult to predict.
Because such statements involve risks and uncertainties, the actual results
and performance of Vantage may differ materially from the results expressed
or implied by such forward-looking statements. Given these uncertainties,
readers are cautioned not to place undue reliance on such forward-looking
statements. Unless otherwise required by law, Vantage also disclaims any
obligation to update its view of any such risks or uncertainties or to
announce publicly the result of any revisions to the forward-looking
statements made here.