Contact Information: For further information, contact: Paul A. Bragg Chairman and Chief Executive Officer (281) 404-4700
Vantage Drilling Company Announces Pricing of Public Offering of Ordinary Shares
| Source: Vantage Drilling Company
HOUSTON, TX--(Marketwire - January 21, 2010) - Vantage Drilling Company ("Vantage") (NYSE Amex : VTG.U ) (NYSE Amex : VTG ) (NYSE Amex : VTG.WS ) announced today that it
has priced its public offering of 30,000,000 of its ordinary shares at a
price to the public of $1.49 per share. Vantage has also granted the
underwriters an option exercisable for a period of 30 days to purchase up
to an additional 4,500,000 ordinary shares to cover over-allotments, if
any.
The closing of the offering is expected to occur on or about January 27,
2010, subject to customary closing conditions. Assuming no exercise of the
underwriters' over-allotment option, Vantage expects to receive gross
proceeds of approximately $44.7 million. 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. are acting 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.