The World's Largest Drillship
Vantage Drilling Company Announces Agreement to Manage the Construction and Marketing of the Dalian Developer 21, 2010 – Vantage Drilling Company (“Vantage, or the “Company”) (NYSE Amex: VTG.U) (NYSE Amex: VTG) (NYSE Amex: VTG.WS) today announced that it has signed a definitive agreement to supervise and manage the construction and marketing of the Ultra-Deepwater Drillship/FPSO, the “Dalian Developer” (previously known as MPF-01). Dalian Deepwater Developer LTD (DDD) has awarded the Company a management agreement to supervise and manage the construction, commissioning and marketing of the Dalian Developer. The Dalian Developer, which will be the world’s largest drillship, is capable of operating both as a drillship and is upgradeable to incorporate extended well testing and production. The drillship is capable of drilling in water depths up to 10,000 ft. with a maximum drilling depth of 30,000 ft. For extended well testing and production, the vessel, with its extensive deck space and large variable deck load capacity, is designed to accommodate process facilities and the hull is capable of storing up to 1 million barrels of oil. Pursuant to the management agreement, Vantage will receive from DDD management fees and reimbursable costs during the construction phase of the project.
Company, the Company’s industry, management’s beliefs and certain assumptions made by management. Whenever possible, the Company 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 may differ materially from the results expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include competitive factors in the markets in which the Company operates, risks associated with operating internationally in the marine construction industry and other factors listed in the Company’s filings with the Securities and Exchange Commission. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Unless otherwise required by law, the Company 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.
- DALIAN DEVELOPER DRILLSHIP SPECIFICATIONS
