Vantage Drilling Company to Manage the Construction and Marketing of Dalian Developer

Vantage Drilling Company 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.

About the Company

Vantage is an international offshore drilling company focused on operating a fleet of high specification drilling units. Vantage’s principal business is to contract drilling units, related equipment and work crews primarily on a day rate basis to drill oil and natural gas wells for our customers. Vantage also provides construction supervision services for, and will operate and manage, drilling units owned by others. Through its fleet of eight 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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Source: Vantagedrilling, July 21, 2010: