Vantage Drilling Company announces that SeaDragon Offshore Limited has awarded the Company a management agreement for the Oban B. SeaDragon may extend the agreement to include its second unit as well. The rigs are capable of drilling in water depths up to 10,000 ft. with a maximum drilling depth of 30,000 ft.
Pursuant to the management agreement, Vantage will receive from SeaDragon management fees during the construction phase of the project plus performance based completion incentives. During the operations phase, Vantage will receive fixed and variable daily fees.
Paul Bragg, Chairman and Chief Executive Officer of Vantage, commented, "This is an excellent opportunity for us to leverage the considerable expertise and experience of our operations team and to expand our exposure to the deepwater market. "
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