Vantage Drilling Doubles Income with 1st Quarter Results

Vantage Drilling Company reported net income of $2.4 million or $0.03 per diluted share for the three months ended March 31, 2009 as compared to net income of $1.2 million or $0.03 per diluted share for the three months ended March 31, 2008.

Paul Bragg, President and Chief Executive Officer, commented, "The first quarter of 2009 was another period of milestone achievement for Vantage. Our first rig, the Emerald Driller, commenced operations in early February with outstanding start up performance. We were able to book significant additions to our contractual backlog and to increase the fleet of high-specification assets under our management and control. Summarizing several important accomplishments are the following:

  • -- Emerald Driller operating in Thailand achieved 99% plus productive
  • time in the quarter.
  • -- Launching of Aquamarine and Topaz Drillers.
  • -- Received notification of early June 2009 delivery of Sapphire Driller.
  • -- Signed $1.1 Billion 5-year contract for Platinum Explorer drillship.
  • -- Signed $1.6 Billion, 8-year contract for Titanium Explorer drillship.
  • -- Signed agreement to provide construction supervision, market and
  • operate deepwater semi-submersibles."

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