Vantage Drilling Co. announced Thursday that it has priced its public offering of 48,387,000 of its ordinary shares at a price to the public of $1.55 per share. Vantage has also granted the underwriters an option exercisable for a period of 30 days to purchase up to an additional 7,258,050 ordinary shares to cover over-allotments, if any.
The closing of the offering is expected to occur on or about September 1, 2009, subject to customary closing conditions. Assuming no exercise of the underwriters' over-allotment option, Vantage expects to receive gross proceeds of approximately $75.0 million. Vantage intends to use proceeds from this offering, as well as the proceeds from the recently announced debt financing for its Aquamarine Driller, to finance the final construction payment for the Aquamarine Driller, and to use the remainder for general corporate purposes and working capital.
Johnson Rice & Company L.L.C. is acting as sole book-running manager for the offering.
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.
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