Vantage to Provide Construction Management Services for Aker Drillships

Vantage has signed a definitive agreement to provide services related to design, construction and commissioning on behalf of Aker Drilling ASA ("Aker Drilling") of two Ultra deepwater drillships being built at Daewoo Shipbuilding & Marine Engineering Co., Ltd. ("DSME") shipyard in Okpo, Korea.

The high specification drillships of DSME design will be equipped for dual activity operations in water depths down to 12,000 feet and with drilling depths of 40,000 feet. Furthermore, Aker Drilling has options to construct two additional drillships at DSME and may elect to expand the supervision agreements to include these drillships.

Paul A. Bragg, the Company's Chairman and CEO, commented, "We are delighted that Aker Drilling has chosen the Vantage team to oversee their construction projects. We are excited to be involved with such vessels following the successful completion and delivery of our drillship, Platinum Explorer, and the ongoing construction supervision of the Dragonquest drillship at DSME."

Bill Thomson, the Company's Vice President of Assets and Engineering, added, "Our experience with the supervision of the two previous drillships at DSME has provided valuable experience. Our project team is outstanding and we are confident we can add value to the project."