Vantage Reports on LOI for Ultra-Premium Jackup

Vantage announced the signing of a letter of intent for a drilling contract for one of its ultra-premium jackup rigs.

The award is for a four well program in West Africa with an estimated duration of five months commencing in December 2009. The operator will also have options for two additional wells. The estimated revenue over the initial term of the contract is approximately $17.3 million.

The Baker Marine Pacific Class 375 jackup rig is an independent leg, cantilever, non-harsh environment jackup with a drilling depth of approximately 30,000 feet and is capable of operating in water depths up to 375 feet.