Vantage Drilling Proposes Public Offering
Vantage Drilling Co. announced Thursday that it intends to offer, subject to market and other conditions, 27,100,000 of its ordinary shares.
In connection with this offering, Vantage will grant the underwriters an option to purchase 4,065,000 additional ordinary shares to cover any over-allotments. Vantage intends to use proceeds from this offering for working capital and for general corporate purposes.
Johnson Rice & Company L.L.C. and Pareto Securities Inc. will act as joint book-running managers 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.