Vantage Prices Offering of Senior Secured Notes

Vantage announced that its wholly-owned subsidiary Offshore Group Investment has priced an offering of $1.0 billion aggregate principal amount of 11.500% Senior Secured First Lien Notes due 2015 (the "Offering"). The notes will be issued at a price equal to 96.361% of their face value. The notes will be fully and unconditionally guaranteed on a senior secured basis by Vantage and certain of its existing and future subsidiaries, including the subsidiaries of the Issuer. Concurrently with the pricing of this offering, Vantage announced today that it has priced its public offering of 45,454,545 of its ordinary shares at a price to the public of $1.10 per share.

The closing of the Offering is expected to occur on or about July 30, 2010, subject to the closing of Vantage's previously announced acquisition from F3 Capital of the 55% interest in Mandarin Drilling Corporation (the owner of the construction contract for the Platinum Explorer) that Vantage does not own (the "Acquisition"), and other customary closing conditions. The net proceeds from these concurrent offerings, if completed, are expected to be used to fund the Acquisition, to fund the remaining construction payments for the Platinum Explorer, to refinance certain of its outstanding indebtedness, including the 13 1/2% Senior Secured Notes issued by P2021 Rig. Co, a wholly-owned subsidiary of Vantage, and its existing credit facility, and for general corporate purposes.

The notes have not been, and will not be, registered under the Securities Act of 1933, as amended, or applicable state securities laws, and may not be offered or sold in the United States without registration or an applicable exemption from the registration requirements of the Securities Act. The notes will be offered only to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to persons outside the United States pursuant to Regulation S. Unless so registered, the notes may not be offered or sold in the United States except pursuant to an exemption under the Securities Act and applicable state securities laws.