Thursday, March 22, 2012

Vantage buys new drillship



Vantage Drilling has agreed to acquire a drillship newbuilding from its majority shareholder Nobu Su.

The US-listed company is to pay $164m to acquire the construction contract for the deepwater drillship Dragonquest.

Upon closing of the deal Vantage will be responsible for funding the remaining construction-related payments of $800m.

The Dragonquest is under construction at Daewoo Shipbuilding & Marine Engineering and is due to be delivered in April.

The drillship is owned by a Cayman Islands-registered affiliate of F3 Capital, which is controlled by the Taiwanese shipowner.

Vantage chief executive Paul Bragg said the company expects to complete the acquisition and take delivery of the rig in the coming weeks.



Published : March 22, 2012

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