Brazil Charges Former Vantage Drilling CEO with Corruption

BRASILIA, July 12 (Reuters) - Brazilian federal prosecutors on Thursday charged the former chief executive of U.S. oil services company Vantage Drilling with corruption and money laundering, accusing him of offering $31 million in bribes to public officials. Federal prosecutors said in a statement that the charges against former CEO Paul Bragg related to irregularities in a … [Read more...]

Vantage Drilling Bonds Plunge as Petrobras Cancels Deal Amid Bribe Probe

  By Sridhar Natarajan (Bloomberg) -- Bonds of Vantage Drilling Co. dropped as Petroleo Brasileiro SA terminated a $1.7 billion drill deal amid a bribery investigation. The deepwater-rig owner’s $1.1 billion of 7.5 percent secured bonds slid 5 cents to 42 cents on the dollar, according to Trace, the bond-price reporting system of the Financial Industry Regulatory … [Read more...]

Petrobras Cancels Vantage Drillship Contract Citing Breaches

  Houston-based Vantage Drilling says it has been notified by Petrobras terminating it's contract for the Titanium Explorer drillship. The 8-year contract for the drillship has been in place since February 2009 between Petrobras America, Inc. (PAI) and Petrobras Venezuela Investments & Services B.V. (PVIS) and Vantage Deepwater Drilling Company, a wholly-owned … [Read more...]

Vantage Drilling Drillship Cancelled at DSME

  Daewoo Shipbuilding & Marine Engineering Co., the world's number two shipbuilder, says it has cancelled a 703.4 billion won ($595 million) drillship order from a U.S. customer after the customer failed to make an interim payment. The cancellation was announced by DSME in a stock filing on Wednesday, which did not specify the client or drillship. The … [Read more...]

Vantage Drilling Invests in Drillship Joint Venture [UPDATE]

Vantage Drilling (NYSE: VTG) said Tuesday that the company has invested $31 million in a new joint venture established for the purpose of constructing a new, high specification drillship at STX Offshore & Shipbuilding Co. Ltd.'s yard in South Korea, with options for four more beyond that. For STX, this is huge news as the approximate value of the newbuild contract is USD … [Read more...]