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 Invests in Drillship Joint Venture [UPDATE]](https://gcaptain.com/wp-content/uploads/2012/11/A1-207x125.jpg)
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...]
Mired in Debt, Vantage Drilling Reports Another Tough Quarter
In their recent SEC filing, Vantage Drilling Company (NYSE: VTG) reports carrying over $2 billion in long term debt, nearly double last year's figure due to the increase in their physical assets over the past year.  Interest and other financing charges are heavily contributing to their current loss of $10.0 million or ($0.03) per diluted share for the three months ended June … [Read more...]