Vantage takes over Dragonquest deepwater drillship

Offshore staff

HOUSTON – Vantage Drilling Co. (NYSE Amex: VTG) has agreed to acquire the ultra-deepwater drillship Dragonquest from Valencia Drilling Corp. for $164 million.

Daewoo Shipbuilding & Marine Engineering Co. Ltd. has completed construction of the vessel and Vantage will pay the final construction payment, project costs, equipment, and spares. The total delivered cost of the drillship will be about $800 million.

Closing is expected this April. Upon delivery, the Dragonquest is expected to be deployed in the U.S. Gulf of Mexico, pursuant to an eight-year contract with Petrobras.

The vessel is equipped to drill in water depths of up to 10,000 ft (3.048 m), with a total vertical drilling depth capacity of up to 40,000 ft (12,192 m). The hull design has a variable deck load of approximately 20,000 tons and measures 781 ft long by 137 ft wide (238 m by 42 m).

3/23/2012

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