Vantage Drilling (VTG) Buys Dragonquest Ultra-Deepwater Drillship
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After the close, Vantage Drilling Company (Amex: VTG) announced a deal to acquire the rights and obligations under the construction contract for the ultra-deepwater drillship known as Dragonquest from Valencia Drilling Corporation, a Marshall Islands corporation for approximately $164 million.
In addition to the purchase price, Vantage Drilling will be responsible for funding the remaining construction-related payments for the Dragonquest. Vantage has also agreed to pay up to $5 million of Valencia's costs and expenses at closing. The closing of the acquisition is subject to specified closing conditions.
In addition to the purchase price, Vantage Drilling will be responsible for funding the remaining construction-related payments for the Dragonquest. Vantage has also agreed to pay up to $5 million of Valencia's costs and expenses at closing. The closing of the acquisition is subject to specified closing conditions.
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