Vantage Drilling Announces Results of the Previously Announced Tender Offer and Consent Solicitation by Its Wholly-Owned

Vantage Drilling Announces Results of the Previously Announced Tender Offer and 
Consent Solicitation by Its Wholly-Owned Subsidiary
Offshore Group Investment Limited 
HOUSTON, TX -- (Marketwire) -- 03/28/13 --  Vantage Drilling Company
("Vantage") (NYSE MKT: VTG) announced today that Offshore Group
Investment Limited, Vantage's wholly-owned subsidiary ("OGIL"), has
received the requisite consents in connection with the previously
announced cash tender offer (the "Offer") for any and all of OGIL's
outstanding 11 1/2% Senior Secured First Lien Notes due 2015 (the
"Notes") and the related consent solicitation (the "Consent
Solicitation"). 
As of 5:00 p.m., New York City time, on March 27, 2013 (the "Consent
Payment Date"), Notes representing approximately 79.45% of the
then-outstanding principal amount of Notes had been tendered. OGIL
has exercised its option to accept for payment and settle
$794,510,000 of Notes (the "Early Settlement"). Such Early Settlement
is expected to occur concurrently with the closing of OGIL's offering
of $775,000,000 of 7.125% Senior Secured First Lien Notes due 2023
(the "New Notes") and its entry into a new $350,000,000 term loan
facility (the "Term Loan"). The closing of each of the Offer and
Consent Solicitation, the offering of the New Notes and the entry
into the Term Loan are conditioned on one another. At the time of the
Early Settlement, we intend to call for redemption any and all Notes
not tendered in the Offer. 
As part of the Offer, OGIL solicited consents from the holders of the
Notes for certain proposed amendments to the indenture pursuant to
which the Notes were issued (the "Proposed Amendments"). Adoption of
the Proposed Amendments required consents from holders of at least a
majority in aggregate principal amount outstanding of the Notes.
Vantage announced today that OGIL has received the requisite consents
in the Consent Solicitation to execute a supplemental indenture to
affect the Proposed Amendments pursuant to the Offer to Purchase and
Consent Solicitation Statement dated March 18, 2013 (the "Offer to
Purchase"). The supplemental indenture is expected to become
effective concurrently with the closing of OGIL's offering of New
Notes and its entry into the Term Loan. 
The Offer will expire at midnight, New Yo
rk City time, on April 12,
2013, unless the Offer is extended or earlier terminated (the
"Expiration Date"). Under the terms of the Offer, holders of Notes
who validly tender the Notes after the Consent Payment Date but on or
before the Expiration Date, and whose notes are accepted for
purchase, will receive tender offer consideration of $1,061.25 per
$1,000.00 in principal amount of Notes validly tendered plus accrued
and unpaid interest from and including the most recent interest
payment date, and up to, but excluding, the final settlement date.
Other than in the limited circumstances set forth in the Offer to
Purchase, tenders of Notes may not be withdrawn and consents may not
be revoked following the Consent Payment Date. 
Citigroup Global Markets Inc. is serving as dealer manager and Global
Bondholder Services Corporation is serving as depository and
information agent in connection with the Offer. Questions about the
Offer may be directed to Citigroup Global Markets Inc. at (800)
558-3745 (U.S. Toll Free) or (212) 723-6106 (collect). Requests for
additional copies of the Offer to Purchase should be directed to
Global Bondholder Services Corporation at (212) 430-3774 (bankers and
brokers) or (866) 389-1500 (U.S. Toll Free).  
This press release does not constitute an offer to sell or
solicitation of an offer to buy any security, nor will there be any
sale of such security in any jurisdiction in which such offer, sale
or solicitation would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction. 
About Vantage 
Vantage, a Cayman Islands exempted company, is an offshore drilling
contractor, with an owned fleet of two ultra-deepwater drillships,
the Platinum Explorer and the Titanium Explorer, as well as an
additional ultra-deepwater drillship, the Tungsten Explorer, now
under construction, and four Baker Marine Pacific Class 375
ultra-premium jackup drilling rigs. Vantage's primary business is to
contract drilling units, related equipment and work crews primarily
on a dayrate basis to drill oil and natural gas wells. Vantage also
provides construction supervision services for, and will operate and
manage, drilling units owned by others. Through its fleet of seven
owned drilling units, Vantage is a provider of offshore contract
drilling services globally to major, national and large independent
oil and natural gas companies. 
Forward-Looki
ng Statements 
Certain statements contained in this news release constitute
"forward-looking statements." These forward-looking statements
represent Vantage's expectations or beliefs concerning future events,
and it is possible that the results described in this press release
will not be achieved. These forward-looking statements are subject to
risks, uncertainties and other factors, many of which are outside of
Vantage's control, that could cause actual results to differ
materially from the results discussed in the forward-looking
statements.  
Any forward-looking statement speaks only as of the date on which
such statement is made, and, except as required by law, Vantage does
not undertake any obligation to update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise. New factors emerge from time to time and it is not
possible for management to predict all such factors. 
Public & Investor Relations Contact: 
Paul A. Bragg
Chairman & Chief Executive Officer
Vantage Drilling Company
(281) 404-4700 
 
 
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