Vantage Drilling Company Announces Update of Sigma Joint Venture

Vantage Drilling Company Announces Update of Sigma Joint Venture 
HOUSTON, TX -- (Marketwired) -- 01/10/14 --  Vantage Drilling Company
("Vantage" or the "Company") (NYSE MKT: VTG) announced today that
Sigma Drilling Ltd. ("Sigma") has terminated the construction
contract for a new, high-specification drillship with STX Offshore &
Shipbuilding Co. Ltd.(STX).  
STX had notified Sigma that it was suspending activity on the project
on August 29, 2013 due to efforts to restructure their operations and
finances. Since that time, the parties have negotiated to move the
project to a mutually agreed shipyard. Due to a lack of progress in
these negotiations, Sigma sent STX a termination notice dated January
8, 2014. In conjunction with the termination, Sigma has informed STX
that it will claim a refund of its payments made to the shipyard plus
interest, which is protected by 
a refund guarantee provided by an
independent financial institution.  
Vantage, a Cayman Islands exempted company, is an offshore drilling
contractor, with an owned fleet of three ultra-deepwater drillships,
the Platinum Explorer, the Titanium Explorer and the Tungsten
Explorer, as well as an additional ultra-deepwater drillship, the
Cobalt 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.  
The information above includes forward-looking statements within the
meaning of the Securities Act of 1933 and the Securities Exchange Act
of 1934. These forward-looking statements are subject to certain
risks, uncertainties and assumptions identified above or as disclosed
from time to time in the company's filings with the Securities and
Exchange Commission. As a result of these factors, actual results may
differ materially from those indicated or implied by such
forward-looking statements. 
Public & Investor Relations Contact: 
Paul A. Bragg
Chairman & Chief Executive Officer
Vantage Drilling Company
(281) 404-4700 
 
 
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