Vantage Bonds Plunge as Petrobras Cancels Deal Amid Bribe Probe
- Contract made up more than 60 percent of revenue backlog
- Oil servicer has more than $2.5 billion of outstanding debt
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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 Authority. Its contract for the drillship Titanium Explorer was terminated by Petrobras for an alleged breach of obligations, according to a regulatory filing on Wednesday.