Sea Dragon, Vantage enter rig management agreement

Sea Dragon Offshore has awarded Vantage Drilling Co. a management agreement for one of its two deepwater semisubmersible drilling rigs.

Offshore staff

HOUSTON -- Sea Dragon Offshore has awarded Vantage Drilling Co. a management agreement for one of its two deepwater semisubmersible drilling rigs. Sea Dragon may extend the agreement to include its second unit as well. The rigs are capable of drilling in water depths up to 10,000 ft (3,048 m) with a maximum drilling depth of 30,000 ft (9,144 m).

Pursuant to the management agreement, Vantage will receive management fees during the construction phase of the project plus performance based completion incentives. During the operations phase, Vantage will receive fixed and variable daily fees.

02/05/2009

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