DUBAI, October 31, 2024 (GLOBE NEWSWIRE) — Vantage Drilling International Ltd. (“Vantage Drilling” or the “Company”) today announced the contract for two premium jack-up rigs to ADES Holding Company (“ADES”). announced that the sale of the company has been successfully completed. ), further strengthening Vantage’s position as a global leader in managed services, while delivering additional value to shareholders.
The sale includes the Topaz Driller jack-up rig operating in the Malaysia-Thailand joint development area and the Soehana jack-up rig owned by Rig Finance Ltd (RFL) operating in Indonesia. The sale of these high-quality assets underscores Vantage’s strategic focus on growing its managed services business and maintaining a flexible asset-light model that optimizes capital allocation.
Ihab Toma, CEO of Vantage Drilling, commented: “This transaction is an important step in Vantage’s continued strategy to drive shareholder value. The strategic sale of these contract rigs moves us to a net cash position and continues to support our areas of focus. We are now able to focus on expanding our managed services portfolio. We are confident that this approach will further strengthen our financial position and continue to provide high quality services to our clients.”
“We are pleased to continue our strong partnership with ADES through this transaction. Southeast Asia is an important market and the transfer of these rigs will enable ADES to further expand in the region, while Vantage will continue to We are well positioned to grow our light services business and deliver sustainable value to our shareholders.”
This sale is in line with the company’s strategic priorities of creating value for shareholders and maintaining a strong and adaptable business model in a competitive market, maximizing operational efficiency and strengthening its leadership in the managed services space. This highlights Vantage Drilling’s commitment to strengthening its capabilities.
About the company:
Vantage Drilling International Ltd., a Bermuda exempt company, is an offshore drilling contractor and currently has a fleet of two ultra-deepwater drillships and two high-end jackup drilling rigs. Vantage Drilling’s principal business is to contract drilling units, associated equipment, and personnel primarily on a per diem basis to drill oil and natural gas wells around the world for major, national, and independent oil and gas companies. It is to do. Vantage Drilling also provides sales, operation and management services for drilling units owned by other companies. For more information about our company, please visit our website at www.vantagedrilling.com.
Contact information:
Rafael Blatner
CFO
Vantage Drilling International Ltd.
+971 4 449 34 28
- Vantage Drilling expands managed services business and increases shareholder value through strategic asset sale to ADES.pdf
