Vantage to Manage Construction of the Dalian Developer

Thursday, July 22, 2010

Vantage Drilling Company announced that it has signed a definitive agreement to supervise and manage the construction and marketing of the Ultra-deepwater Drillship/FPSO, the "Dalian Developer" (previously known as MPF-01).

Dalian Deepwater Developer LTD (DDD) has awarded the Company a management agreement to supervise and manage the construction, commissioning and marketing of the Dalian Developer. The Dalian Developer, which will be the world's largest drillship, is capable of operating both as a drillship and is upgradeable to incorporate extended well testing and production. The drillship is capable of drilling in water depths up to 10,000 ft. with a maximum drilling depth of 30,000 ft. For extended well testing and production, the vessel, with its extensive deck space and large variable deck load capacity, is designed to accommodate process facilities and the hull is capable of storing up to 1 million barrels of oil.

Pursuant to the management agreement, Vantage will receive from DDD management fees and reimbursable costs during the construction phase of the project.

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