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Vantage Drilling Exploring Strategic Alternatives
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Vantage Drilling Company has retained Lazard Freres & Co. LLC to advise the Company with respect to financing and strategic opportunities.
The Board of Directors has retained Lazard to evaluate financing opportunities, strengthen and expand management's analysis of the changing marketplace and provide an independent resource for evaluating the Company's strategic plans. The outcome of this process cannot be determined at this time and may not be determined in the near term. The Company does not anticipate disclosure of developments concerning this process until the Company determines that disclosure is necessary or appropriate.
Paul Bragg, Chairman and Chief Executive Officer, commented, "Over the past year and a half, our strong operating performance has allowed us to maintain our commitment to the retirement of debt, resulting in the repayment of over $300 million of outstanding debt. In accordance with this strategy, we have continued to retire debt during the second quarter, and anticipate that we will continue to opportunistically repurchase debt going forward. Given that our debt continues to trade well below its face value, we have retained Lazard to explore alternatives to take advantage of what we view as a current market opportunity for the near and long term benefit of the company."
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