Vantage Drilling subsidiaries agrees to sell pair of jackups to ADES

Vantage Holdings International (VHI), a subsidiary of Vantage Drilling, will sell all of the issued and outstanding equity of VHI’s wholly-owned subsidiary, Rig Finance Ltd. (RFL), to ADES. RFL is the owner of the Soehanah jackup. In addition, Vantage’s indirectly-held subsidiary, P2021 Rig Co, will sell its Topaz Driller jackup to ADES.

The aggregate purchase price for RFL and the Topaz Driller is $190 million in cash, subject to certain adjustments.

At the closing of the transactions, subsidiaries of Vantage and ADES will enter into a management agreement for each of the Soehanah and the Topaz Driller and provide management services to ADES of the two rigs, each for three years.