Vantage Drilling misses interest payment, in discussions with creditors

Another offshore firm has raised a flag to warn of financial hardship. Houston-based Vantage Drilling is in discussions with members of an informal group of senior secured term loan lenders and secured noteholders, representing more than $1.5bn of the company’s secured debt, on the terms of a deleveraging transaction. The specific terms under discussion remain subject to non-disclosure agreements among the company and the secured lender group’s members. In connection with these discussions, Vantage has not made a $40.8m interest payment on its 7.5% senior secured notes and has elected to utilise the grace period under the notes. This interest payment grace period expires on December 2 this year.

In a release, Vantage stressed it continues to maintain “ample liquidity” to maintain efficient operations worldwide, with more than $200.6m of available cash on hand.

Vantage has three ultra-deepwater drillships, as well as four Baker Marine Pacific Class 375 ultra-premium jackup drilling rigs.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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