Under fire Vantage Drilling has bought itself some breathing space from creditors. The Houston-based firm has announced a raft of deals to accommodate creditors who hold $1.6bn of its debts. Among the measures taken was a move to push subsidiary Offshore Group Investment Limited into bankruptcy.
“The agreement we’ve reached with our lenders and note holders will eliminate more than $152 million of annual cash interest expense and position us with a strong, deleveraged balance sheet expected to have more than $242 million of cash on hand,” said Paul Bragg, ceo of Vantage.
The downturn in oil prices has seen Vantage delist from the New York Stock Exchange in September and it miss an interest payment a month ago.