Vantage Drilling Announces Proposed Offering by Its Subsidiary Offshore Group Investment Limited of Additional 11 1/2% Senior Secured First Lien Notes Due 2015

Vantage Drilling Company

announced today that its wholly-owned subsidiary Offshore Group Investment Limited (the "Issuer") intends to offer, subject to market and other conditions, $775.0 million in aggregate principal amount of 11 1/2% Senior Secured First Lien Notes due 2015 (the "Notes"). The Notes will be offered as additional notes under an existing indenture pursuant to which the Issuer previously issued $1.0 billion aggregate principal amount of 11 1/2% Senior Secured First Lien Notes due 2015 in July 2010 and an additional $225.0 million aggregate principal amount of 11 1/2% Senior Secured First Lien Notes due 2015 in June 2011. The Notes will be guaranteed by Vantage and each of the Issuer's existing and future subsidiaries and by certain of Vantage's other subsidiaries and will be senior secured obligations of the Issuer and the guarantors. The Issuer expects to use the net proceeds from this offering, if completed, (i) to purchase from Valencia Drilling Corporation ("Valencia"), an affiliate of F3 Capital ("F3"), Vantage's largest shareholder, all of Valencia's rights and obligations under the shipbuilding contract for the deepwater drillship Dragonquest, together with related rig equipment, for an aggregate purchase price of $169.0 million; (ii) to pay for the remaining construction and startup costs for the Dragonquest; (iii) to pay various fees and expenses associated with the offering and related consent solicitation and (iv) for general corporate purposes.