Vantage Drilling Company says that the terms of the Cobalt Explorer construction contract have been amended to defer the second progress payment until July 2015. In consideration of this deferral, we have also agreed to reduce the potential liquidated damages associated with the contract. All other terms and conditions of the construction contract remain in full force and effect.

Vantage, a Cayman Islands exempted company, is an offshore drilling contractor, with an owned fleet of three ultra-deepwater drillships, the Platinum Explorer, the Titanium Explorer and the Tungsten Explorer, as well as an additional ultra-deepwater drillship, the Cobalt Explorer, now under construction, and four Baker Marine Pacific Class 375 ultra-premium jackup drilling rigs.

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