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Vantage Drilling Company Message Board

  • zd60610 zd60610 Mar 4, 2013 3:29 PM Flag

    No Refi Until Titanium Drilling and Tung Contract Signed

    Come on Paul, 107% bonus to plan, you can do it!

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    • Titanium Explorer $572K/day Petrobras – US Gulf (8 years is on-site)
      Platinum Explorer $590K/day ONGC – India (5 years is on-site)
      Tungsten Explorer $572K/day W.Africa (2 years ready next week)
      Aquamarine Driller $153.4/day (on-site)
      Emerald Driller $156K/day (on-site)
      Topaz Driller $165k/day (on-site)
      Sapphire Driller $165k/day (on-site)
      Looks like 2.373M/day booked and or $866M per year... what financing

      • 2 Replies to zoom_bee
      • You dont get it...we ended q4 with about 25mm in cash. Were losing money in Q1 and have a debt payment due May 1. Vtg is in a major liquidity squeeze and operators are not going to be comfortable signing Tungsten before Titanium is addressed. This is why we had to borrow the 500mm for the Tung in the first place. Titanium is bleeding us and its puts everything on hold including the refi. With 2mos till delivery we still dont have a Tungsten contract, we have an LOI for 2014. Thats nothing right here, ever ask yourself why we dont have this contract yet? Because Titanium has the ability to take down the company. 1.61 and major selling on every uptick. Bragg created dead money scenerio for us after agreeing to overy pay for the Titanium.

      • Zoom-What you state there is fine but is the Titanium up to speed? We also need to secure that interim contract for Tungsten and have that coming out of the gate with no issues.As ZD said wait on the refi.

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