Rialto Energy, Vantage Drilling Agree to $12.4M Settlement
by Robin Dupre
Wednesday, May 01, 2013
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Rialto Energy Ltd. and Vantage Drilling Company have settled an agreement regarding payment terms in regards to the early termination of the rig contract regarding Vantage's Sapphire Driller (375' ILC) jackup.
But we settled for 75 days pay. Now Vantage needs to put it in service ASAP. This way it's like getting paid twice on the rig. Hopefully they contract it before the CC. This is where management needs to earn their money... We already got paid around 4.9 million with another two payment due... Our Q2 earnings could look a little better...