Rialto Energy settles with Vantage Drilling for $12.4m
1 May 2013 | 08:19am
StockMarketWire.com - Rialto Energy has agreed a $12.4 million settlement with Vantage Drilling regarding the early termination of the Vantage Sapphire Drilling Rig contract.
Rialto would pay Vantage an amount equal to 75 days of operating rate, being US$12.375 million in aggregate.
This was a significant reduction from the original contract value, which was $17.325 million. The Company has already paid US$4.95 million under the terms of the rig contract leaving a final payment of US$7.425 million, which will be paid in two tranches.