Vantage Drilling CO - FORM 8-K - EX-99.2 - SUMMARY - RECENT DEVELOPMENTS - December 8, 2009

Attached files

file filename
8-K - FORM 8-K - Vantage Drilling COd8k.htm
EX-99.5 - CAPITALIZATION - Vantage Drilling COdex995.htm
EX-99.4 - RISK FACTORS - Vantage Drilling COdex994.htm
EX-99.7 - BUSINESS - Vantage Drilling COdex997.htm
EX-99.1 - PRESS RELEASE - Vantage Drilling COdex991.htm
EX-99.6 - SELECTED HISTORICAL CONSOLIDATED FINANCIAL DATA - Vantage Drilling COdex996.htm
EX-99.3 - SUMMARY HISTORICAL CONSOLIDATED FINANCIAL AND OPERATING DATA - Vantage Drilling COdex993.htm
EX-99.8 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION - Vantage Drilling COdex998.htm

Exhibit 99.2

Recent Developments

During a preload test on October 29, 2009, the Sapphire Driller experienced a penetration of the sea floor by one of its legs, which is referred to as a “punchthrough.” Damage to the Sapphire Driller was minimal and no crew members were injured. Repairs on the rig have been completed and the rig is expected to resume drilling operations for Foxtrot International by year end. Prior to resuming drilling operations, we expect the Sapphire Driller to earn a portion of the contracted dayrate commencing on or around December 10, 2009. In addition, we have an insurance deductible of $5.0 million and we expect the costs of the repair to exceed this amount.

 

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