Vantage Drilling Sinks $31 Mln into South Korean JV; Shares Flat Late
Vantage Drilling Company ( VTG ) has entered into a joint venture with an affiliate of Skeie Group and other investors for purposes of constructing a new, high specification drillship at STX Offshore & Shipbuilding Co. Ltd.'s yard in South Korea.
Through its investment of $31 million in the joint venture entity, Sigma Drilling Ltd., Vantage will initially own approximately 42% of the equity in Sigma.
VTG shares are unchanged after hours at $1.67 and is trading in a 52-week range of $1.01 - $1.95.
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