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Apropos of DryShips

Last week Vantage Drilling Company successfully completed a bond and equity offering which will allow it to acquire the 55% interest in Mandarin Drilling Company it does not own from F3 Capital, a company controlled by the main shareholder of Vantage. Mandarin owns the construction contract for a drillship, the Platinum Explorer that is to be delivered this November. The drillship, which is being constructed at DSME Shipyard (Daewoo) in South Korea, can operate in water depths of 10,000 feet with a maximum drilling depth of 40,000 feet. The shipyard construction price is $630 million, which price increases to $740 million including owner furnished equipment.

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