June 8, 2009 (FinancialWire) — Vantage Drilling Co. (AMEX: VTG) (Current Market Cap: US$153.32 Mil.) said that on June 5 it sold 17,769,535 of its ordinary shares for gross proceeds of around $25.7 million in a private placement with institutional investors and members of management.

The company will receive net proceeds of around $25 million. Vantage plans to use the net proceeds for working capital and general corporate purposes.

Cayman Islands-based Vantage is an offshore drilling contractor with one Baker Marine Pacific Class 375 ultra-premium jackup drilling rig operating, and three such jackups and an ultra-deepwater drillship, the Platinum Explorer, currently under development.

Vantage is also providing management services to an affiliate for two other ultra-deepwater drillships and to Sea Dragon Offshore Ltd. for an ultra-deepwater semi-submersible.

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