Oil Servicer Vantage Drilling Plans to Buy Back More of Own Debt
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Vantage Drilling Co., a deepwater rig owner, plans to extend purchases of its own debt at steep discounts this year as a way to save on interest costs.
Vantage has plans to “continue to retire debt in the open market” and expects $10 million to $12 million of gains in the first quarter from what it already bought and retired early, Douglas Smith, chief financial officer, told investors Friday on a conference call to discuss fourth-quarter results.