Document:

Exhibit
10.1

SHARE
PURCHASE AGREEMENT

By and among

Vantage Energy
Services, Inc.

and

F3 Fund

and

Offshore Group
Investments Limited

Dated: August 30,
2007

THIS
AGREEMENT is made this 30th day of August 2007

By
and Among

	
  (1)

  	
   

  	
  Vantage Energy Services, Inc., a company
  incorporated under the laws of Delaware with its principal place of business
  at 777 Post Oak Blvd., Suite 610, Houston, Texas 77056 (the “Buyer”);

  
	
   

  	
   

  	
   

  
	
  (2)

  	
   

  	
  F3 Fund, a company incorporated in the Cayman
  Islands with its operational headquarters at 8th No 126 Jianguo North Road, Taipei 104,
  Taiwan (the “Seller”); and

  
	
   

  	
   

  	
   

  
	
  (3)

  	
   

  	
  Offshore Group Investments Limited, a company incorporated
  in the Cayman Islands and a wholly-owned subsidiary of Seller, with its
  operational headquarters at 8th No 126 Jianguo North Road, Taipei 104,
  Taiwan (the “Company”).

  

 

Buyer,
Seller and the Company are each referred to herein individually as a “Party”
and collectively as the “Parties”.

WHEREAS:

	
  (A)

  	
   

  	
  The Seller, as of the date of this Agreement, owns
  all of the shares of the capital stock of Offshore Group Investments Limited,
  a company established under the laws of the Cayman Islands.

  
	
   

  	
   

  	
   

  
	
  (B)

  	
   

  	
  Four (4) Baker Marine Pacific Class jack-up drilling
  rigs (P2017, P2018, P2020 and P2021) (the “Rigs”) are being constructed by
  PPL Shipyard PPT Limited (“Builder”) in Singapore for delivery and sale to
  the Company.

  
	
   

  	
   

  	
   

  
	
  (C)

  	
   

  	
  The Buyer desires to purchase from the Seller, and
  the Seller desires to sell to the Buyer, 100 percent (100%) of the shares of
  the Company (the “Shares”) in accordance with the terms and conditions set
  forth herein.

  

 

NOW
THEREFORE, in consideration of the premises and the mutual promises herein made
and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the Buyer, Seller and Company agree as follows:

1.                                      DEFINITIONS

“Affiliate”
or “Affiliated” with respect to any specified Person, means a Person that,
directly or indirectly, through one or more intermediaries, controls, is
controlled by, or is under common control with, such specified Person. For the
purposes of this definition, “control” (and its derivatives) means the
possession, directly or indirectly, of the power to direct or cause the
direction of the management and policies of a Person, whether through ownership
of voting Equity Interests, as trustee or executor, by Contract or otherwise.

“Bluesky”
means Bluesky Offshore Group Corp, incorporated in the British Virgin Islands
with its operational headquarters at 8th No 126 Jianguo North Road, Taipei 104, Taiwan.

“Builder”
is defined in the preambles of this Agreement.

“Business
Day” means any day (other than Saturday or Sunday) on which banks in London
and/or New York are open for business.

“Cancellation
Date” is defined in Clause 2.3.1.

“Closing”
shall mean the requirements of Clause 2.3.2 have been complied with in full.

“Closing
Date” shall mean the date on which Closing occurs.

“Commitment”
means any obligation, option, warrant, convertible security, exchangeable
security, subscription right, conversion right or exchange right, including
statutory pre-emptive right or pre-emptive right granted under the Organisational
Documents or otherwise, stock appreciation right, profit participation or
contracts, arrangements or commitments of any kind obligating Seller or the
Company to issue or sell any shares of capital stock or, to any other interest
in, the Company or other similar right relating to the capital stock of the
Company.

“Company”
means Offshore Group Investments Limited.

“Company
Proxy Information” means information about the Company that is furnished in
writing by Seller or the Company to Buyer and which is sufficient to permit
Buyer to prepare and file the Proxy Statement under the Securities Exchange Act
of 1934, as amended, with respect to Stockholder Approval of this Agreement and
the transactions contemplated herein, as updated by Seller or the Company from
time to time up to the date the Proxy Statement is first mailed to Buyer’s
stockholders.

“Company
8-K Information” means information about the Company that Buyer must include in
a Current Report on Form 8-K.

“Confidential
Information” means any information (in whatever form, whether written, oral,
electronic or otherwise) concerning the business and affairs of a Disclosing
Party and any and all analyses, compilations, forecasts, studies or other
documents which contain or reflect any such information, including this
Agreement and the existence thereof, which information is identified as
Confidential Information at the time of disclosure; provided, however, that the
term “Confidential Information” shall not include information which is or
becomes publicly available other than as a result of disclosure by a Receiving
Party or its Representatives.

“Construction
Contracts” means the four (4) contracts made between Bluesky and the Builder
dated 27th October, 2006 (P2017), 10th January 2007 (P2018), 3rd June 2007 (P2020) and 14th August, 2007 (P2021) respectively, each for
the design, construction and sale of a Baker Marine Pacific Class jack-up
drilling rig, inclusive of any amendments, supplemental or ancillary agreements
relating thereto (but excluding the Commission Agreement dated [TBA] and each
as novated by Bluesky to the Company pursuant to the terms of the Novation
Agreement.

“Conversion
Rights” means the rights set forth in Buyer’s certificate of incorporation
whereby holders of Buyer’s public common stock who vote against the transaction
contemplated hereby may elect to have their shares of public common stock
redeemed for cash if the transaction is consummated.

“Disclosing
Party” means a Party that discloses Confidential Information to a Receiving
Party or to any Representative of such Receiving Party.

“Encumbrance”
means any encumbrance, lien, including any maritime lien, mortgage, deed of
trust, pledge, hypothecation, assignment, security interest, charge,
preference, participation interest, priority or security agreement.

“Governmental
Body” means any regulatory body, legislature, agency, division, commission,
court, tribunal or other body of any federal, state, local or foreign
government.

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“Intellectual
Property Rights” means patents, trade marks, service marks, logos, get-up,
trade names, internet domain names, rights in designs, copyright, (including
rights in computer software) and moral rights, database rights, semi-conductor
topography rights, utility models, rights in know-how and other intellectual
property rights, in each case whether registered or unregistered and including
applications for registration, and all rights or forms of protection having
equivalent or similar effect anywhere in the world.

“Law”
means any law (statutory, common or otherwise), constitution, treaty,
convention, ordinance, equitable principle, code, rule, regulation, executive
order or other similar authority enacted, adopted, promulgated or applied by
any relevant Governmental Body, each as amended and in effect as of the date
hereof.

“Material
Adverse Effect” means, with respect to any Person, any change, circumstance or
effect that is materially adverse to the business, results of operations,
assets, liabilities, or financial condition of such Person and any subsidiaries
of such Person taken as a whole.

“Material
Contract” means each of the Construction Contracts and each of the Vendor
Agreements.

“Novation
Agreement” means collectively the four (4) novation agreements between Bluesky,
the Company and the Builder pursuant to which the Construction Contracts are
novated by Bluesky in favour of the Company.

“Order”
means any order, ruling decision, verdict, decree, writ, subpoena, mandate, precept,
command, directive, consent, approval, award, judgment, injunction or other
similar determination or finding by, before, or under the supervision of any
Governmental Body, arbitrator or mediator.

“Organizational
Documents” means the certificate of incorporation, certificate of formation,
bylaws, memorandum and/or articles of incorporation, operating agreement,
certificate of limited partnership, partnership agreement and all other similar
documents, instruments or certificates executed, adopted or filed in connection
with the creation, formation or organization of a Person, including any
amendment thereto.

“Party”
is defined in the preamble to this Agreement.

“Permit”
means any permit, license, consent, certificate, authorization or approval
required by any Law or Governmental Body.

“Person”
means any individual, partnership, limited liability company, corporation,
association, joint stock company, trust, entity, joint venture, labor
organization, unincorporated organization or Governmental Body.

“Receiving
Party” means, with respect to a Person, such Person’s Affiliates, officers,
directors, managers, employees, agents, consultants, financial advisers,
attorneys, accountants or other Representatives.

“Shares”
is defined in the preamble to this Agreement.

“Stockholder
Approval” means (i) an affirmative vote by a majority of the shares of Buyer
common stock issued in connection with Buyer’s initial public offering
consummated on May 30, 2007 (such Buyer common stock, the “Buyer IPO Shares”)
voted at a duly convened meeting to approve the transactions contemplated
herein (the “Transactions”), and (ii) holders of less than

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thirty-percent
(30%) of the Buyer IPO Shares both vote against the Transactions and exercise
their Conversion Rights.

“Tax”
means any federal, state, local or foreign income, gross receipts, license,
payroll, employment, excise, severance, stamp, occupation, premium, windfall
profits, capital stock, franchise, profits, withholding, social security,
unemployment, real property, personal property, sales, use, transfer, value
added, alternative or add-n minimum tax, including any interest, penalty, or
addition thereto.

“TMT
Construction Contract Guarantees” means the four (4) parent company guarantees
provided by TMT Co. Ltd. to the Builder dated 27th October 2006 (P2017), 10th January 2007 (P2018), 3rd June 2007 (P2020) and 14th August 2007 (P2021), each of which having been
novated on the     day of August 2007 and which now guarantee
the performance of the Company’s obligations under the Construction Contracts.

“Transfer
Agreement(s)” means the agreements to be concluded on terms reasonably
satisfactory to the Buyer as a condition of Closing pursuant to which the
Vendor Agreements are assigned or novated to the Company.

“Trust
Account” has the meaning ascribed to it in Clause 5.9 hereof.

“Vendor
Agreements” means the agreements made between Bluesky and the suppliers named
therein for the provision of certain drilling equipment to Bluesky which is to
be furnished to the Builder for installation in the Rigs, to be novated or
assigned to the Company pursuant to the Transfer Agreement(s).

2.                                   PURCHASE AND SALE OF THE SHARES

2.1                               Purchase and Sale of the Shares

At Closing and on and
subject to the terms and conditions of this Agreement, the Buyer agrees to
purchase from the Seller, and the Seller agrees to sell, assign, transfer,
convey and deliver to the Buyer free and clear of any Encumbrances,
certificates representing the Shares for the consideration specified in Clause
2.2.  Such certificates shall be duly
endorsed in blank for transfer or shall be presented with stock powers duly
executed in blank, with such other documents as may reasonably be required by
Buyer to effect a valid transfer.

2.2                               Consideration

In consideration for the Shares, and in
reliance upon the representations and warranties of the Seller and Company
contained herein and subject to the satisfaction or waiver of all conditions
contained herein, Buyer agrees to pay an aggregate purchase price of US$848,000,000,
subject to adjustment as set forth in section 2.2(d) below, which amount shall
be paid by Buyer as follows:

(a)                                  an aggregate amount of cash equal to US$
56,000,000 (the “Cash Payment”) to be paid to the Seller; and

(b)                                 an aggregate amount of units (the “Buyer’s
Units”) of Buyer’s securities, to be issued to the Seller, priced at $8.25 per
unit, consisting of one share of common stock, par value $.001 per share (the “Common
Stock”), and 0.75 warrant to purchase one share of Common Stock (the “Warrants”),
equal to US$ 275,000,000 as at the Closing Date. The exercise price shall be US
$6.00 and, along with the exercise period and conditions for the Warrants,

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shall be identical to those warrants issued
in the Buyer’s initial public offering pursuant to the Buyer Prospectus, as
such term is defined in Section 5.9 hereof; and

(c)           the assumption by Buyer of US$517,000,000 of payments due
under the Construction Contracts, such amount representing the balance of the
remaining payments under the Construction Contracts estimated as of the Closing
Date (the “Contract Payment Amount”).  If
the Contract Payment Amount on the Closing Date exceeds $517,000,000, then such
excess shall be referred to herein as a “Closing Shortfall” and  if the Contract Payment Amount on the Closing
Date is less than $517,000,000, the amount by which it is less than
$517,000,000 shall be referred to herein as a “Closing Surplus”; and

(d)           on the Closing Date, Seller and Buyer shall take the
following actions:

(i)            If on the Date of Closing there is a Closing Shortfall,
the Cash Payment to Seller shall be decreased by the amount of such Closing
Shortfall.

(ii)           If on the Date of Closing there is a Closing Surplus, the
Cash Payment shall be increased by the amount of such Closing Surplus.

(iii)          If on the Date of Closing there is neither a Closing
Shortfall nor a Closing Surplus, the Cash Payment shall not be increased or
decreased pursuant to this Section 2.2(d).

2.3                               The Closing

2.3.1                       Timing

The closing of the purchase
and sale of the Shares (the “Closing”) will take place at the offices of
Ellenoff Grossman & Schole, LLP or at such other location as the Buyer and
Seller may mutually determine on:

(a)                                  The date as soon as reasonably practicable
after receipt by Buyer of the Stockholder Approval; or

(b)                                 such other date as the Buyer and the Seller
may mutually determine in writing, provided, that the conditions in Clauses 6
and 7 have been satisfied or waived (other than conditions with respect to
actions that the respective Parties will take at the closing), but in any event
not later than the Cancellation Date specified below.

The date on which the
Closing actually occurs being the “Closing Date”.

If the Closing has not
occurred by 31st May,
2008 (the “Cancellation Date”), this Agreement shall be deemed to be null and
void, and neither Party shall have any recourse against the other.

2.3.2                    Deliveries and Proceeding at Closing

At Closing and subject to
the terms and conditions herein contained:

(a)                                  The Seller shall deliver, or shall cause to
be delivered, to the Buyer:

(i)                                     certificates representing the Shares, duly
endorsed in blank or accompanied by stock powers duly endorsed in blank in
proper form for transfer, with appropriate transfer stamps, if any, affixed;

(ii)                                  the Certificate of Incorporation, Corporate
Seal (if any), Share Register and Share Certificate Books (with any unissued
share certificates), all minute books and other similar corporate books (which
shall be written-up to but not including Closing) of the Company;

(iii)                               all such other documents (including any
necessary waivers or consents) as necessary to vest in Buyer all of Seller’s
rights, title and interest in the Shares, free and clear of all Encumbrances;

(iv)                            a letter of resignation in the agreed form,
effective as of the Closing Date, duly executed by each of the Directors of the
Company;

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(v)                                 a letter of resignation in the agreed form,
effective as of the Closing Date, duly executed by the secretary and deputy
secretary, if any, of the Company;

(vi)                              a certificate of good standing (or its
equivalent) of Seller and the Company issued by the relevant jurisdictional
authority; and

(vii)                           all other documents, instruments or
certificates required to be delivered by Seller at the Closing pursuant to this
Agreement or as may be reasonably requested by Buyer.

(b)                               The Seller shall procure that resolutions of
the Board of Directors and/or of the shareholders, as appropriate, of the
Company are passed by which the following business is transacted;

(i)                                     the registration (subject to their being duly
stamped, if required) of the transfer in respect of the Shares is approved;

(ii)                                  the registered office of the Company is
changed to             
                       ;

(iii)                               the resignations referred to in Clauses 2.3.2(a)(iv)
and (v) above;

(iv)                              such persons as are nominated by Buyer are
appointed as directors and/or secretary of the Company.

(c)                                  Buyer shall deliver, or cause to be
delivered, to Seller:

(i)                                     certificates and warrants representing the
Buyer’s Units; and

(ii)                                  the Cash Payment.

(d)                                 The Parties shall also deliver to each other
such other agreements, closing certificates and other documents and instruments
required to be delivered to each other pursuant to Clauses 6 and 7 of this
Agreement.

3.                                      REPRESENTATIONS AND WARRANTIES OF THE SELLER
AND COMPANY

The Seller and Company jointly and severally represent and warrant to
the Buyer as follows:

3.1                             Organization and Good Standing

(a)                                  Each of Seller and the Company is (i) a
corporation duly organized, validly existing and in good standing under the
laws of its jurisdiction of incorporation and has all necessary corporate power
and authority to own, lease and operate its properties and to carry on its
business as it is now being conducted and (ii) duly qualified or licensed as a
foreign corporation to do business, and

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is in good standing, in each
jurisdiction where the character of the properties owned, leased or operated by
it or the nature of its business makes such qualification or licensing
necessary, except, in each case, where such failures would not, individually or
in the aggregate, have or reasonably be expected to have a Material Adverse
Effect on Buyer or the Company, as the case may be.

(b)                                 The Seller is the lawful owner, beneficially
and of record, of the Shares in the Company, free and clear of all
Encumbrances.  At the Closing, the
delivery to Buyer of the Shares pursuant to this Agreement will transfer to
Buyer good and valid title to the Shares, free and clear of all Encumbrances.

(c)                                  Each of Seller and the Company has delivered
to Buyer complete and current copies of their respective Organizational
Documents, as currently in effect.  Such
Organizational Documents are in full force and effect.

(d)                                 The Company does not own, directly or
indirectly, any capital stock or other interest in any corporation,
partnership, limited liability company, or joint venture.

3.2                               Authority; No Conflict

(a)                                  Upon execution and delivery, this Agreement
will constitute the legal, valid, and binding obligation of each of Seller and
the Company, enforceable against each of Seller and the Company, respectively,
in accordance with its terms, except as enforcement may be limited by
applicable bankruptcy, insolvency, reorganization, moratorium or similar laws
affecting creditors’ rights generally and by general principles of equity
(regardless of whether consider in a proceeding in equity or at law).  Each of Seller and the Company has the full
corporate power and authority to execute and deliver this Agreement and all
other instruments and agreements to be executed and delivered by it hereunder
and to perform its obligations contemplated hereby and thereby.  The execution, delivery and performance of
this Agreement, and the consummation of the transactions contemplated by this
Agreement, and all other instruments and agreements to be executed and
delivered by each of Seller and the Company as contemplated hereby, have been
duly authorized by each of Seller and the Company and no other action on their
part is necessary to authorize the execution, delivery and performance of this
Agreement and such other instruments and agreements by them and the
consummation by Seller and the Company of the transactions contemplated hereby
and thereby.

(b)                                 The execution, delivery and performance of
this Agreement and all other instruments and agreements contemplated hereby
(including the Novation Agreement and the Transfer Agreement(s)), and the
consummation of the transactions contemplated hereby and thereby do not and
will not, directly  or indirectly:

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(i)                                     conflict with, violate or constitute a
default under any provision of the Organizational Documents of Seller or the
Company;

(ii)                                  conflict with or violate any Law applicable
to Seller or the Company or by which any of their respective businesses, operations,
properties or assets are bound or affected; or

(iii)                               conflict with, violate, result in any breach
of, constitute a default (or an event that, with or without notice or lapse of
time, or both, would become a default) under, require any consent of any Person
pursuant to, give rise to a right of termination, cancellation, acceleration or
modification of any obligation or to loss of a material benefit under, or to
increased, additional, accelerated, guaranteed or modified rights or
entitlements of any person under, or result in the creation of any Encumbrance
upon any of the properties or assets of the Company or the Shares, any Material
Contract;

(c)                                  Neither Seller nor the Company is or will be
required to give any notice to or obtain any Consent from any Person in
connection with the execution and delivery of this Agreement or the
consummation or performance of the transactions contemplated by this Agreement.

(d)                                 Neither Seller nor the Company is required to
file, seek or obtain any authorization of or with any Governmental Authority in
connection with the execution, delivery and performance by Seller and the
Company of this Agreement or the transactions contemplated hereby, except for
(i) any filings required to be made under the Hart Scott Rodino Act, (ii) such
filings as may be required by any applicable federal or state securities or “blue
sky” laws, (iii) where failure to file, seek or obtain such authorization, or
to make such filing or notification would not, individually or in the
aggregate, have or reasonably be expected to have a Material Adverse Effect
with respect to the Company or (iv) as may be necessary as a result of any
facts or circumstances relating to Buyer.

3.3                               Capitalization

The authorized capital stock
of the Company consists of 50,000 shares of common stock, par value USD $1.00
per share, of which one (1) share is issued and outstanding and constitutes the
Shares.  Seller is and will be on the
Closing Date the of record and beneficial owner and holder of all of the
Shares, free and clear of all Encumbrances. 
All of the Company’s outstanding capital stock have been duly authorized
and validly issued and are fully paid and non-assessable and were issued in
compliance with all applicable Laws. There is no outstanding Commitment relating
to the Shares.  There are no outstanding
contractual obligations of Seller or the Company to repurchase, redeem or
otherwise acquire any shares of capital stock of the Company or to make any
investment in any other Person.  There
are no agreements or understandings in effect with respect to the voting or
transfer of any of the capital stock of the Company, except as may be
contemplated by this Agreement.

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3.4                               Books And Records

The minute books (containing
the records of the meetings or written consents in lieu of such meetings of the
stockholders, the board of directors and any committees of the board of
directors), the stock certificates books and the stock record books of the
Company are complete and correct and have been maintained in accordance with sound
business practices.  At the Closing,
those books and records will be in the possession of the Company.

3.5                               Title To Properties; Encumbrances

The Company owns no real
estate and holds no lease or other interest in any real estate.

3.6                               Liabilities; Guarantees

The Company has no
liabilities or obligations of any nature (whether known or unknown and whether
absolute, accrued, contingent, or otherwise) except for its commitments
hereunder.

The Company is not a
guarantor of any third party’s liability or obligation.

3.7                               Regulatory matters

Each of Seller and the Company has obtained
all licences, permissions, authorisations and consents required for carrying on
its business effectively in the places and in the manner in which such business
is now carried on. The licences, permissions, authorisations and consents
referred to in paragraph (a) are in full force and effect, are not limited
in duration or subject to any unusual or onerous conditions and have been
complied with in all respects.  To the
best knowledge of Seller and the Company, there are no circumstances which
indicate that any of the licences, permissions, authorisations or consents
referred to in paragraph (a) above will or are likely to be revoked or not
renewed, in whole or in part, in the ordinary course of events (whether as a
result of the acquisition of the Shares by the Buyer or otherwise).

3.8                               Absence of Certain Changes or Events

The Company has conducted its business and
corporate affairs in accordance with its Organisational Documents and in all
material respects with all applicable laws and regulations of the Cayman
Islands or any other material jurisdiction.

3.9                               Legal Proceedings

There are no pending or threatened claims or
proceedings that have been commenced by or against the Seller or the Company,
their respective property or assets that challenges, or that may have the
effect of preventing, delaying, making illegal, or otherwise interfering with,
any of the transactions contemplated by this Agreement.

3.10                        Material Contracts

Each Material Contract is in full force and
effect and is valid, legal and enforceable in accordance with its terms and
neither Seller nor Company nor Bluesky has received or given any notice of
default with respect thereto. Company is in material compliance with

 9
 

all applicable terms and requirements of each
Material Contract. All payments due and payable under each of the Material
Contracts have been made in full and on time. 
Neither Seller nor Company nor Bluesky has given to or received from any
other Person any notice regarding any violation or breach of, or default under,
any Material Contract which has not been resolved. There have been no
amendments or variations to any of the Material Contracts and there are no side
or supplemental agreements relating thereto which have not been disclosed to
the Buyer prior to the date hereof.

3.11                        Employees; Labor Relations

The Company has no
employees.

3.12                        Intellectual Property

The Company has no Intellectual Property
Rights.  None of the operations of the
Company infringes, or is likely to infringe, the Intellectual Property Rights
of a third party.

3.13                        Brokers Or Finders

Seller and the Company and
their respective officers and agents have incurred no obligation or liability,
contingent or otherwise, for brokerage or finders’ fees or agents’ commissions
or other similar payment in connection with the conclusion of this Agreement
and will indemnify and hold the Buyer harmless from any such payment alleged to
be due by or through the Seller as a result of the actions of the Seller or its
officers or agents.

3.14                        Company Information

The Company Proxy Information to be supplied
by Seller and the Company for inclusion in Buyer’s proxy statement (as amended
or supplemented, the “Proxy Statement”) to be sent in connection with the meeting
of Buyer’s stockholders to consider the approval of this Agreement and the
transactions contemplated hereby (the “Buyer Stockholders’ Meeting”) shall not
on the date the Proxy Statement is first mailed to the Buyer’s stockholders, to
Sellers and the Company’s knowledge, contain any untrue statement of a material
fact or omit to state any material fact required to be stated therein necessary
in order to make the statements therein, in light of the circumstances under
which they are made, not false or misleading; or, to Seller or the Company’s
knowledge, omit to state any material fact necessary to correct any statement
provided by Seller or the Company in any earlier communication that has become
false or misleading.  The Company 8-K
Information shall not, on the Closing Date, to Seller’s or the Company’s
knowledge, contain any untrue statement of a material fact or omit to state any
material fact required to be stated therein or necessary in order to make the
statements therein, in light of the circumstances under which they are made,
not false or misleading; or, to Seller’s or the Company’s knowledge, omit to
state any material fact necessary to correct any statement provided by Seller
or the Company in any earlier communication that has become false or
misleading.

4.                                      REPRESENTATIONS AND WARRANTIES OF BUYER

The Buyer represents and warrants to Seller and the Company as follows:

4.1                               Organization And Good Standing

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The Buyer is a corporation duly organized,
validly existing, and in good standing under the laws of Delaware and has all
necessary corporate power and authority to own, lease and operate its
properties and to carry on its business as it is now being conducted.

4.2                               Authority; No Conflict

(a)                                  Upon the execution and delivery by the Buyer,
this Agreement will constitute the legal, valid, and binding obligation of the
Buyer, enforceable against the Buyer in accordance with its terms, except as
enforcement may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or similar laws affecting creditors’ rights
generally and by general principles of equity (regardless of whether consider
in a proceeding in equity or at law). 
The Buyer has all right, power, and authority to execute and deliver
this Agreement and to perform its obligations under this Agreement.

(b)                                 Subject to receipt of the Stockholder
Approval, neither the execution and delivery of this Agreement by the Buyer nor
the consummation or performance of any of the transactions under this Agreement
by the Buyer will directly or indirectly (with or without notice or lapse of
time) violate:

(i)                                     any provision of the Buyer’s Organizational
Documents;

(ii)                                  any resolution adopted by the board of
directors or the stockholders of the Buyer;

(iii)                               any Legal Requirement or Order to which the
Buyer may be subject; or

(iv)                              any Contract to which the Buyer is a party or
by which the Buyer may be bound.

4.3                               Certain Proceedings

There are no pending or
threatened claims or proceedings that have been commenced against the Buyer and
that challenges, or may have the effect of preventing, delaying, making
illegal, or otherwise interfering with, any of the transactions contemplated by
this Agreement.

4.4                               Brokers Or Finders

The Buyer and its officers
and agents have incurred no obligation or liability, contingent or otherwise,
for brokerage or finders’ fees or agents’ commissions or other similar payment
in connection with this Agreement and will indemnify and hold the Seller
harmless from any such payment alleged to be due by or through the Buyer as a
result of the action of the Buyer or its officers or agents.

4.5                               Investment Intent; Access to Information

Buyer is acquiring the Shares for its own
account for investment purposes only and not with a view to any public
distribution thereof or with any intention of selling, distributing or
otherwise disposing of the Shares in a manner that would violate the
registration

 11
 

requirements of the Securities Act of 1933,
as amended (the “Securities Act”), or any applicable state securities
laws.  Buyer agrees that the Shares may
not be sold, transferred, offered for sale, pledged hypothecated or otherwise
disposed of without registration under the Securities Act and any applicable
state securities laws, except pursuant to an exemption from such registration
under the Securities Act or such laws. 
Buyer is able to bear the economic risk of holding the Shares for an
indefinite period (including total loss of its investment) and has sufficient
knowledge and experience in financial and business matters so as to be capable of
evaluating the merits and risks of its investment.  Prior to the date hereof, Buyer has reviewed
or been afforded the full opportunity to review all information provided to it
by Seller and the Company and has had the opportunity to ask questions of and
receive answers to its satisfaction from Seller and the Company concerning the
Company and the Shares and to obtain any additional information reasonably
requested by it.

5.                                    COVENANTS OF THE PARTIES; WAIVER

5.1                               General

Subject to the terms and
conditions provided herein, each of the Parties hereto agrees to use its
commercially reasonable best efforts to take promptly, or cause to be taken
promptly, all actions and to do promptly, or cause to be done promptly, all
things necessary, proper or advisable under applicable Laws to consummate and
make effective the transactions contemplated by this Agreement and to cause the
conditions of the Closing to be satisfied by such Party, including using its
reasonable commercial efforts to obtain all necessary extensions, waivers,
consents and approvals from any Governmental Body or third-party and effecting
all necessary registrations and filings. Each of the Parties hereto agrees not
to take any action or fail to take any action that would be reasonably likely
to prevent or unnecessarily delay the performance in any covenant or the
satisfaction of any condition contained in this Agreement.

Each
of the Parties agree that, notwithstanding any other provision contained in
this Agreement, it does not now have, and shall not at any time prior to the
Closing have, any claim to, or make any claim against, any other Party or any
officers, agents or shareholders of any other Party regardless of whether such
claim arises as a result of, in connection with or relating in any way to this
Agreement, or any other agreement or any other matter, and regardless of
whether such claim arises based on contract, tort, equity or any other theory
of legal liability (any and all such claims are collectively referred to in
this Clause 5.1 as the “Claims”). 
Notwithstanding any other provision contained in this Agreement, each of
the Parties hereby irrevocably waives, and indemnifies and holds harmless any
other Party or any officers, agents and shareholders of any other Party from
and against, any Claims it may have, now or in the future (in each case,
however, prior to the consummation of the transactions contemplated by this
Agreement), and undertakes that it will not seek recourse against, any other
Party or any officers, agents or shareholders of any other Party for any reason
whatsoever in respect thereof.

5.2                               Access And Investigation Prior To Closing

Between the date of this
Agreement and the Closing, the Sellers will, and will cause the Company to (a)
afford the Buyer and its representatives and advisors (collectively, “Buyer’s
Advisors”) full and free access to the Company’s contracts, books and records,
and other documents and data as the Buyer may reasonably request and (b)
furnish to the Buyer and the Buyer’s Advisors copies of all such contracts,
books and records, and other existing documents and data as the Buyer may
reasonably request. The Seller shall also procure access, at no cost  to the Buyer, for the Buyer and the Buyer’s

 12

Advisors to visit the
shipyard of the Builder and any location at which works are being undertaken
pursuant to the Vendor Agreements to inspect the construction of any of the
Rigs and any works relating thereto.  Buyer
acknowledges and agrees that it is purchasing, indirectly through purchase of
the Shares, the Rigs according only to the specifications enumerated in the
Construction Contracts and materials related thereto.

5.3                               Operation Of The Business Of The Company
Prior To Closing

Between the date of this
Agreement and the Closing, Seller and Company will, and will cause the Company
to conduct the business of the Company in a manner that preserves any and all material
rights and interests under each of the Material Contracts and Vendor
Agreements. The Seller shall so far as practical consult the Buyer on any material
operational matter relating to any of the Material Contracts or Vendor
Agreements and no action or step shall be taken or be omitted to be taken
without the Buyer’s prior written agreement 
(not to be unreasonably withheld) which would adversely affect any
rights and interests under any of the Material Contracts or Vendor Agreements
or cause the Company to assume any greater obligations or liabilities than
exist as at the date hereof.  The Buyer
undertakes to respond to any request for its agreement within seven (7)
business days, failing which it shall be deemed to have consented.

Without prejudice to the
foregoing, the Seller shall ensure that the Company shall not approve or issue
any variation or instruction which might constitute a variation to the
specifications for the Rigs or otherwise entitle the Builder to an adjustment
in the contract prices and/or schedule for delivery of the Rigs under any of
the Construction Contracts without the Buyer’s prior written consent (not to be
unreasonably withheld). The Seller agrees that it shall fund and/or cause the
Company to pay in a timely fashion in accordance with the terms of each of the
Construction Contracts any further instalments that fall due to the Builder
thereunder in the period between the date of this Agreement and the Closing
Date or Cancellation Date (as the case may be); provided, however, that the Cash
Payment referred to in Section 2.2(a) hereof shall be adjusted pursuant to
Section 2.2(d) hereof.  For the avoidance
of doubt, any instalments paid to the Builder prior to the date of this
Agreement (which the Parties acknowledge amount in aggregate to USD [TBA])
shall not be reimbursed.

Subject to satisfaction of
the relevant conditions for Closing, the Buyer shall reimburse direct or cause
the Company to reimburse to the Seller upon the Closing Date the reasonable
costs of the supervision of construction of the Rigs incurred by the Company or
Seller in the period between the date of this Agreement and Closing Date.

Furthermore, the Seller
shall ensure that neither the Company nor any Affiliate shall negotiate or
enter into any agreement or understanding with any third party for the sale or
disposal of the Shares or the Rigs or its rights and interests under the
Construction Contracts or Vendor Agreements, or enter into any agreement or
understanding which is contrary to the Buyer’s interests in relation to the
transactions contemplated under this Agreement or the Buyer’s interest in the Drillship
Option, in the period from the date hereof until the Cancellation Date.

5.4                               Notification Of Changes

Between the date of this
Agreement and the Closing, the Seller will promptly notify the Buyer if the
Seller or the Company becomes aware of any fact or condition that causes or
constitutes a breach of any of the Seller’s representations and warranties as
of the date of this Agreement, or if the Seller or the Company becomes aware of
the occurrence after the date of this Agreement of any fact or condition that
would (except as expressly contemplated by this Agreement) cause or constitute
a breach of any such 

 13
 

representation or warranty
had such representation or warranty been made as of the time of occurrence or
discovery of such fact or condition.  The
Buyer agrees to notify the Seller if prior to the Closing in the course of due
diligence it becomes aware of any fact or condition that causes or constitutes
a breach of the Seller’s representation and warranties hereunder.

5.5                               Name Change

Within seven (7) days of the Closing Date,
the Buyer will change the corporate name of the Company.

5.6                               Taxes

The Seller will timely file
all tax returns that are or were required to be filed with respect to the
Company for periods up to the Closing and timely pay all Taxes attributable to
the Company through to and including the date of the Closing.

5.7                               Confidentiality

Except as otherwise expressly contemplated
herein, no Receiving Party or its representatives shall use any Confidential
Information for any purpose other than evaluation of the transactions
contemplated under this Agreement, nor disclose to any third party the
existence of this Agreement, the subject matter or terms hereof or any
Confidential Information concerning the business or affairs of any Disclosing
Party without the prior written consent of such Disclosing Party.

In the event that a Receiving Party or its
representatives is requested pursuant to, or required by, applicable Law,
regulation, stock exchange rules or legal process to disclose any Confidential
Information concerning the business or affairs of a Disclosing Party, then such
Receiving Party or its representatives, as the case may be, will promptly
notify such Disclosing Party. The Seller acknowledges and agrees that the Buyer
may disclose such information, including terms and conditions, from or relating
to this Agreement and the Material Contracts as it sees fit in connection with
seeking Stockholder Approval and financing.

If the transactions contemplated by this
Agreement are not consummated, each Party will return or destroy as much of the
Confidential Information concerning the other Party as such other Party may
reasonably request.

5.8                               Public Announcements

Prior to the Closing, no
Party shall issue any press release or make any other public announcements
related to this Agreement or the Material Contracts or the transactions
contemplated hereby or thereby without the consent of the other Party.

5.9                               No Claim Against Trust Account

Seller and the Company have
read a copy of Buyer’s Registration Statement on Form S-1 (SEC File No.
333-138565), as declared effective by the SEC on May 24, 2007 (the “Buyer
Prospectus”).  Seller understands
that Buyer is a special purpose company formed for the sole purpose of
consummating a “business combination” and that Buyer has established a trust
account at JP Morgan Chase NY Bank (the “Trust Account”), maintained by
Continental Stock & Transfer Company acting as trustee, initially in the 

 14
 

amount of $263,960,000 and
thereafter increased by any earned and accrued interest thereon and decreased
by any applicable state or federal taxes thereon (collectively, the “Trust
Assets”).  Seller acknowledges that
the Trust Assets are to be held for the benefit of Buyer’s stockholders and
either distributed as part of the consummation of a business combination
between Buyer and a business entity or entities meeting certain requirements or
returned to Buyer’s stockholders.

Seller
and the Company agree that,
notwithstanding any other provision contained in this Agreement, Seller and the
Company do not now have, and shall not at any time prior to the Closing have,
any claim to, or make any claim against, the Trust Account, regardless of
whether such claim arises as a result of, in connection with or relating in any
way to, the business relationship between Seller and the Company, on the one
hand, and Buyer, on the other hand, this Agreement, or any other agreement or
any other matter, and regardless of whether such claim arises based on
contract, tort, equity or any other theory of legal liability (any and all such
claims are collectively referred to as the “Claims”).  Notwithstanding any other provision contained
in this Agreement, Seller and the Company hereby irrevocably waive any Claim
they may have, now or in the future (in each case, however, prior to the
Closing Date), and will not seek recourse against, the Trust Account for any
reason whatsoever in respect thereof.

5.10                        Right of sale of Common Stock

For good and valuable consideration receipt
of which is hereby acknowledged, the Seller hereby agrees (subject to the
proviso below) that the Seller will not, for a period of one (1) year after the
Closing Date: (1) offer, pledge, announce the intention to sell, sell, contract
to sell, sell any option or contract to purchase, purchase any option or
contract to sell, grant any option, right or warrant to purchase, establish or
increase any “put equivalent position” or liquidate or decrease any “call
equivalent position” or otherwise transfer or dispose of, directly or indirectly,
any shares of Common Stock or any securities convertible into or exercisable or
exchangeable for Common Stock, or (2) enter into any swap or other agreement
that transfers, in whole or in part, any of the economic consequences of
ownership of the Common Stock, whether any such transaction described in clause
(1) or (2) above is to be settled by delivery of Common Stock or such other
securities, in cash or otherwise. 
Provided that the provisions herein shall only apply to 25% of the
Common Stock held by the Seller and/or its Affiliate as at (immediately
following Closing) the Closing Date.

5.11                        Domicile of Buyer

The Seller acknowledges and agrees that the
Buyer may change its domicile from Delaware to the Cayman Islands prior to or
in conjunction with Closing hereunder; and that for such purpose a separate
company would be established in the Cayman Islands into which the business and
assets of the Buyer would be merged. The Parties agree that the provisions of
this Agreement will be given effect in accordance with its terms and
conditions, notwithstanding any such change in domicile, subject to such
consequential modifications as are necessary and if such change is to be
effected prior to Closing references herein to the Common Stock of the Buyer or
warrants in respect of the Common Stock of the Buyer shall, with effect from
any such change, be references to the common stock of and warrants in respect
of the common stock of the merged Cayman Islands company.

5.12     Board Representation

At or prior to Closing, the Buyer agrees to take the necessary steps to
appoint up to 3 persons nominated by Seller to be Directors of the Board of
Buyer on terms and conditions reasonably satisfactory to Buyer and Seller and
on terms more fully set forth in section 7.6 hereof.

 15
 

6                 CONDITIONS PRECEDENT TO BUYER’S OBLIGATION TO
CLOSE

6.1                               Accuracy Of Representations

All of Seller’s and/or Company’s
representations and warranties in this Agreement (considered collectively), and
each of these representations and warranties (considered individually), must
have been accurate in all material respects as of the date of this Agreement,
and must be accurate in all material respects as of the Closing Date as if made
on the Closing Date.

6.2                               Seller’s/Company’s Performance

6.2.1.1            All of the covenants as described in Clause 5
and all of the obligations that the Seller and/or Company is required to
perform or to comply with pursuant to this Agreement at or prior to the
Closing, and each of these covenants and obligations must have been duly performed
and complied with in all material respects.

6.2.1.2            The Seller and/or Company must have delivered
each document required to be delivered by it pursuant to Clause 2.3.2.

6.3                               Novation Agreement

The Novation Agreement must have been duly
executed by the Builder, the Company and Bluesky and be in full force and
effect as at the date of Closing.

The Transfer Agreement(s) must have been duly
executed by the relevant parties in favour of the Company and be in full force
and effect as at the date of Closing.

6.4                               Financing

Buyer must have obtained secured debt
financing from a conventional lender in respect of the purchase of the Company
hereunder and/or funding towards (i) any payments due for reimbursement by
Buyer pursuant to Clause 5.3 of this Agreement and (ii) the further instalments
of the Contract Price payable under each of the Construction Contracts and
Vendor Agreements, such funding in aggregate anticipated to amount to at least
$300 million, on such terms as are acceptable to Buyer.

6.5                               Stockholder Approval

The Stockholder Approval shall have been
obtained (including approval from Stockholders to a change in the domicile of
the Buyer as contemplated under Article 5.11, if sought by Buyer).

6.6                               Fairness Opinion

Buyer shall have obtained a fairness opinion from an
unaffiliated, independent third party appraiser, which states that the
consideration to be paid for the Company’s Shares by Buyer is fair to Buyer
from a financial point of view.  Such
appraisal shall have also determined that the fair market value of the
Company’s Shares exceeds 80% of Buyer’s net assets as was described in the
prospectus relating to Buyer’s initial public offering as a condition to any
acquisition and required by Buyer’s amended and restated certificate of
incorporation.

 16
 

6.7                               Drillship Option

The Seller or TMT Co., Ltd. or an affiliate
of TMT Co., Ltd. must have duly executed with the Buyer, as at the date of
Closing, an agreement pursuant to which the Buyer is granted an option to call
for the novation to it of a contract to be entered into and made between
Mandarin Drilling Corporation and Daewoo Shipbuilding and Marine Engineering
Co, Ltd (“Daewoo”) for the construction of a deepwater drillship, such option
being exercisable within six (6) months of the Closing Date and otherwise on
terms to be mutually agreed.

6.8                               Additional Documents

Each of the following documents must have
been delivered to the Buyer:

6.8.1            copies of the corporate resolutions of the
Seller and Company with respect to this transaction; and

6.8.2            such other documents as the Buyer may
reasonably request for the purpose of (i) evidencing the accuracy of any
of the Sellers’ and/or Company’s representations and warranties,
(ii) evidencing the performance by the Seller and/or Company of, or the
compliance by the Seller and/or Company with, any covenant or obligation
required to be performed or complied with by the Seller and/or Company,
(iii) evidencing the satisfaction of any condition referred to in this
Clause 6, or (iv) otherwise facilitating the consummation or
performance of any of the transactions contemplated by this Agreement; and

6.8.3             a registration rights agreement in respect of
the  Common Stock in the form and terms
attached hereto.

6.9                               No Proceedings

Since the date of this Agreement, there must
not have been commenced or threatened against the Seller or the Company any
claims or proceedings (a) involving any challenge to, or seeking damages
or other relief in connection with, any of the transactions contemplated by
this Agreement, or (b) that may have the effect of preventing, delaying,
making illegal, or otherwise interfering with any of such transactions.

6.10                        No Litigation Regarding Stock Ownership Or
Sale Proceeds

There must not have been filed any litigation
asserting that any Person is the holder or the beneficial owner of, or has the
right to acquire or to obtain beneficial ownership of, any stock of, or any
other voting, equity, or ownership interest in the Company.

7                 CONDITIONS PRECEDENT TO SELLER’S OBLIGATION
TO CLOSE

The Seller’s obligation to sell the Shares
and to take the other actions required to be taken by the Seller at the Closing
is subject to the satisfaction, at or prior to the Closing, of each of the
following conditions (any of which may be waived by Seller, in whole or in part).

 17
 

7.1                               Accuracy Of Representations

All of the Buyer’s representations and
warranties in this Agreement (considered collectively), and each of these
representations and warranties (considered individually), must have been
accurate in all material respects as of the date of this Agreement and must be
accurate in all material respects as of the Closing Date as if made on the
Closing Date.

7.2                               Buyer’s Performance

7.2.1.1            All of the covenants and obligations that the
Buyer is required to perform or to comply with pursuant to this Agreement at or
prior to the Closing (considered collectively), and each of these covenants and
obligations (considered individually), must have been performed and complied
with in all material respects.

7.2.1.2            The Buyer must have delivered each of the
documents required to be delivered by the Buyer pursuant to Clause 2.3.2.

7.3                               Release of TMT Construction Contract
Guarantees

TMT Co. Ltd. must have obtained either (i) a
release from the Builder of its obligations under the TMT Construction Contract
Guarantees on terms reasonably acceptable to it (to be procured by the
provision by the Buyer in favour of the Builder of replacement guarantees on
the same terms and conditions) or (ii) in the event that the Builder will not
accept such replacement guarantees, a letter of counter indemnity from the
Buyer in respect of any liability it might incur under such TMT Construction
Contract Guarantees on terms reasonably acceptable to it.  Buyer hereby acknowledges Buyer’s intent to
offer the aforementioned replacement guarantees to the Builder.

7.4                               Additional Documents

The Buyer must have caused the following
documents to be delivered to Seller:

7.4.1.1            copies of corporate resolutions of Buyer with
respect to this transaction; and

7.4.1.2            such other documents as Seller may reasonably
request for the purpose of (i) evidencing the accuracy of any
representation or warranty of Buyer, (ii) evidencing the performance by
Buyer of, or the compliance by Buyer with, any covenant or obligation required
to be performed or complied with by Buyer, (iii) evidencing the
satisfaction of any condition referred to in this Clause 7, or
(iv) otherwise facilitating the consummation of any of the Contemplated
Transactions.

7.5                               No Proceedings

Since the date of this Agreement, there must
not have been commenced or threatened against the Buyer, any claims or
proceeding (a) involving any challenge to, or seeking damages or other
relief in connection with, any of the transactions contemplated by this
Agreement, or (b) that may have the effect of preventing, delaying, making
illegal, or otherwise interfering with any of such transactions.

 18
 

7.6                       Board representation

Buyer shall have undertaken the necessary
steps to appoint up to 3 persons nominated by Seller to be Directors of the
Board of Buyer on terms and conditions reasonably satisfactory to Buyer and
Seller (which shall include, in principle, agreement to procure the resignation
of one such person as a Director in the event that the holding of Common Stock
by Seller or its Affiliate falls below 30% of the entire issued and outstanding
Common Stock of Buyer).  In the event
that Seller transfers Buyer’s Units to an unaffiliated third party in
sufficient quantity to reduce Seller’s holdings of Buyer’s Units by 9.9% or
greater, then Buyer shall undertake the necessary steps to appoint one
additional person nominated by Seller to be a Director of the Board of Buyer on
terms and conditions satisfactory to Buyer and Seller.

7.7        Financing

Buyer must have obtained secured debt financing from a conventional
lender in respect of the purchase of the Company hereunder and/or funding
towards (i) any payments due for reimbursement by Buyer pursuant to Clause 5.3
of this Agreement and (ii) the further instalments of the Contract Price payable
under each of the Construction Contracts and Vendor Agreements, such funding in
aggregate anticipated to amount to at least $300 million, on such terms as are
acceptable to Buyer.

8                 GENERAL INDEMNITY

8.1                               Indemnity.

Subject to Clause 8.2, and in each case after
the consummation of the transactions contemplated by this Agreement, each Party
(for the purposes of this clause, the “indemnifying Party” hereby agrees to pay
promptly or, as the case may be, hold the other Party (the “indemnified Party”,
which expression shall include, its Affiliates, and its or their respective
directors, officers, employees and stockholders, harmless (on a full indemnity
basis) and keep the indemnified Party or indemnified Parties indemnified
against any liability, loss, charge, claim, demand, action, proceeding, damage,
judgment, order or other sanction, enforcement, penalty, fine, fee, commission,
interest, encumbrance, cost and expense of whatsoever nature which arises or is
suffered or incurred by or imposed on the indemnified Party (each a
“Liability”) that arises from (i) any breach of any representation or warranty
given, made or repeated by an indemnifying Party or in any certificate or other
document given or issued pursuant hereto, and (ii) any breach of any covenant
or undertaking made or given by an indemnifying Party in this Agreement.
Provided that the indemnifying Party shall not have any liability under this
Clause unless the aggregate amount of the Liabilities for which the
indemnifying Party would be liable under this Clause is greater than $100,000.

8.2                               Excluded Liabilities.

The indemnity contained in Clause 8.1 shall
not extend to any Liability to the extent that such Liability: (a) constitutes
a cost which is expressly to be borne by the indemnified Party under this
Agreement or any document entered into pursuant to the terms of this Agreement
and in respect of which it has or they have no right to reimbursement under any
such document; (b) is caused by any act or omission of the indemnified Party
which constitutes (a) wilful or reckless misconduct with (i) intent to cause
damage or (ii) knowledge that damage would probably result; or (b) unreasonable
conduct on the part of the indemnified Party with (i) intent to cause damage or
(ii) knowledge that damage would probably result; or (c) is caused by any
failure on the part of the indemnified Party to comply with any of its
obligations under, or is caused by a breach by the indemnified Party of an
express warranty to indemnifying Party contained in this Agreement.

 19
 

8.3                               Notice of Liabilities.

The indemnified Party shall: (a) notify the
indemnifying Party in writing as soon as practicable after receipt by the
indemnified Party of notice of a Liability (provided such notice is in
writing).  Such notification to the
indemnifying Party from the indemnified Party shall give such details as the
indemnified Party then has and which are, in all the circumstances, reasonable
having regard to the contents of the notice of a Liability received by the
indemnified Party; and (b) notify the indemnifying Party of the indemnified
Party intention to pay or procure the payment of any moneys in respect of any
such Liability before any such payment is made.

8.4                               Action to defend Liabilities.

Following receipt of notice from the
indemnified Party pursuant to Clause 8.3: (a) the indemnifying Party shall be
entitled to take (at its or their own cost) such lawful and proper actions as
it reasonably deems fit to defend or avoid any liability arising in respect of
a Liability and shall be entitled to take such actions in the name of the
indemnified Party; and (b) the indemnified Party shall, at the cost of the
indemnifying Party, do such acts as the indemnifying Party may reasonably
request with a view to assisting the indemnifying Party in taking actions to
defend or avoid any liability as referred to in paragraph (a) of this
Clause 8.4.

8.5                               Recovery and repayment.

If the indemnified Party shall recover from,
or be paid by, any Person (other than an indemnifying Party) any amount in
respect of any payments paid or discharged by an indemnifying Party in
accordance with this Clause 8, the indemnified Party shall pay to the
indemnifying Party a sum equal to the value of such recovered or paid amount.

8.6                               Subrogation.

Upon payment in full of any Liability by the
indemnifying Party pursuant to this Clause 8, the indemnifying Party without
any further action, shall be subrogated to any rights which the indemnified
Party may have relating to such Liability.

8.7                               Extension of general indemnity.

The indemnities contained in this Clause 8
shall also extend to include all costs of interest, legal fees and other
amounts whatsoever suffered or incurred by the indemnified Party in order to
fund the satisfaction or discharge of any Liability.

8.8                               Other security.

Each of the indemnities contained in this
Clause 8 or otherwise contained in this Agreement is in addition to, and not in
substitution for, and shall not be affected or prejudiced by, any other
security, guarantee or indemnity now or hereafter held by the indemnified
Party.

8.9                               Survival of indemnities

Subject to the proviso to Clause 8.1, the
indemnities by indemnifying Party in favour of the indemnified Party in this
Clause 8 shall continue in full force and effect notwithstanding any breach of
the terms of this Agreement by the indemnified Party, the termination of this
Agreement or any other circumstance whatsoever.

 20
 

9                 MISCELLANEOUS

9.1                               Expenses

Irrespective of whether the
Closing is effected, the Buyer shall pay all costs and expenses that it incurs
prior to the Closing, and the Seller shall pay all costs and expenses that the
Seller and/or Company and/or any of its Affiliates (including Bluesky)  incurs prior to the Closing, including, but
not limited to, legal, accounting, financial advisory and investment banking
fees and expenses, with respect to the negotiation and execution of this
Agreement and any other documents or instruments to be executed and delivered
pursuant hereto, and the performance of any covenants to be performed by such
Party and satisfaction of any conditions to be satisfied by such Party which
are contained herein or therein. The provisions of this Clause 9.1 shall
survive any termination of this Agreement.

9.2                               Notices

Any notice, request, demand
or other communication required or permitted to be given to a Party pursuant to
the provisions of this Agreement will be in writing and will be effective and
deemed given under this Agreement on the earliest of: (a) the date of personal
delivery, (b) the date of transmission by facsimile, with confirmed
transmission and receipt, (c) two (2) Business Days after deposit with a
nationally-recognized courier or overnight service such as Federal Express or
(d) the date of transmission by email, with confirmed transmission and receipt.

9.3                               Entire Agreement

This Agreement, together
with the Appendices annexed hereto, constitutes the entire understanding and
agreement by and among the Parties hereto with respect to the subject matter
hereof, and supersedes all prior written or oral negotiations, agreements and
understandings, whether express or implied, among the Parties hereto.

9.4                               Amendments and Waivers

Except as otherwise set
forth herein, any terms of this Agreement may be amended and the observance of
any term of this Agreement may be waived (either generally or in a particular
instance and either retroactively or prospectively), only by an instrument in
writing and signed by the Party against whom such amendment or waiver is sought
to be enforced.

No failure or delay by one
Party in exercising any right or remedy provided by law under or pursuant to
this Agreement shall impair such right or remedy or operate or be construed as
a waiver or variation of it or preclude its exercise at any subsequent time and
no single or partial exercise of any such right or remedy shall preclude any
other or further exercise of it or the exercise of any other right or remedy.

The rights and remedies of
the Parties under or pursuant to this Agreement are cumulative, may be
exercised as often as such party considers appropriate and are in addition to
its rights and remedies under general law.

9.5                               Successors and Assigns

Neither this Agreement nor
any rights hereunder may be assigned by any Party without the prior written
consent of the other Parties. This Agreement shall be binding upon and 

 21
 

shall inure to the benefit
of the Parties hereto and their respective successors and permitted assigns.

9.6                               Governing Law and Dispute Resolution

This Agreement shall be
governed by, and construed and enforced in accordance with the laws of New York
and any dispute arising out of or in connection with this Agreement shall be
referred first to mediation as provided in Clause 9.7 below. If the Parties are
unable to resolve the dispute through mediation, the dispute shall be referred
to arbitration in New York in accordance with Clause 9.8 below.

9.7                               Mediation

In the event of a dispute
between the Parties, either Party may at any time elect to refer the dispute to
mediation by service on the other party of a written notice (the “Mediation
Notice”) calling on the other party to resolve the dispute through mediation.

Upon receipt the Mediation Notice, the
Parties, acting in good faith, shall agree on a mediator within 14 calendar
days of receipt of the Mediation Notice, failing which on the application of
either party a mediator will be appointed promptly by the President/Chief
Executive Officer of JAMS or any person that the President/Chief Executive
Officer may designate for that purpose. The mediation shall be conducted in
such place and in accordance with such procedure and on such terms as the
parties may agree, or in the event of disagreement, as may be set by the
mediator.

The mediation shall not affect the rights of
either Party to seek such relief or take such steps as is considered necessary
to protect its interest.

Unless otherwise agreed or specified in the
mediation terms, each party shall bear its own costs incurred in the mediation
and the parties shall share equally the mediator’s costs and expenses.

The mediation process shall
be without prejudice and confidential and no information or documents disclosed
during it shall be revealed to the Arbitration Tribunal except to the extent
that they are disclosable under the law and procedure governing the
arbitration.

9.8                               Arbitration

The arbitration shall be
conducted in accordance with the United National Commission on International
Trade Law (UNCITRAL) Terms current at the time when the arbitration proceedings
are commenced. The reference shall be to three arbitrators. A party wishing to
refer a dispute to arbitration shall appoint its arbitrator and send notice of
such appointment in writing to the other party requiring the other party to
appoint its arbitrator within 14 calendar days of that notice and stating that
it will appoint its arbitrator as sole arbitrator unless the other party
appoints its own arbitrator and give notice that it has done so within the 14
days specified. If the other party does not appoint its own arbitrator and give
notice that it has done so within the 14 days specified, the party referring a
dispute to arbitration may, without the requirement of any further prior notice
to the other party, appoint its arbitrator as sole arbitrator and shall advise
the party accordingly. The award of a sole arbitrator shall be binding on both
parties as if he had been appointed by agreement.

Nothing herein shall prevent the parties
agreeing in writing to vary these provisions to provide for the appointment of
a sole arbitrator.

 22
 

9.9                               Severability

If any term or any provision
of this Agreement is invalid, illegal or incapable of being enforced by any
rule of Law or public policy, all other terms and provisions of this Agreement
shall nevertheless remain in full force and effect so long as the economic or
legal substance of the transactions contemplated hereby is not affected in any
manner materially adverse to any Party. Upon such determination that any term
or other provision is invalid, illegal or incapable of being enforced, the
Parties hereto shall negotiate in good faith to modify this Agreement so as to
the effect the original intent of the Parties as closely as possible in a
mutually acceptable manner in order that the transactions contemplated hereby
are consummated as originally contemplated to the fullest extent possible.

9.10                        Titles and Subtitles

The Clause and Clause
headings contained in this Agreement are inserted for convenience only and will
not affect in any way the meaning or interpretation of this Agreement.

9.11                        No Third Party Beneficiaries

Nothing in this Agreement,
express or implied, shall create or confer on any Person other than the Parties
of their respective successors and permitted assigns, and rights, remedies,
obligations or liabilities, except for the Indemnified Persons.

9.12                        Legal Fees

If any action at law or in
equity is necessary to enforce or interpret the terms of this Agreement or any
other document or instrument to be executed or delivered pursuant hereto, the
prevailing Party shall be entitled to reasonable legal fees, costs and
disbursements in addition to any other relief to which such Party may be
entitled and any legal fees, costs or disbursements incurred in enforcing such
Party’s rights under this Clause 9.12.

9.13                        Interpretation

9.13.1                  Drafting

The Parties have jointly
participated in the negotiation of this Agreement. If an ambiguity or question
of intent or interpretation arises, this Agreement shall be construed as if
drafted jointly by the Parties hereto and no presumption or burden of proof
will arise favoring or disfavoring any Party hereto because of the authorship
of any provision of this Agreement.

9.13.2                  References

The word “including” means
“including, without limitation.” The words “this Agreement,” “herein,”
“hereof,” “hereunder” and words of similar importance refer to this Agreement
as a whole and not to any particular subdivision unless expressly so limited.
Words in the singular form will be construed to include the plural and words in
the plural form will be construed to include the singular form, 

 23
 

unless the context otherwise
requires. Words importing one gender shall be deemed to include the other
gender.

9.14                        Counterparts

This agreement may be
executed in two or more counterparts, each of which shall be deemed an
original, but all of which taken together shall constitute one and the same
instrument.

9.15                        Currency

All references in this Agreement to “Dollars”
or $ shall mean United States Dollars unless otherwise specifically indicated.

 24
 

IN WITNESS WHEREOF, the Parties have caused
this Agreement to be executed by their duly authorized Representatives as of
the date first above written.

	
  F3 Fund

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Nobu Su

  	
   

  
	
   

  	
  Name: Nobu Su

  
	
   

  	
  Title: Director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Vantage Energy Services,
  Inc.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Paul A. Bragg

  	
   

  
	
   

  	
  Name: /s/ Paul A.
  Bragg

  
	
   

  	
  Title: Chief Executive
  Officer / Director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Offshore Group
  Investments Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Nobu Su

  	
   

  
	
   

  	
  Name: Nobu Su

  
	
   

  	
  Title: Director

  

 

 25Exhibit 10.2

REGISTRATION
RIGHTS AGREEMENT

THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is entered into as of
the    day
of          , 200  ,
by and among Vantage Energy Services, Inc., a Delaware corporation (the “Company”) and F3 Fund (“F3 Fund”).

WHEREAS, the Company and F3 Fund have previously
entered into a certain Share Purchase Agreement, dated as of August   ,
2007 (the “Purchase  Agreement”),
pursuant to which the Company will receive, in exchange for cash and units, all
of the shares of common stock of Offshore Group Investments Limited, an entity
incorporated under the laws of the Cayman Islands and a wholly owned subsidiary
of F3 Fund; and

WHEREAS, the Company and F3 Fund desire to enter into
this Agreement to provide F3 Fund with certain rights related to the
registration of (i) shares of Common Stock; (ii) Warrants; and (iii) shares of
Common Stock underlying Warrants that F3 Fund will acquire as a result of the
Purchase Agreement and the transactions contemplated thereby.

NOW, THEREFORE, in consideration of the mutual
covenants and agreements set forth herein, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto agree as follows:

1.                                       DEFINITIONS.
The following capitalized terms used herein have the following meanings:

“Agreement”
means this Agreement, as amended, restated, supplemented, or otherwise modified
from time to time.

“Anniversary Date”
is defined in Section 2.1.1.

 “Commission” means the Securities
and Exchange Commission, or any other federal agency then administering the
Securities Act or the Exchange Act.

“Common Stock”
means the common stock, par value $0.001 per share, of the Company.

“Company” is
defined in the preamble to this Agreement.

“Demand Registration”
is defined in Section 2.1.1.

“Demanding Holder”
is defined in Section 2.1.1.

“Exchange Act”
means the Securities Exchange Act of 1934, as amended, and the rules and
regulations of the Commission promulgated thereunder, all as the same shall be
in effect at the time.

“Form S-3”
is defined in Section 2.3.

“Holder”
or “Holders” means F3 Fund or any of
its affiliates to the extent any of them are permitted to hold Registrable
Securities, other than those purchasing Registrable Securities in a market transaction.

“Indemnified Party”
is defined in Section 4.3.

“Indemnifying Party”
is defined in Section 4.3.

“Majority in interest”
of Registrable Securities means a majority of the shares of Common Stock and
shares of Common Stock underlying the Warrants included in the Registrable
Securities.

 “Maximum Number of Shares” is
defined in Section 2.1.4.

 “Notices” is defined in Section 6.3.

“Piggy-Back Registration”
is defined in Section 2.2.1.

 “Register,” “Registered”
and “Registration” mean a registration
effected by preparing and filing a registration statement or similar document
in compliance with the requirements of the Securities Act, and the applicable
rules and regulations promulgated thereunder, and such registration statement
becoming effective.

“Registrable Securities”
mean all of (i) the shares of Common Stock; (ii) the Warrants; and (iii) the
shares of Common Stock issuable upon exercise of the Warrants, held by F3 Fund
as a result of the transactions contemplated by the Purchase Agreement. Registrable
Securities shall also be deemed to include any warrants, shares of capital
stock or other securities of the Company issued as a dividend or other
distribution with respect to or in exchange for or in replacement of such
Registrable Securities. As to any particular Registrable Securities, such
securities shall cease to be Registrable Securities when: (a) a Registration
Statement with respect to the sale of such securities shall have become
effective under the Securities Act and such securities shall have been sold,
transferred, disposed of or exchanged in accordance with such Registration
Statement; (b) such securities shall have been otherwise transferred, new
certificates for them not bearing a legend restricting further transfer shall
have been delivered by the Company and subsequent public distribution of them
shall not require registration under the Securities Act; (c) such securities
shall have ceased to be outstanding, or (d) the Commission makes a definitive
determination to the Company that the Registrable Securities may be sold or
transferred under Rule 144(k).

“Registration Statement”
means a registration statement filed by the Company with the Commission in
compliance with the Securities Act and the rules and regulations promulgated
thereunder (other than a registration statement on Form S-4 or Form S-8, or
their successors, or any registration statement covering only securities
proposed to be issued in exchange for securities or assets of another entity).

“Securities Act”
means the Securities Act of 1933, as amended, and the rules and regulations of
the Commission promulgated thereunder, all as the same shall be in effect at
the time.

 2
 

“F3 Fund” is defined in the
preamble to the Agreement.

“F3 Fund Indemnified Party”
is defined in Section 4.1.

“Underwriter”
means a securities dealer who purchases any Registrable Securities as principal
in an underwritten offering and not as part of such dealer’s market-making
activities.

“Warrants”
mean the Warrants to purchase an aggregated 25,000,000 shares of Common Stock
issued by the Company to F3 Fund pursuant to the Purchase Agreement dated of
even date herewith between the Company, F3 Fund and Offshore Group Investments
Limited.

2.                                       REGISTRATION
RIGHTS.

2.1                                 Demand
Registration.

2.1.1                        Request
for Registration. Commencing on the date which is one (1) year from the
date hereof (the “Anniversary Date”),
F3 Fund and its affiliates who collectively own a Majority-in-interest of the
Registrable Securities, may make a written demand for registration under the
Securities Act of all or part of their Registrable Securities (a “Demand Registration”). Any demand
for a Demand Registration shall specify the number and type of Registrable
Securities proposed to be sold and the intended method(s) of distribution
thereof. The Company will notify the Holders of Registrable Securities of the
demand, and each Holder of Registrable Securities who wishes to include all or
a portion of such Holder’s Registrable Securities in the Demand Registration
(each such Holder including shares of Registrable Securities in such
registration, a “Demanding Holder”)
shall so notify the Company within fifteen (15) days after the date of the
notice from the Company. Upon any such request, the Demanding Holders shall be
entitled to have their Registrable Securities included in the Demand
Registration, subject to Section 2.1.4 and the provisions set forth in Section
3.1.1. The Company shall not be obligated to effect more than an aggregate of
two (2) Demand Registrations under this Section 2.1.1 in respect of Registrable
Securities.

2.1.2                        Effective
Registration. A registration will not count as a Demand Registration until
the Registration Statement filed with the Commission with respect to such
Demand Registration has been declared effective by the Commission and the
Company has complied with all of its obligations under this Agreement with
respect thereto; provided, however, that if, after such Registration Statement
has been declared effective, the offering of Registrable Securities pursuant to
a Demand Registration is interfered with by any stop order or injunction of the
Commission or any other governmental agency or court, the Registration
Statement with respect to such Demand Registration will be deemed not to have
been declared effective, unless and until, (i) such stop order or injunction is
removed, rescinded or otherwise terminated, and (ii) a Majority-in-interest of
the Demanding Holders thereafter elect to continue the offering; provided,
further, that the Company shall not be obligated to file a second Registration
Statement until a Registration Statement that has been filed is deemed an
effective Demand Registration hereunder or is terminated.

2.1.3                        Underwritten
Offering. If a Majority-in-interest of the Demanding Holders so elect and
such Holders so advise the Company as part of their written demand for a Demand
Registration, the offering of such Registrable Securities pursuant to such
Demand Registration 

 3
 

shall be in the form of an underwritten offering. In
such event, the right of any Holder to include its Registrable Securities in
such registration shall be conditioned upon such Holder’s participation in such
underwriting and the inclusion of such Holder’s Registrable Securities in the
underwriting to the extent provided herein. All Demanding Holders proposing to
distribute their securities through such underwriting shall enter into an
underwriting agreement in customary form with the Underwriter or Underwriters
selected for such underwriting by a Majority-in-interest of the Holders
initiating the Demand Registration.

2.1.4                        Reduction
of Offering. If the managing Underwriter or Underwriters for a Demand
Registration that is to be an underwritten offering advises the Company and the
Demanding Holders in writing that the dollar amount or number of Registrable
Securities which the Demanding Holders desire to sell, taken together with all
other shares of Common Stock or other securities which the Company desires to
sell and the shares of Common Stock, if any, as to which registration has been
requested pursuant to written contractual piggy-back registration rights held
by other security holders of the Company who desire to sell, exceeds the
maximum dollar amount or maximum number of securities that can be sold in such
offering without adversely affecting the proposed offering price, the timing,
the distribution method, or the probability of success of such offering (such
maximum dollar amount or maximum number of securities, as applicable, the “Maximum Number of Shares”), then
the Company shall include in such registration: (i) first, the Registrable
Securities as to which Demand Registration has been requested by the Demanding
Holders (pro rata in accordance with the number of shares that each such Person
has requested be included in such registration, regardless of the number of
shares held by each such Person (such proportion is referred to herein as “Pro Rata”)) that can be sold
without exceeding the Maximum Number of Shares; (ii) second, to the extent that
the Maximum Number of Shares has not been reached under the foregoing clause
(i), the shares of Common Stock or other securities that the Company desires to
sell that can be sold without exceeding the Maximum Number of Shares; and (iii)
third, to the extent that the Maximum Number of Shares has not been reached
under the foregoing clauses (i) and (ii), the shares of Common Stock or other
securities for the account of other persons that the Company is obligated to
register pursuant to written contractual arrangements with such persons and
that can be sold without exceeding the Maximum Number of Shares.

2.1.5                        Withdrawal.
If a Majority-in-interest of the Demanding Holders disapprove of the terms of
any underwriting or are not entitled to include all of their Registrable
Securities in any offering, such Majority-in-interest of the Demanding Holders
may elect to withdraw from such offering by giving written notice to the
Company and the Underwriter or Underwriters of their request to withdraw prior
to the effectiveness of the Registration Statement filed with the Commission
with respect to such Demand Registration. If the Majority-in-interest of the
Demanding Holders withdraws from a proposed offering relating to a Demand
Registration, then such registration shall not count as a Demand Registration
provided for in Section 2.1.

2.1.6                        Expiration
of Demand Rights. The Holders shall have the right to demand a Demand
Registration during the period commencing on or after the Anniversary Date and
expiring on a date which is five (5) years from the Anniversary Date.

 4
 

2.2                                 Piggy-Back
Registration.

2.2.1                        Piggy-Back
Rights. If at any time on or after the Anniversary Date the Company
proposes to file a Registration Statement under the Securities Act with respect
to an offering of equity securities, or securities or other obligations
exercisable or exchangeable for, or convertible into, equity securities, by the
Company for its own account or for security holders of the Company for their
accounts (or by the Company and by security holders of the Company including,
without limitation, pursuant to Section 2.1), other than a Registration
Statement: (i) filed in connection with any employee stock option or other
benefit plan on Form S-8; (ii) for an exchange offer or offering of securities
solely to the Company’s existing security holders; (iii) for an offering of
debt that is convertible into equity securities of the Company; (iv) for a
dividend reinvestment plan; or (v) in connection with an acquisition or merger
on Form S-4, then the Company shall (x) give written notice of such proposed
filing to the Holders of Registrable Securities as soon as practicable but in
no event less than ten (10) days before the anticipated filing date, which
notice shall describe the amount and type of securities to be included in such
offering, the intended method(s) of distribution, and the name of the proposed
managing Underwriter or Underwriters, if any, of the offering, and (y) offer to
the Holders of Registrable Securities in such notice the opportunity to
register the sale of such number of shares of Registrable Securities as such
Holders may request in writing within five (5) days following receipt of such
notice (a “Piggy-Back Registration”). The
Company shall cause such Registrable Securities to be included in such
registration and shall use its commercially reasonable efforts to cause the
managing Underwriter or Underwriters of a proposed underwritten offering to
permit the Registrable Securities requested to be included in a Piggy-Back
Registration on the same terms and conditions as any similar securities of the
Company and to permit the sale or other disposition of such Registrable
Securities in accordance with the intended method(s) of distribution thereof.
The Holders of Registrable Securities proposing to distribute their securities through
a Piggy-Back Registration that involves an Underwriter or Underwriters shall
enter into an underwriting agreement in customary form with the Underwriter or
Underwriters selected for such Piggy-Back Registration.  The Holders shall have the right to request
no more than five (5) Piggy-Back Registrations during the period commencing on
or after the Anniversary Date and expiring on a date which is five (5) years
from the Anniversary Date.

2.2.2                        Reduction
of Offering. If the managing Underwriter or Underwriters for a Piggy-Back
Registration that is to be an underwritten offering advises the Company and the
Holders of Registrable Securities in writing that the dollar amount or number
of shares of Common Stock which the Company desires to sell, taken together
with shares of Common Stock, if any, as to which registration has been demanded
pursuant to written contractual arrangements with persons other than the
Holders of Registrable Securities hereunder, the Registrable Securities as to
which registration has been requested under this Section 2.2, and the shares of
Common Stock, if any, as to which registration has been requested pursuant to
the written contractual piggy-back registration rights of other stockholders of
the Company, exceeds the Maximum Number of Shares, then the Company shall
include in any such registration, if the registration is undertaken for the
Company’s account: (A) first, the shares of Common Stock or other securities
that the Company desires to sell that can be sold without exceeding the Maximum
Number of Shares; (B) second, to the extent that the Maximum Number of Shares
has not been reached under the foregoing clause (A), the shares of Common Stock
or other securities, if any, comprised of 
Registrable Securities, as to which registration has been requested
pursuant to the applicable written contractual piggy-back registration rights
of such 

 5
 

security Holders, Pro Rata, that can be sold without
exceeding the Maximum Number of Shares; and (C) third, to the extent that the
Maximum Number of shares has not been reached under the foregoing clauses (A)
and (B), the shares of Common Stock or other securities for the account of
other persons that the Company is obligated to register pursuant to written
contractual piggy-back registration rights with such persons and that can be
sold without exceeding the Maximum Number of Shares.

2.2.3                        Withdrawal.
Any Holder of Registrable Securities may elect to withdraw such Holder’s
request for inclusion of Registrable Securities in any Piggy-Back Registration
by giving written notice to the Company of such request to withdraw prior to
the effectiveness of the Registration Statement. The Company (whether on its
own determination or as the result of a withdrawal by persons making a demand
pursuant to written contractual obligations) may also, at its option, withdraw
a registration statement at any time prior to the effectiveness of the
Registration Statement. Notwithstanding any such withdrawal, the Company shall
pay all expenses incurred by the Holders of Registrable Securities in
connection with such Piggy-Back Registration as provided in Section 3.3.

2.3                                 Registrations
on Form S-3. The Holders of Registrable Securities may at any time and from
time to time, request in writing that the Company register the resale of any or
all of such Registrable Securities on Form S-3 or any similar short-form
registration which may be available for use by the Company at such time (“Form S-3”). Upon receipt of such
written request, the Company will promptly give written notice of the proposed
registration to all other Holders of Registrable Securities, and, as soon as
practicable thereafter, effect the registration of all or such portion of such
Holder’s or Holders’ Registrable Securities as are specified in such request,
together with all or such portion of the Registrable Securities or other
securities of the Company, if any, of any other Holder or Holders joining in
such request as are specified in a written request given within fifteen (15)
days after receipt of such written notice from the Company; provided, however,
that the Company shall not be obligated to effect any such registration
pursuant to this Section 2.3 if (i) Form S-3 is not available for such
offering, or (ii) the Holders of the Registrable Securities, together with the
holders of any other securities of the Company entitled to inclusion in such
registration, propose to sell Registrable Securities and such other securities
(if any) at any aggregate price to the public of less than $1,000,000.  Registrations effected pursuant to this
Section 2.3 shall be counted as Demand Registrations effected pursuant to
Section 2.1.

3.                                       REGISTRATION
PROCEDURES.

3.1                                 Filings;
Information. Whenever the Company is required to effect the registration of
any Registrable Securities pursuant to Section 2, the Company shall use its
commercially reasonable efforts to effect the registration and sale of such
Registrable Securities in accordance with the intended method(s) of
distribution thereof as expeditiously as practicable, and otherwise in
compliance with this Section 3.

3.1.1                        Timeframe
for Filing Registration Statement. The Company shall, as expeditiously as
possible and in any event within sixty (60) days after receipt of a request for
a Demand Registration pursuant to Section 2.1, prepare and file with the
Commission a Registration Statement on any form for which the Company then
qualifies or which counsel for 

 6
 

the Company shall deem appropriate and which form
shall be available for the sale of all Registrable Securities to be registered
thereunder in accordance with the intended method(s) of distribution thereof,
and shall use its commercially reasonable efforts to cause such Registration
Statement to become and remain effective for the period required by Section
3.1.3; provided, however, that the Company shall have the right to defer any
Demand Registration for (i) up to forty-five (45) days, and any Piggy-Back
Registration for such period as may be applicable to deferment of any Demand
Registration to which such Piggy-Back Registration relates, in each case if the
Company shall furnish to the Holders a certificate signed by the Chief
Executive Officer or Vice Chairman of the Company stating that, in the good
faith judgment of the Board of Directors of the Company, it would be materially
detrimental to the Company and its stockholders for such Registration Statement
to be effected at such time, or (ii) for up to ninety (90) days if a demand has
been made within the timeframe commencing on a date which is thirty (30) days
prior to the end of the Company’s fiscal year end and ending on a date which is
forty-five (45) days after the end of the Company’s fiscal year end; provided
further, however, that the Company shall not have the right to exercise the
right to delay any filing more than once in any 365-day period in respect of a
Demand Registration hereunder.

3.1.2                        Copies.
The Company shall, prior to filing a Registration Statement or prospectus, or
any amendment or supplement thereto, furnish without charge to the Holders of
Registrable Securities included in such registration, and such Holders’ legal
counsel, copies of such Registration Statement as proposed to be filed, each
amendment and supplement to such Registration Statement (in each case including
all exhibits thereto and documents incorporated by reference therein), the
prospectus included in such Registration Statement (including each preliminary
prospectus), and such other documents as the Holders of Registrable Securities
included in such registration or legal counsel for any such Holders may request
in order to facilitate the disposition of the Registrable Securities owned by
such Holders.

3.1.3                        Amendments
and Supplements. The Company shall prepare and file with the Commission
such amendments, including post-effective amendments, and supplements to such
Registration Statement and the prospectus used in connection therewith as may
be necessary to keep such Registration Statement effective and in compliance
with the provisions of the Securities Act until all Registrable Securities and
other securities covered by such Registration Statement have been disposed of
in accordance with the intended method(s) of distribution set forth in such
Registration Statement (which period shall not exceed the sum of one hundred
eighty (180) days plus any period during which any such disposition is
interfered with by any stop order or injunction of the Commission or any
governmental agency or court) or such securities have been withdrawn.

3.1.4                        Notification.
After the filing of a Registration Statement, the Company shall promptly, and
in no event more than five (5) business days after such filing, notify the
Holders of Registrable Securities included in such Registration Statement of
such filing, and shall further notify such Holders promptly and confirm such
advice in writing in all events within three (3) business days of the
occurrence of any of the following: (i) when such Registration Statement
becomes effective; (ii) when any post-effective amendment to such Registration
Statement becomes effective; (iii) the issuance or threatened issuance by the
Commission of any stop order (and the Company shall take all actions required
to prevent the entry of such stop order or to remove it if entered); and (iv)
any request by the Commission for 

 7
 

any amendment or supplement to such Registration
Statement or any prospectus relating thereto or for additional information or
of the occurrence of an event requiring the preparation of a supplement or
amendment to such prospectus so that, as thereafter delivered to the purchasers
of the securities covered by such Registration Statement, such prospectus will
not contain an untrue statement of a material fact or omit to state any
material fact required to be stated therein or necessary to make the statements
therein not misleading, and promptly make available to the Holders of
Registrable Securities included in such Registration Statement any such
supplement or amendment; except that before filing with the Commission a
Registration Statement or prospectus or any amendment or supplement thereto,
including documents incorporated by reference, the Company shall furnish to the
Holders of Registrable Securities included in such Registration Statement and
to the legal counsel for any such Holders, copies of all such documents proposed
to be filed sufficiently in advance of filing to provide such Holders and legal
counsel with a reasonable opportunity to review such documents and comment
thereon, and the Company shall not file any Registration Statement or
prospectus or amendment or supplement thereto, including documents incorporated
by reference, to which such Holders or their legal counsel shall object.

3.1.5                        State
Securities Laws Compliance. The Company shall use its commercially
reasonable efforts to (i) register or qualify the Registrable Securities
covered by the Registration Statement under such securities or “blue sky” laws
of such jurisdictions in the United States as the Holders of Registrable
Securities included in such Registration Statement (in light of their intended
plan of distribution) may request and (ii) take such action necessary to cause
such Registrable Securities covered by the Registration Statement to be
registered with or approved by such other Governmental Authorities as may be
necessary by virtue of the business and operations of the Company and do any
and all other acts and things that may be necessary or advisable to enable the
Holders of Registrable Securities included in such Registration Statement to
consummate the disposition of such Registrable Securities in such
jurisdictions; provided, however, that the Company shall not be required to
qualify generally to do business in any jurisdiction where it would not
otherwise be required to qualify but for this paragraph or subject itself to
taxation in any such jurisdiction.

3.1.6                        Agreements
for Disposition. The Company shall enter into customary agreements
(including, if applicable, an underwriting agreement in customary form) and
take such other actions as are reasonably required in order to expedite or facilitate
the disposition of such Registrable Securities. The representations, warranties
and covenants of the Company in any underwriting agreement which are made to or
for the benefit of any Underwriters, to the extent applicable, shall also be
made to and for the benefit of the Holders of Registrable Securities included
in such registration statement. No Holder of Registrable Securities included in
such registration statement shall be required to make any representations or
warranties in the underwriting agreement except, if applicable, with respect to
such Holder’s organization, good standing, authority, title to Registrable
Securities, lack of conflict of such sale with such Holder’s material
agreements and organizational documents, and with respect to written
information relating to such Holder that such Holder has furnished in writing
expressly for inclusion in such Registration Statement.  Holders of Registrable Securities shall agree
to such covenants and indemnification and contribution obligations for selling
stockholders as are customarily contained in agreements of that type. Further,
such holders shall cooperate fully in the preparation of the registration
statement and other documents relating to any offering in which 

 8
 

they include securities pursuant to Section 2 hereof;
provided, however, that such cooperation shall be limited to furnishing to the
Company such information regarding itself, the Registrable Securities held by
such holder and the intended method of disposition of such securities as shall
be reasonably required to effect the registration of the Registrable
Securities.

3.1.7                        Cooperation.
The principal executive officer of the Company, the principal financial officer
of the Company, the principal accounting officer of the Company and all other
officers and members of the management of the Company shall cooperate fully in
any offering of Registrable Securities hereunder, which cooperation shall
include, without limitation, the preparation of the Registration Statement with
respect to such offering and all other offering materials and related
documents, and participation in meetings with Underwriters, attorneys,
accountants and potential investors.

3.1.8                        Records.
The Company shall make available for inspection by the Holders of Registrable
Securities included in such Registration Statement, any Underwriter
participating in any disposition pursuant to such registration statement and
any attorney, accountant or other professional retained by any Holder of
Registrable Securities included in such Registration Statement or any
Underwriter, all financial and other records, pertinent corporate documents and
properties of the Company, as shall be necessary to enable them to exercise
their due diligence responsibility, and cause the Company’s officers, directors
and employees to supply all information requested by any of them in connection
with such Registration Statement.

3.1.9                        Opinions
and Comfort Letters. The Company shall furnish to each Holder of
Registrable Securities included in any Registration Statement a signed
counterpart, addressed to such Holder, of (i) any opinion of counsel to the
Company delivered to any Underwriter and (ii) any comfort letter from the
Company’s independent public accountants delivered to any Underwriter. In the
event no legal opinion is delivered to any Underwriter, the Company shall
furnish to each Holder of Registrable Securities included in such Registration
Statement, at any time that such Holder elects to use a prospectus, an opinion
of counsel to the Company to the effect that the Registration Statement
containing such prospectus has been declared effective and that no stop order
is in effect.

3.1.10                  Earnings
Statement. The Company shall comply with all applicable rules and
regulations of the Commission and the Securities Act, and make available to its
stockholders, as soon as practicable, an earnings statement covering a period
of twelve (12) months, beginning within three (3) months after the effective
date of the registration statement, which earnings statement shall satisfy the
provisions of Section 11(a) of the Securities Act and Rule 158 thereunder.

3.1.11                  Listing.
The Company shall use its commercially reasonable efforts to cause all
Registrable Securities included in any registration to be listed on such exchanges
or otherwise designated for trading in the same manner as similar securities
issued by the Company are then listed or designated or, if no such similar
securities are then listed or designated, in a manner satisfactory to F3 Fund
and its affiliates who collectively own a majority of the Registrable
Securities included in such registration.

 9
 

3.2                                 Obligation
to Suspend Distribution. Upon receipt of any notice from the Company of the
happening of any event of the kind described in Section 3.1.4(iv), or, in the
case of a resale registration on Form S-3 pursuant to Section 2.3 hereof, upon
any suspension by the Company, pursuant to a written insider trading compliance
program adopted by the Company’s Board of Directors, of the ability of all “insiders”
covered by such program to transact in the Company’s securities because of the
existence of material non-public information, each Holder of Registrable
Securities included in any registration shall immediately discontinue
disposition of such Registrable Securities pursuant to the Registration
Statement covering such Registrable Securities until such Holder receives the
supplemented or amended prospectus contemplated by Section 3.1.4(iv) or the
restriction on the ability of “insiders” to transact in the Company’s
securities is removed, as applicable, and, if so directed by the Company, each
such Holder will deliver to the Company all copies, other than permanent file
copies then in such Holder’s possession, of the most recent prospectus covering
such Registrable Securities at the time of receipt of such notice.

3.3                                 Registration
Expenses. F3 Fund shall bear all costs and expenses incurred in connection
with any Demand Registration pursuant to Section 2.1, and any registration on
Form S-3 effected pursuant to Section 2.3. The Company shall bear all costs and
expenses incurred in connection with any Piggy-Back Registration pursuant to
Section 2.2.  F3 Fund and the Company,
respectively, shall bear all expenses incurred in performing or complying with
their other obligations under this Agreement, and paying the expenses allocated
to each of them, provided for in this Section 3.3, whether or not the
Registration Statement becomes effective, including, without limitation: (i)
all registration and filing fees; (ii) fees and expenses of compliance with
securities or “blue sky” laws (including fees and disbursements of counsel in
connection with blue sky qualifications of the Registrable Securities); (iii)
printing expenses; (iv) the fees and expenses incurred in connection with the
listing of the Registrable Securities as required by Section 3.1.11; (v)
National Association of Securities Dealers, Inc. filing fees; (vi) fees and
disbursements of counsel for the Company and fees and expenses for independent
certified public accountants retained by the Company (including the expenses or
costs associated with the delivery of any opinions or comfort letters requested
pursuant to Section 3.1.9); (vii) the fees and expenses of any special experts
retained by the Company in connection with such registration; (viii) in the
case of a Demand Registration or a registration on Form S-3, the fees and
expenses of any legal counsel selected by F3 Fund and its affiliates; and (ix)
in the case of a Piggy-Back Registration, the fees and expenses of one legal
counsel selected by all of the holders of the securities included in the
Registration Statement who are participating on a piggy-back basis. The Company
shall have no obligation to pay any underwriting discounts or selling
commissions attributable to the Registrable Securities being sold by the
Holders thereof, which underwriting discounts or selling commissions shall be
borne by such Holders.  Additionally, in
an underwritten offering, all selling stockholders and the Company shall bear
the expenses of the underwriter pro rata in proportion to the respective amount
of shares each is selling in such offering.

3.4                                 Information.
The Holders of Registrable Securities shall provide such information as may
reasonably be requested by the Company, or the managing Underwriter, if any, in
connection with the preparation of any Registration Statement, including
amendments and supplements thereto, in order to effect the registration of any
Registrable Securities under the Securities Act pursuant to Section 2 and in
connection with the Company’s obligation to comply 

 10
 

with federal and applicable state securities
laws.  In the event that a Holder does
not provide any requested information to the Company at least 48 hours prior to
the filing of any Registration Statement, then the Company may remove such
declining Holder from the Registration Statement without penalty or being
deemed in violation of this Agreement.

4.                                       INDEMNIFICATION
AND CONTRIBUTION.

4.1                                 Indemnification
by the Company. The Company agrees to indemnify and hold harmless F3 Fund,
and each of its respective officers, employees, affiliates, directors,
partners, members, attorneys and agents, and each person, if any, who controls
F3 Fund (within the meaning of Section 15 of the Securities Act or Section 20
of the Exchange Act) (each, a “F3 Fund Indemnified Party”),
from and against any expenses, losses, judgments, claims, damages or
liabilities, whether joint or several, arising out of or based upon any untrue
statement (or allegedly untrue statement) of a material fact contained in any
Registration Statement under which the sale of such Registrable Securities was
registered under the Securities Act, any preliminary prospectus, final
prospectus or summary prospectus contained in the Registration Statement, or
any amendment or supplement to such Registration Statement, or arising out of
or based upon any omission (or alleged omission) to state a material fact
required to be stated therein or necessary to make the statements therein not
misleading, or any violation by the Company of the Securities Act or any rule
or regulation promulgated thereunder applicable to the Company and relating to
action or inaction required of the Company in connection with any such
registration; and the Company shall promptly reimburse the F3 Fund Indemnified
Party for any legal and any other expenses reasonably incurred by such F3 Fund
Indemnified Party in connection with investigating and defending any such
expense, loss, judgment, claim, damage, liability or action; provided, however,
that the Company will not be liable to F3 Fund in any such case to the extent
that any such expense, loss, claim, damage or liability arises out of or is
based upon any untrue statement or allegedly untrue statement or omission or
alleged omission made in such Registration Statement, preliminary prospectus,
final prospectus, or summary prospectus, or any such amendment or supplement,
in reliance upon and in conformity with information furnished to the Company,
in writing, by F3 Fund. The Company also shall indemnify any Underwriter of the
Registrable Securities, their officers, affiliates, directors, partners,
members and agents and each person who controls such Underwriter on
substantially the same basis as that of the indemnification provided above in
this Section 4.1.

4.2                                 Indemnification
by Holders of Registrable Securities. Each selling Holder of Registrable
Securities will, in the event that any registration is being effected under the
Securities Act pursuant to this Agreement of any Registrable Securities held by
such selling Holder, indemnify and hold harmless the Company, each of its
directors and officers and each underwriter (if any), and each other selling
Holder and each other person, if any, who controls another selling Holder or
such underwriter within the meaning of the Securities Act, against any losses,
claims, judgments, damages or liabilities, whether joint or several, insofar as
such losses, claims, judgments, damages or liabilities (or actions in respect
thereof) arise out of or are based upon any untrue statement or allegedly
untrue statement of a material fact contained in any Registration Statement
under which the sale of such Registrable Securities was registered under the
Securities Act, any preliminary prospectus, final prospectus or summary
prospectus contained in the Registration Statement, or any amendment or
supplement to the Registration Statement, or arise out of or are based upon any
omission or the alleged omission to state a 

 11
 

material fact required to be stated therein or
necessary to make the statement therein not misleading, if the statement or
omission was made in reliance upon and in conformity with information furnished
in writing to the Company by such selling Holder, and shall reimburse the
Company, its directors and officers, and each other selling Holder or
controlling person for any legal or other expenses reasonably incurred by any
of them in connection with investigation or defending any such loss, claim,
damage, liability or action. Each selling Holder’s indemnification obligations
hereunder shall be several and not joint and shall be limited to the amount of
any net proceeds actually received by such selling Holder.

4.3                                 Conduct
of Indemnification Proceedings. Promptly after receipt by any person of any
notice of any loss, claim, damage or liability or any action in respect of
which indemnity may be sought pursuant to Section 4.1 or 4.2, such person (the “Indemnified Party”) shall, if a
claim in respect thereof is to be made against any other person for indemnification
hereunder, notify such other person (the “Indemnifying Party”)
in writing of the loss, claim, judgment, damage, liability or action; provided,
however, that the failure by the Indemnified Party to notify the Indemnifying
Party shall not relieve the Indemnifying Party from any liability which the
Indemnifying Party may have to such Indemnified Party hereunder, except and
solely to the extent the Indemnifying Party is actually prejudiced by such
failure. If the Indemnified Party is seeking indemnification with respect to
any claim or action brought against the Indemnified Party, then the
Indemnifying Party shall be entitled to participate in such claim or action,
and, to the extent that it wishes, jointly with all other Indemnifying Parties,
to assume control of the defense thereof with counsel satisfactory to the
Indemnified Party. After notice from the Indemnifying Party to the Indemnified
Party of its election to assume control of the defense of such claim or action,
the Indemnifying Party shall not be liable to the Indemnified Party for any
legal or other expenses subsequently incurred by the Indemnified Party in
connection with the defense thereof other than reasonable costs of
investigation; provided, however, that in any action in which both the
Indemnified Party and the Indemnifying Party are named as defendants, the
Indemnified Party shall have the right to employ separate counsel (but no more
than one such separate counsel) to represent the Indemnified Party and its
controlling persons who may be subject to liability arising out of any claim in
respect of which indemnity may be sought by the Indemnified Party against the
Indemnifying Party, with the fees and expenses of such counsel to be paid by
such Indemnifying Party if, based upon the written opinion of counsel of such
Indemnified Party, representation of both parties by the same counsel would be
inappropriate due to actual or potential differing interests between them. No
Indemnifying Party shall, without the prior written consent of the Indemnified
Party, consent to entry of judgment or effect any settlement of any claim or
pending or threatened proceeding in respect of which the Indemnified Party is
or could have been a party and indemnity could have been sought hereunder by
such Indemnified Party, unless such judgment or settlement includes an
unconditional release of such Indemnified Party from all liability arising out
of such claim or proceeding.

4.4                                 Contribution.

4.4.1                        If the
indemnification provided for in the foregoing Sections 4.1, 4.2 and 4.3 is
unavailable to any Indemnified Party in respect of any loss, claim, damage,
liability or action referred to herein, then each such Indemnifying Party, in
lieu of indemnifying such Indemnified Party, shall contribute to the amount
paid or payable by such Indemnified Party as a result of such loss, claim,
damage, liability or action in such proportion as is appropriate to 

 12
 

reflect the relative fault of the Indemnified Parties
and the Indemnifying Parties in connection with the actions or omissions which
resulted in such loss, claim, damage, liability or action, as well as any other
relevant equitable considerations. The relative fault of any Indemnified Party
and any Indemnifying Party shall be determined by reference to, among other
things, whether the untrue or alleged untrue statement of a material fact or
the omission or alleged omission to state a material fact relates to
information supplied by such Indemnified Party or such Indemnifying Party and
the parties’ relative intent, knowledge, access to information and opportunity
to correct or prevent such statement or omission.

4.4.2                        The
parties hereto agree that it would not be just and equitable if contribution
pursuant to this Section 4.4 were determined by pro rata allocation or by any
other method of allocation which does not take account of the equitable
considerations referred to in the immediately preceding Section

4.4.3                        The amount
paid or payable by an Indemnified Party as a result of any loss, claim, damage,
liability or action referred to in the immediately preceding paragraph shall be
deemed to include, subject to the limitations set forth above, any legal or
other expenses incurred by such Indemnified Party in connection with
investigating or defending any such action or claim.  Notwithstanding the provisions of this
Section 4.4, no Holder of Registrable Securities shall be required to
contribute any amount in excess of the dollar amount of the net proceeds (after
payment of any underwriting fees, discounts, commissions or taxes) actually
received by such Holder from the sale of Registrable Securities which gave rise
to such contribution obligation. No person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act)
shall be entitled to contribution from any person who was not guilty of such
fraudulent misrepresentation.

5.                                       UNDERWRITING
AND DISTRIBUTION.

5.1                                 Rule
144. The Company covenants that it shall file any reports required to be
filed by it under the Securities Act and the Exchange Act and shall take such
further action as the Holders of Registrable Securities may reasonably request,
all to the extent required from time to time to enable such Holders to sell
Registrable Securities without registration under the Securities Act within the
limitation of the exemptions provided by Rule 144 under the Securities Act, as
such Rules may be amended from time to time, or any similar Rule or regulation
hereafter adopted by the Commission.

6.                                       MISCELLANEOUS.

6.1                                 Other
Registration Rights. Except with respect to those securities issued or
issuable in connection with the Company’s initial public offering in May 2007,
or as otherwise disclosed in the Company’s IPO prospectus, the Company
represents and warrants that no person, other than a Holder of the Registrable
Securities, has any right to require the Company to register any shares of the
Company’s capital stock for sale or to include shares of the Company’s capital
stock in any registration filed by the Company for the sale of shares of
capital stock for its own account or for the account of any other person.

 13
 

6.2                                 Assignment;
No Third Party Beneficiaries. This Agreement and the rights, duties and
obligations of the Company and F3 Fund hereunder may not be assigned or
delegated by either the Company or F3 Fund in whole or in part. This Agreement
and the provisions hereof shall be binding upon and shall inure to the benefit
of each of the parties and their successors. This Agreement is not intended to
confer any rights or benefits on any persons that are not party hereto other
than as expressly set forth in Article 4 and this Section 6.2.

6.3                                 Notices.
All notices, demands, requests, consents, approvals or other communications
(collectively, “Notices”)
required or permitted to be given hereunder or which are given with respect to
this Agreement shall be in writing and shall be personally served, delivered by
reputable air courier service with charges prepaid, or transmitted by hand
delivery, telegram, telex or facsimile, addressed as set forth below, or to such
other address as such party shall have specified most recently by written
notice. Notice shall be deemed given on the date of service or transmission if
personally served or transmitted by telegram, telex or facsimile; provided,
that if such service or transmission is not on a business day or is after
normal business hours, then such notice shall be deemed given on the next
business day. Notice otherwise sent as provided herein shall be deemed given on
the next business day following timely delivery of such notice to a reputable
air courier service with an order for next-day delivery.

To the Company:

Vantage Energy Services, Inc.

777 Post Oak Blvd., Suite 610

Houston, Texas 77056

Attention:  Chief Executive Officer

Fax: (713) 781-9655

with a copy to:

Ellenoff Grossman
& Schole LLP

370 Lexington
Avenue, 19th Floor

New York, New York
10017

Attn:  Douglas
S. Ellenoff, Esq.

To F3 Fund:

8th No 126 Jianguo North Road

Taipei
104, Taiwan

 

with a copy to:

[name]

[address]

6.4                                 Severability.
This Agreement shall be deemed severable, and the invalidity or
unenforceability of any term or provision hereof shall not affect the validity
or enforceability of 

 14
 

this Agreement or
of any other term or provision hereof. Furthermore, in lieu of any such invalid
or unenforceable term or provision, the parties hereto intend that there shall
be added as a part of this Agreement a provision as similar in terms to such
invalid or unenforceable provision as may be possible that is valid and
enforceable.

6.5                                 Counterparts.
This Agreement may be executed in multiple counterparts, each of which shall be
deemed an original, and all of which taken together shall constitute one and
the same instrument.

6.6                                 Entire
Agreement. This Agreement (including all agreements entered into pursuant
hereto and all certificates and instruments delivered pursuant hereto and
thereto) constitute the entire agreement of the parties with respect to the
subject matter hereof and supersede all prior and contemporaneous agreements,
representations, understandings, negotiations and discussions between the
parties, whether oral or written.

6.7                                 Modifications
and Amendments. No amendment, modification or termination of this Agreement
shall be binding upon any party unless executed in writing by such party.

6.8                                 Titles
and Headings. Titles and headings of sections of this Agreement are for
convenience only and shall not affect the construction of any provision of this
Agreement.

6.9                                 Waivers
and Extensions. Any party to this Agreement may waive any right, breach or
default which such party has the right to waive, provided that such waiver will
not be effective against the waiving party unless it is in writing, is signed
by such party, and specifically refers to this Agreement.  Waivers may be made in advance or after the
right waived has arisen or the breach or default waived has occurred. Any
waiver may be conditional. No waiver of any breach of any agreement or
provision herein contained shall be deemed a waiver of any preceding or
succeeding breach thereof nor of any other agreement or provision herein
contained. No waiver or extension of time for performance of any obligations or
acts shall be deemed a waiver or extension of the time for performance of any
other obligations or acts.

6.10                           Remedies
Cumulative. In the event that the Company fails to observe or perform any
covenant or agreement to be observed or performed under this Agreement, F3 Fund
may proceed to protect and enforce its rights by suit in equity or action at
law, whether for specific performance of any term contained in this Agreement
or for an injunction against the breach of any such term or in aid of the
exercise of any power granted in this Agreement or to enforce any other legal
or equitable right, or to take any one or more of such actions, without being required
to post a bond. None of the rights, powers or remedies conferred under this
Agreement shall be mutually exclusive, and each such right, power or remedy
shall be cumulative and in addition to any other right, power or remedy,
whether conferred by this Agreement or now or hereafter available at law, in
equity, by statute or otherwise.

6.11                           Governing
Law. This Agreement shall be governed by, interpreted under, and construed
in accordance with the internal laws of the State of New York applicable to
agreements made and to be performed within the State of New York, without
giving effect to any choice-of-law provisions thereof that would compel the
application of the substantive laws of any other jurisdiction.

 15
 

6.12                           Waiver
of Trial by Jury. Each party hereby irrevocably and unconditionally waives
the right to a trial by jury in any action, suit, counterclaim or other
proceeding (whether based on contract, tort or otherwise) arising out of,
connected with or relating to this Agreement, the transactions contemplated
hereby, or the actions of F3 Fund in the negotiation, administration,
performance or enforcement hereof.

[REMAINDER OF PAGE
INTENTIONALLY LEFT BLANK]

 16
 

IN WITNESS WHEREOF, the parties have caused this
Registration Rights Agreement to be executed and delivered by their duly
authorized representatives as of the date first written above.

	
  

  	
  VANTAGE ENERGY SERVICES, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:Paul A. Bragg

  	
   

  
	
   

  	
  Title: Chief Executive Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  F3 FUND

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

 17

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