Vantage Drilling Company · OTC:VTGDF
Vantage Drilling — GHS 100 Energy Conference (June 2012)
18 slides from Vantage Drilling's conference presentation, Jun 26, 2012
Slide 1: Vantage Drilling Company
Exhibit 99.1 Vantage Drilling Company GHS 100 Energy Conference San Francisco, California June 25, 2012
Slide 2: Forward-Looking Statements
Forward-Looking Statements Some of the statements in this presentation constitute forward-looking statements. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not his
Slide 3: Corporate Overview
Corporate Overview Symbol: VTG (NYSE AMEX) Location: HQ – Houston; Operations –Singapore; Marketing – Dubai Market Cap: $450 million Book Value: $700 million Enterprise Value: $2.5 billion Employees: > 1,000 Contract Backlog: $2.8 billion Owned Fleet: 4 Ultra-Premium Jackups 1 Ultra-Deepwater Drills
Slide 4: Recent Developments
Recent Developments Acquisition of 100% of Titanium Explorer announced on March 20, 2012; deal closed simultaneously with the delivery of the Titanium Explorer in April 2012 – the Titanium Explorer has completed load-out and is sailing in the Atlantic with an expected arrival in Port Fourchon, Louis
Slide 5: Company Highlights
Company Highlights Premium high-specification drilling units, including four jackup rigs and three drillships Vantage’s modern rigs are capable of drilling to deeper depths and possess enhanced operational Premium Fleet efficiency and technical capabilities, resulting in higher utilization, dayrates
Slide 6: Company Highlights (Cont'd)
Company Highlights (Cont’d) Successful construction management arrangements for ultra-deepwater drillships, including completed Aker drillships and SeaDragon semisubmersible projects and ongoing Dalian Developer Construction project. Supervision and Management Provided Vantage with significant engin
Slide 7: Premium Owned Fleet with a Proven Operational Track Record
Premium Owned Fleet with a Proven Operational Track Record Owned Assets Construction Management Projects Newbuild Ultra-Premium Marine Pacific Class 375 Jackups Ultra-Deepwater Drillship Emerald Driller Sapphire Driller Topaz Driller Aquamarine Driller Dalian Developer • Delivered On-Time, On- • Del
Slide 8: Business Strategy
Business Strategy • Customer demand for new high-specification units supported by: Capitalize on Customer Need for rigs well-suited for drilling through deep and complex formations and drilling horizontally Demand for High- Enhanced efficiency providing faster drilling and moving times Specification
Slide 9: Strong Customer Relationships
Strong Customer Relationships Key Customers 9
Slide 10: Ultra-Premium Jackup Fleet
Ultra-Premium Jackup Fleet Increased Operational Efficiency and Improved Technical Capability: Quarterly Financial Performance • Faster drilling times • Faster moving times • Increased volumes of consumable liquids and drilling fluids • Reduced boat runs and non-productive time • Improved pipe handl
Slide 11: Fleet Status – Average Drilling Revenue/Day
Fleet Status – Average Drilling Revenue/Day(1) (1) Average drilling revenue per day is based on the total estimated revenue divided by the minimum number of days committed in a contract. Unless otherwise noted, the total revenue includes any mobilization and demobilization fees and other contractual
Slide 12: Premium Asset Advantage
Premium Asset Advantage International vs. GOM Jackup Utilization Global Jackup Utilization • Premium jackups (350’ + IC rigs) and ultra-deepwater floater have historically maintained significantly higher utilization levels Recent leading edge dayrates have reached $170K for Historical Floater Dayrat
Slide 13: Profile of Global Jackup Fleet
Profile of Global Jackup Fleet Capabilities and age – The current worldwide fleet is comprised mostly of older, inefficient rigs 22% of today’s jackups are mat-supportedand/or have less than 200ft of water depth capability 68% of today’s jackups are 25 years or older As of March 2012 a total of 85 r
Slide 14: Global Deepwater Market
Global Deepwater Market Ultra-Deepwater Rig Supply is Increasing Significantly Deepwater Exploration is a Young, Rapidly Growing Market Demand is Likely to Exceed Rig Supply Despite Newbuilds Recent fixtures >$650,000 per day Source: ODS-Petrodata, DnB NOR 14
Slide 15: Financial Overview
Financial Overview Balance Sheet ($Millions) December 31, December 31, March 31, 2010 2011 2012 Cash and cash equivalents $ 120.4 $ 110.0 $ 56.5 Restricted cash 29.0 7.0 5.4 Trade receivables 50.2 100.9 113.6 Inventory 19.8 24.4 25.7 Prepaid expenses and other current assets 11.5 16.9 17.4 Long-term
Slide 16: Significant Upside Valuation Potential
Significant Upside Valuation Potential Price to Book Value Implied Values – EV/EBITDA Today’s Historical Low Peer Avg. Peer Avg. EBITDA 6.5x 7.8x 11.6x $350 million $1.30 $3.70 $5.43 $400 million $2.41 $5.16 $9.41 $450 million $3.53 $6.62 $11.40 Key Drivers Near Term – • Achieve high productive time
Slide 17: Financial Overview
Financial Overview Historical Financial Information Achieved record Revenue and ($ Millions) st Adjusted EBITDA in 1 Quarter 2012 17
Slide 18: Appendix
Appendix Reconciliation of Net Income (Loss) to Adjusted EBITDA ($Millions) Fiscal Quarter Ended, 6/30/2009 9/30/2009 12/31/2009 3/31/2010 6/30/2010 9/30/2010 12/31/2010 3/31/2011 6/30/2011 9/30/2011 12/31/2011 3/31/2012 Net income (loss) $ 4.0 $ 6.8 $ (4.3) $ 6.0 $ (7.0) $ (33.6) $ (13.0) $ (18.7)
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