Vantage Drilling International Ltd · OSL:VDI
Vantage Drilling International — Clarksons Offshore Drilling Conference 2021
21 slides from Vantage Drilling International's conference presentation, Jun 2, 2021
Slide 1: Clarksons Offshore Drilling Conference
Clarksons Offshore Drilling Conference Vantage Drilling International June 2, 2021 May 2021 Q2 2021
Slide 2: Disclaimer
Di scl ai m er This pres entation is be ing provided s olely for us e by the re cipient in making its own eva luation of Va ntage Drilling Internationa l (the “Compa ny”), its bus ines s , as s ets and financial condition, and may not be dis clos e d, dis tributed, copie d, re produced or us ed for
Slide 3: Agenda
Agen da 1. 1 Compa ny overview 2. 2 Opera ting s tra tegy a nd res ults 3. 3 Levera ge and liquidity 4. 4 Ma rket outlook 5. 5 Summa ry a nd Pa th Forwa rd 3
Slide 4: Company Overview
Company Overview VANTAGE
Slide 5: Vantage Drilling at a glance
Van t age Dr i l l i n g at a gl an ce Overview • Offshore drilling contractor that provides offshore drilling services and other management services for third-party owned drilling units. • Offices in Houston (split HQ), Dubai (split HQ) and Singapore. • Maintains among the most conservative capital
Slide 6: Presence in Key Offshore Regions
Pr esen ce i n Key Of f sh or e Regi on s Tungs ten Explorer Platinum Explorer Eas tern Med India Leo Norway Topaz Driller Montenegro Hous ton (Co-HQ) Em erald Driller Qatar Capella Dubai Malays ia Sirius (Co-HQ) USA Singapore Fl eet an d of f i ces 4 Managed floaters Sapphire Driller Soehanah Cam e
Slide 7: Operating Strategy and Results
Oper at i n g St r a t eg y a n d Res u lt s
Slide 8: Clear Strategy: Companywide Focus Areas - WIGs
Cl ear St r at egy: Com pan yw i de Focus Ar eas - WI Gs A self-funding platform achieving margin accretive fleet utilization and fully satisfied clients by following our Wildly Important Goals (WIGs): 0 Ma inta in world cla s s safety and operational performance Reduce costs a nd Preserve Cash thro
Slide 9: WIG1: Safety & Operations Differentiation
WI G1: Saf et y & Oper at i on s Di f f er en t i at i on Focus on safety is visible in the incident rate trends 0.7 Safety Perform ance Chart 12-Month Rolling Avera ge 0.6 2016 Target TRIR = 0.59 0.5 0.4 2017 & 2018 Target TRIR = 0.45 2019 & 2020 Target TRIR = 0.35 0.3 2016 Target LTIR = 0. 28 2021
Slide 10: WIG2: Achieve and maintain full fleet utilization
WI G2: Ach i eve an d m ai n t ai n f ul l f l eet ut i l i zat i on One Year after COVID-19 shutdowns – Returning to high utilization by Q2-2021 10
Slide 11: Rigs Returning to Work
Ri gs Ret ur n i n g t o Wor k We are currently operating three of seven rigs: – The Topaz Driller – currently working in Montenegro – The Emerald Driller – currently working in Qatar – The Platinum Explorer – currently working in India We are preparing three additional rigs to return to work in
Slide 12: WIG3: Saving Cost and preserving cash
WI G3: Savi n g Cost an d pr eser vi n g cash Reduced G&A, Global Support and Base costs Reduced operating costs Shore-bas e Cos ts • Inves ted in Crew Com petency and Offs hore Excludes MIP expens e, non-recurring lega l fees , s evera nce expens e & Specia l Ins ura nce Litiga tion Policy expens e
Slide 13: Leverage and Liquidity
Leverage and Liquidity VANTAGE
Slide 14: Q1 2021 Financial Position
Q1 2021 Fi n an ci al Posi t i on $ 152.2 $ 19 7.8 $ 178.7 m i l l i on m i l l i on m i l l i on Net Debt of Net of Cash ($350 million of Working Capital Gross Debt minus cash) 14
Slide 15: Manageable Leverage, Ample Liquidity
M an ageabl e Lever age, Am pl e Li qui di t y - Un di st r act ed Oper at i on s Vantage debt maturities • No new build com m itm ents • No s ignificant s tacking or reactivation cos ts • Minim al capex and m aintenance com m itm ents • Optim ized Cos t Structure • At March 31, 2021: $350M • Approx
Slide 16: Market Outlook
Outlook VANTAGE
Slide 17: Industry Outlook
I n dust r y Out l ook • Since 2015, the offshore drilling industry has faced challenges in providing investors with desirable returns and participants were anticipating a recovery in 2020 in order to create value for shareholders. • However, the 2020 black swan events stopped the recovery in its tr
Slide 18: Consolidation and Fleet Management Platform
Con sol i dat i on an d Fl eet M an agem en t Pl at f or m • With no debt maturities until the end of 2023, approximately $152 million of cash (Q1- 2021) and a favorable working capital position, Vantage is well positioned to provide investors with a strong, cost effective and efficient Consolidatio
Slide 19: Path Forward
Path Forward VANTAGE
Slide 20: Well-positioned Operationally and Financially
Wel l - posi t i on ed Oper at i on al l y an d Fi n an ci al l y Maintain solid platform well positioned for the long-haul • Efficient a nd low cos ts overhea d s tructure. • Working rigs with pos itive ca s h flow contra cts . • Hea lthy Ba la nce Sheet with no debt m a turities until the end of 2
Slide 21: A Perfect Day, Every Day
SEN = THAIN YOU A Perfect Day, Every Day VANTAGE
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