Vantage Drilling International Ltd · OSL:VDI
Vantage Drilling International — Investor Presentation (October 2024)
22 slides from Vantage Drilling International's investor presentation, Oct 21, 2024
Slide 1: Vantage Drilling International Investor Presentation
Vantage Drilling International Investor Presentation October 21st, 2024 May 2021 Q2 2021
Slide 2: Disclaimer
Disclaimer This presentation is being provided solely for use by the recipient in making its own evaluation of Vantage Drilling International Ltd. (the “Company”), its business, assets and financial condition, and may not be disclosed, distributed, copied, reproduced or used for any purpose other th
Slide 3: Company Overview
Company Overview VANTAGE
Slide 4: Key Investment Highlights
Key Investment Highlights Lean, efficient and scalable operating platform, ripe for additional I management contracts In the process of closing a series of strategic II transactions delivering shareholder value Key strategic relationships with IOC’s, NOC’s and III drilling contractors Robust balance
Slide 5: Vantage Drilling at a Glance
Vantage Drilling at a Glance Floaters Floaters Additional Floater Management Capacity1 5 x Floaters Tungsten Explorer (2013) Platinum Explorer (2010) (TotalEnergies JV est. Q2 2025) Floater Managed Fleet Jackups Topaz Driller (2009) Soehanah (2007) Aquamarine Driller (2009) Sapphire Driller (2009) E
Slide 6: Major Customer & Key Offshore Regions
Major Customer & Key Offshore Regions Platinum Explorer Malaysia Aquamarine Driller Qatar Topaz Driller Joint Development Area Sapphire Driller Qatar Dubai Fleet and offices Singapore 3 Managed/Supported Rigs Soehanah Indonesia 2 Owned Jackups Emerald Driller Indonesia 2 Owned Drillships Tungsten Ex
Slide 7: Management Team
Management Team Ihab Toma Rafael Blattner Bill Thomson Guy Dawson-Smith Chief Executive Officer Chief Financial Officer Chief Commercial & VP Operations Technical Officer MD Managed Services Ali Semple Alaric Harrell Batool Adeeb Wayne Bauer Alessandro di Marco VP Marketing Chief Accounting Head of
Slide 8: Value Accretion & Upside
/\I Value Accretion & Upside Bi C id - ‘> <i VANTAGE
Slide 9: Value Accretive Transactions & Timeline
Value Accretive Transactions & Timeline Items actioned Estimations and objectives Meet all conditions precedent for the sale of the Tungsten Explorer and sign final Entered into sales documents. Closing of sale of 2 agreements of 2 jack- jack-ups and ups with ADES and Closing of the sale in commence
Slide 10: Significant Equity Upside
Significant Equity Upside $m Illustrative Sum-Of-The-Parts (SOTP) Analysis $508 -$31 $52 $102 $26.25 per $81 share $349 $105 $199 $159 Tungsten Sale Topaz Sale Soehanah Sale Mgmt. Unallocated G&A, Platinum Enterprise Value Net Debt Equity Value Contracts net of other assets Implied Value SOPT Valuat
Slide 11: Accretive JU Sale & Management Agreements
Accretive JU Sale & Management Agreements Illustrative Premium to Book Value Considerations and Benefits $m Total “Vessel Sale” Consideration: $190m 250 Soehanah: $85 million Topaz Driller: $105m Conditions Precedent (“CPs”) +95% Customary documentation and CPOC 200 Acceptance of Topaz Driller
Slide 12: Accretive Tungsten Sale & TotalEnergies JV
Accretive Tungsten Sale & TotalEnergies JV Illustrative Premium to Book Value Considerations and Benefits $m Total “Vessel Sale” Consideration: $265m +116% 75% TTE JV Ownership: $198.75m paid in cash 350 25% Vantage JV Ownership:$66.25m Condition Precedents (CPs): MSAs2 Customary documentation
Slide 13: De-levered Capital Structure
De-levered Capital Structure Illustrative Pro forma Capital Structure (June 30, 2024) Deleveraging the Balance Sheet at par Strong cash position after deals Proforma Cash balance equal to 65% Opportunity to grow through $451 of market capitalization at $26.25 per share acquisitions and partner
Slide 14: Management Platform Upside
Management Platform Upside VANTAGE
Slide 15: Management Services at a Glance
Management Services at a Glance I II Expertise in delivering cost- Key partner of Aquadrill post- efficient, quality operations bankruptcy, enabling to rig owners and drilling shareholders to quickly contractors monetize assets III IV No conflicting asset Key partner in Oro Negro's ownership with 7G
Slide 16: Illustrative Management Agreement Upside
Illustrative Management Agreement Upside Platinum Explorer: 90% Utilization $kpd 325 Tungsten/ Tungsten Tungsten Management Agreement Floaters Management Agreement2 TotalEnergies JV3 + 1 Other Floaters + 2 Other Floaters Upside: # units 4 3 ADES 3 ADES Jackups Management Agreement 3 ADES + 1 Other J
Slide 17: Management Business – Clients
Management Business – Clients Vessel Owners / Financers Owners – Drilling Contractor Hanwha Oceans Oro Negro DSME Aker Drilling (Transocean) TMT SFI/WCI Cobalt Explorer Company Aquadrill (Seadrill Partners) DVB Bank Seadrill Lloyds / Black Rock Sigma Drilling, Norway Sonang
Slide 18: Management Business – Experience
Management Business – Experience Past: 2013 – 2015: DP3 UDW Dual Activity Drillship. Owners' representative team for 2008 – 2011: Four Baker Pacific Class 375 Jack ups . Owners' representative team Project management for Project management, Operations and Marketing. Cobalt for Construction, Operatio
Slide 19: Performance Update
Performance Update
Slide 20: Safety & Operations Differentiation
Safety & Operations Differentiation Focus on safety is visible in the incident rate trends 1.0 2.2 Vantage Safety Performance Chart (12-Month Rolling Average)1 0.9 Work Hours (millions, rhs) 0.8 Total Recordable Incident Rate (“TRIR”, lhs) 1.7 Lost Time Incident Rate (“LTIR”, lhs) 0.7 0.6 1.2 0.5 Si
Slide 21: Fleet Status
Fleet Status Utilization across the fleet Medco, Indonesia Medco, Medco, Indonesia Indonesia Foxtrot IC Foxtrot IC TE Note: Revenue: 1. Vantage will enter into a 3-year Support Services Agreement with an ADES company, post close of the sale in Q4/24 of the TOPAZ and Soehanah 2. Vantage entered into
Slide 22: A Perfect Day, Every Day
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