Vantage Drilling International Ltd · OSL:VDI
Vantage Drilling International — Pareto Securities Energy Conference 2023
23 slides from Vantage Drilling International's conference presentation, September 2023
Slide 1: Pareto Securities Energy Conference
Pareto Securities Energy Conference Oslo, September 2023 Vantage Drilling International 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 (the “Company”), its business, assets and financial condition, and may not be disclosed, distributed, copied, reproduced or used for any purpose other than wi
Slide 3: Agenda
Agenda 1. 1 Company overview 2. 2 Operating Performance and Updates 3. 3 Company Path Forward 4. 4 Appendix: De-Leveraging Transaction 3
Slide 4: Company Overview
Company Overview VANTAGE
Slide 5: Vantage Drilling at a glance
Vantage Drilling at a glance Overview • Headquarters in Dubai with offices in Houston and Singapore • Providing offshore drilling services through owned-and-operated fleet and third-party managed-fleet • Own fleet of 2 Jackups and 2 Drillships • Manage fleet of 2 Drillships, operated on behalf of Se
Slide 6: Vantage Drilling at a glance: Fleet
Vantage Drilling at a glance Fleet Jack-Ups Topaz Driller (2009) Soehanah (2007) Aquamarine Driller (2009) Sapphire Driller (2009) Emerald Driller (2008) EDC Supported Fleet (1) Floaters Tungsten Explorer (2013) Platinum Explorer (2010) Aquarius (2009) Capella (2008) Polaris (2008) Seadrill Managed
Slide 7: Modern Fleet: Drillships
Modern Fleet: Drillships Platinum Explorer Tungsten Explorer Capella Polaris Type: Drillship Drillship Drillship Drillship Generation: UDW (6th gen) UDW (6th gen) UDW (6th gen) UDW (6th gen) Built: 2010 2013 2008 2008 Yard: DSME DSME Samsung Samsung Water depth (1): 12,000ft 12,000ft 10,000ft 10,000
Slide 8: Modern Fleet: Jackups
Modern Fleet: Jackups Emerald Driller Sapphire Driller Aquamarine Driller Topaz Driller Soehanah Type: Jackup Jackup Jackup Jackup Jackup Generation: Premium Premium Premium Premium Premium Built: 2008 2009 2009 2009 2007 Yard: PPL PPL PPL PPL PPL Baker Marine Pacific Baker Marine Pacific Baker Mari
Slide 9: Presence in Key Offshore Regions
Presence in Key Offshore Regions Platinum Explorer India Topaz Driller Morocco Aquamarine Driller Qatar Sapphire Driller Qatar Houston Emerald Driller Dubai Capella Qatar (HQ) Indonesia Fleet and offices Singapore 6 Managed/Supported Rigs Soehanah Indonesia 2 Owned Jackups 2 Owned Drillships Tungste
Slide 10: Senior Management
Senior Management Ihab Toma Rafael Blattner Douglas Stewart Guy Dawson-Smith Doug Halkett Chief Executive Officer Chief Financial Officer General Counsel & VP Operations Senior Advisor to CEO Corporate Secretary Linda Ibrahim Ali Semple Derek Massie Bill Thomson Wayne Bauer VP Tax VP Marketing VP Hu
Slide 11: Operating Performance and Update
Operating Performance and Update
Slide 12: Clear Strategy: Companywide Focus Areas - WIGs
Clear Strategy: Companywide Focus Areas - WIGs A self-funding platform achieving margin accretive fleet utilization and fully satisfied clients by following our Wildly Important Goals (WIGs): Maintain world class safety and operational performance Achieve excellent stakeholder returns 12
Slide 13: WIG1: Safety & Operations Differentiation
WIG1: Safety & Operations Differentiation Focus on safety is visible in the incident rate trends 1 Vantage Safety Performance Chart 2.20 5-Year, 12-Month Rolling Average 0.9 0.8 1.70 0.7 2017 & 2018 Target TRIR = 0.45 2019 & 2020 Target TRIR = 0.35 Workhours per 200,000 0.6 1.20 TRIR/LTIR 0.5 2021 -
Slide 14: WIG2: Contracting of Entire Fleet at Higher Dayrates
WIG2: Contracting of Entire Fleet at Higher Dayrates Utilization across the fleet 2023 2024 2025 RIGS Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Jackups (Vantage) - Owned ADES S.A.E / Foxtrot Topaz Driller Petrobel Eni Morocco Opt Petrobel, Egypt IC Soehanah Medco, Indonesia Medco, Indonesia The Latest: Fl
Slide 15: WIG2: Contracting of Entire Fleet at Higher Dayrates
WIG2: Contracting of Entire Fleet at Higher Dayrates Renewed focus on improving dayrates Owned Rigs Clients Contract Dayrate USD Mob/Demob Fee USD Jackups (Vantage) Firm (90) $ 125,000 $ 12,400,000 Topaz Driller Eni (1) Firm (60) $ 125,000 $ 7,350,000 Foxtrot (2) Option (30) $ 125,000 Foxtrot Finish
Slide 16: WIG2: Customer Focus - Repeat Business
WIG2: Customer Focus - Repeat Business National Oil Companies, Majors, Independents Operational excellence and Customer Focus resulting in repeat business 16
Slide 17: WIG3: Achieve Excellent Stakeholder Returns
WIG3: Achieve Excellent Stakeholder Returns ($ in millions, unless specified) Owned Rigs Illustrative cash flow potential (1) Illustrative dayrate environments (2) 2 x Jackups: 95% Utilization $120k/day $125k/day $130k/day 2 x Drillships: 90% Utilization $300k/day $350k/day $400k/day Jackup revenue
Slide 18: Path Forward
/\I Path Forward Bi C id - ‘> <i VANTAGE
Slide 19: Well-positioned Operationally and Financially
Well-positioned Operationally and Financially Continue Operational Focus • Drive for zero incidents and downtime • Re-contract rigs on higher dayrates • Grow the Managed Services Business • Maintain efficient platform well positioned for the long-haul Strategic options • Unlock opportunities to retu
Slide 20: A Perfect Day, Every Day
Aww SVS LBD ASD coe mre 5 a eee oY, me = Se za st oS E A Perfect Day, Every Day v ' SIZ INIG<7 baka : eS rN ta R VANTAGE
Slide 21: Appendix: De-Leveraging Transaction
Appendix: De- Leveraging Transaction
Slide 22: Vantage's Secured Notes Due 2028
Vantage’s Secured Notes Due 2028 Issuer Vantage Drilling International (the “Issuer”) Principal Amount / Issue $200 million 1st Lien Senior Secured Notes (the “Notes”) Tenor 5-years Call Protection NC-2, then callable at 50% of coupon stepping down ratably to par in year 5 100% of net proc
Slide 23: Vantage's Secured Notes Due 2028 (Cont'd)
Vantage’s Secured Notes Due 2028 (Cont’d) The Secured Notes (the “Notes”) are structured to be “portable” in the context of M&A In the event of a Change of Control: – Notes may be called at 105 if transaction is publicly announced within 12 months of issuance – Notes may be put at 101 if transac
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