Vantage Drilling International Ltd · OSL:VDI
Vantage Drilling International — Investor Presentation (February 2016)
12 slides from Vantage Drilling International's investor presentation, February 2016
Slide 1: Vantage Drilling International Investor Presentation
Vantage Drilling International Investor Presentation February 2016
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: Strategic Overview
Strategic Overview Vantage was founded with a Experienced vision of bringing the best People people together with the highest specification, modern fleet in the offshore drilling industry. High Financial Specification Structure Assets Long-term Customer Relationships 3
Slide 4: People
People Our senior management team averages over 30 years of industry experience. The cornerstone of our corporate culture are safety and professionalism. • Industry leading safety record - lost time incident rate in 2015, 2014 and 2013 was .08, .35 and .32, respectively. • Exceptional Technical Team
Slide 5: Premium Fleet - Proven Track Record
Premium Fleet - Proven Track Record Emerald Driller Sapphire Driller Aquamarine Driller Topaz Driller Delivered On‐Time, Delivered On‐Time, Delivered On‐Time, Delivered On‐Time, On‐ Budget ‐ December 2008 On‐ Budget ‐ July 2009 On‐ Budget – September 2009 On‐ Budget – December 2009 Platinum Explorer
Slide 6: Fleet Status
Fleet Status 2015 2016 2017 2018 Rig Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Jackups Emerald Driller Sapphire Driller Aquamarine Driller Topaz Driller Drillships Platinum Explorer Titanium Explorer Tungsten Explorer Contracted Option Letter of Award; Commisioning / Stacked Contract subject t
Slide 7: Customer Focus
Customer Focus We have focused our marketing efforts on customers with long-term drilling requirements with the opportunity for long-term contracts. 7
Slide 8: Financial
Financial • Pro-active Capital Restructuring Plan – Eliminates $1.5 billion of debt with little near-term maturity – Dramatically reduces debt service (≈90%) • Pro-active cost management and workforce rationalization. • Amended and extended Tungsten Explorer contract with Total adding an additional
Slide 9: Debt Summary
Debt Summary Principal Outstanding Debt Service (in millions) Third Lien Convertible Notes Credit Agreement: $32.0 million Letter of Credit Facility $ - $ - do not require any cash debt bears interest @ 5.5% service prior to maturity. These notes are convertible at 2019 1st Lien Term Loan Facility $
Slide 10: Oil & Gas Market Conditions
Oil & Gas Market Conditions • Record production anticipated to continue to exceed record demand. • 2015: Record production achieved despite E&P spending cuts of approximately 20%+. • 2016: Average E&P spending forecast indicates another reduction of 15% – E&P spending forecast based on higher than c
Slide 11: Rig Market Conditions
Rig Market Conditions • E&P spending forecasts indicate further How many rigs will be scrapped or have drilled decline in rig demand across all classes of assets. their last well? • Approximately 88 jackups and 31 Age of Floater Fleet Age of Jackup Fleet floaters scheduled for delivery from Age Rigs
Slide 12: Industry Response
Industry Response • Significant cost cutting and downsizing workforce. • Deferring capital expenditures; deferring shipyard deliveries. • Cold stacking/retiring older less efficient rigs. • Amend and extend current contracts to preserve contract backlog at lower dayrates. • Preserving liquidity by s
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