Vantage Drilling 8-K Vantage Drilling Company Reports First Quarter 2010 Results

Exhibit 99.1

Vantage Drilling Company Reports First Quarter 2010 Results

HOUSTON, TX--(MARKET WIRE)-May 10, 2010 -- Vantage Drilling Company ("Vantage") (AMEX: VTG-U) (AMEX:VTG) (AMEX: VTG-WS)reports a net income of $6.0 million or $0.03per diluted share for the three months ended March 31, 2010 as compared to net income of $2.4 million or $0.03 per diluted share for the three months ended March 31, 2009.

Vantage, a Cayman Islands exempted company, is an offshore drilling contractor, with four Baker Marine Pacific Class 375 ultra-premium jackup drilling rigs operating, and an ultra deepwater drillship, the Platinum Explorer, currently under development. Vantage is also providing management services to an affiliate for two other ultra-deepwater drillships and to Sea Dragon for two ultra-deepwater semi-submersibles.

The information above includes forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. These forward-looking statements are subject to certain risks, uncertainties and assumptions identified above or as disclosed from time to time in the company's filings with the Securities and Exchange Commission. As a result of these factors, actual results may differ materially from those indicated or implied by such forward-looking statements.

Vantage Drilling Company
Consolidated Statement of Operations
(In thousands, except per share amounts)
(Unaudited)
			Three Months Ended March 31,
			2010		2009
Revenue
	Contract drilling services	$	39,356	$	9,787
	Management fees		4,437		4,142
	Reimbursables		14,457		367
	Total revenue		58,250		14,296
Operating  costs and expenses
	Operating costs, excluding impairment and termination costs		30,659		5,640
	General and administrative		4,475		3,436
	Depreciation		7,477		1,656
	Total operating expenses		42,611		10,732
Income (loss) from operations			15,639		3,564
Other income (expense)
	Interest income		12		8
	Interest expense		(7,985)		(748)
	Other income		612		86
	Total other income (expense)		(7,361)		(654)
Income before income taxes			8,278		2,910
Income tax provision			2,315		552
Net income		$	5,963	$	2,358
Earnings per share
	Basic	$	0.03	$	0.03
	Diluted	$	0.03	$	0.03

Vantage Drilling Company
Consolidated Balance Sheet
(In thousands, except par value information)
			March 31,		December 31,
			2010		2009
	ASSETS		(Unaudited)
Current assets
	Cash and cash equivalents	$	30,394	$	15,992
	Restricted cash		38,051		28,863
	Trade receivables		39,742		17,536
	Inventory		11,802		10,789
	Prepaid expenses and other current assets		11,343		8,040
	Total current assets		131,332		81,220
Property and Equipment
	Property and equipment		911,476		899,541
	Accumulated depreciation		(18,806)		(11,329)
	Property and equipment, net		892,670		888,212
Other Assets
	Investment in joint venture		122,265		120,306
	Other assets		28,722		29,441
	Total other assets		150,987		149,747
Total assets		$	1,174,989	$	1,119,179
	LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
	Accounts payable	$	17,849	$	15,931
	Accrued liabilities		21,692		14,285
	Short-term debt		3,434		17,827
	Current maturities of long-term debt		16,000		16,000
	Total current liabilities		58,975		64,043
Long-term debt, net of discount of $3,728 and $4,021			369,939		378,078
Commitments and contingencies			-		-
Shareholders' equity
	Preferred shares, $0.001 par value, 10,000 shares authorized; none issued or outstanding		-		-
	Ordinary shares, $0.001 par value, 400,000 shares authorized; 236,009 and 187,277 shares issued and outstanding		236		187
	Additional paid-in capital		777,796		714,486
	Accumulated deficit		(31,154)		(37,117)
	Accumulated other comprehensive loss		(803)		(498)
	Total shareholders' equity		746,075		677,058
Total liabilities and shareholders' equity		$	1,174,989	$	1,119,179

Vantage Drilling Company
Consolidated Statement of Cash Flows
(In thousands)
(Unaudited)
			Three Months Ended March 31,
			2010		2009
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)		$	5,963	$	2,358
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
	Depreciation expense		7,477		1,656
	Amortization of debt financing costs		976		205
	Share-based compensation expense		1,526		1,142
	Accretion of long-term debt		1,217		-
	Amortization of senior notes discount		293		-
	Deferred income tax benefit		-		-
Changes in operating assets and liabilities:
	Restricted cash		(9,188)		(212)
	Trade receivables		(22,205)		(9,686)
	Inventory		(1,013)		(3,016)
	Prepaid expenses and other current assets		(3,304)		434
	Other assets		(198)		(45)
	Accounts payable		1,919		1,983
	Accrued liabilities		7,245		4,049
	Short-term debt		904		-
	Net cash used in operating activities		(8,388)		(1,132)
CASH FLOWS FROM INVESTING ACTIVITIES
	Acquisition of assets		-		-
	Additions to property and equipment		(11,934)		(17,685)
	Investment in joint venture		(1,959)		-
	Deferred acquisition costs		-		-
	Net cash used in investing activities		(13,893)		(17,685)
CASH FLOWS FROM FINANCING ACTIVITIES
	Proceeds from borrowings under credit agreements				10,821
	Repayment of long-term debt		(9,649)		(465)
	Proceeds from issuance of ordinary shares in public offering, net		47,688		-
	Repayment of short-term debt		(1,297)		-
	Debt issuance costs		(59)		-
	Proceeds from notes payable-shareholders		-		4,000
	Net cash provided by financing activities		36,683		14,356
	Net increase (decrease) in cash and cash equivalents		14,402		(4,461)
	Cash and cash equivalents-beginning of period		15,992		16,557
	Cash and cash equivalents-end of period	$	30,394	$	12,096

Contact:

Public & Investor Relations Contact:

Paul A. Bragg

Chairman & Chief Executive Officer

Vantage Drilling Company

(281) 404-4700