 Credit Suisse OTC Conference May 3, 2011 Exhibit 99.1 |
 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 historical facts. The forward looking statements contained in this presentation involve risks and uncertainties as well as statements as to: • our limited operating history; • availability of investment opportunities; • general volatility of the market price of our securities; • changes in our business strategy; • our ability to consummate an appropriate investment opportunity within given time constraints; • availability of qualified personnel; • changes in our industry, interest rates, the debt securities markets or the general economy; • changes in governmental, tax and environmental regulations and similar matters; • changes in generally accepted accounting principles by standard-setting bodies; and • the degree and nature of our competition. The forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently available to us. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to us or are within our control. If a change occurs, our business, financial condition, liquidity and results of operations may vary materially from those expressed in our forward- looking statements. |
 Recent Developments • November 15, 2010 - Took delivery of Platinum Explorer • Commenced operations with ONGC on December 29, 2010 • Platinum Explorer achieves impressive utilization – – January 82% – February 93% – March 98% – April 99% • Signed Construction Management Agreement with Aker Drilling for two drillships under construction at DSME • High-specification jackup market experiencing significant upward momentum in rates with continued high utilization • Awarded high-profile jackup contract for ultra-HPHT work in Malaysia @ $187,000 per day (inclusive of reimbursed upgrades); 14-21 month duration |
 Corporate Overview Symbol: VTG (NYSE AMEX) Location: HQ – Houston; Operations – Singapore; Marketing – Dubai Market Cap: $510 million Book Value: $752 million Enterprise Value: $1.6 billion Employees: > 700 Contract Backlog: $3.0 billion Owned Fleet: 4 Ultra-Premium Jackups 1 Ultra-Deepwater Drillship Managed Fleet: 4 Ultra-Deepwater Drillships |
 • Premium high-specification drilling units, including four jackup rigs and three drillships • Vantage’s modern rigs are capable of drilling to deeper depths and possess enhanced operational efficiency and technical capabilities, resulting in higher utilization, dayrates and margins • Total costs of owned fleet of four jackups and the Platinum Explorer drillship of approximately $1.7 billion • Successful track record of managing, constructing, marketing and operating offshore drilling units • In-house team of engineers and construction personnel overseeing complex construction projects • All jackups delivered on budget and on time • Jackup fleet has experienced approx. 99% of productive time for Vantage’s first 27months in operation Level of efficiency is exceptional for newly-constructed jackup rigs upon commencement of operations Proven Operational Track Record • Significant cash flow visibility • Owned fleet contract backlog of approximately $1.2 billion and managed fleet contract backlog of approximately $1.8 billion as of January 2010 Owned fleet counterparties include Total, Pearl Energy, Bowleven, Foxtrot International, Phu Quy (1) , Salamander, PTT, Petronas Carigali and ONGC, Managed deepwater rigs counterparties include Petrobras Significant Contract Coverage with High Quality Counterparties Company Highlights (1) PVEP Phu Quy Petroleum Operating Co. Ltd. is a joint venture interest between PetroVietnam Exploration Production Corp. and Total E&P Vietnam. Premium Fleet |
 Company Highlights (Cont’d) Construction management arrangements for four ultra-deepwater drillships, DragonQuest, Dalian Developer, Aker Drilling 1 & 2 Approximately $5.0 million of annual cash flow during the construction phase Management of DragonQuest once in service Approximately $12.0 to $15.0 million per year for the duration of the contract Management team with extensive experience; average of 28 years in the drilling industry Includes international and domestic public company experience with industry-leading peers involving numerous acquisitions and debt and equity financings Experienced operating personnel Construction Supervision and Management Arrangements Experienced Management and Operational Team |
 Singapore Operations and Technical Support – Track Record of Excellence Completed Projects 4 BMC 375 Jackups Platinum Explorer Current Projects Dalian Developer DragonQuest Aker Drillships #1 & 2 SeaDragon 1 & 2 All Delivered On-Time, On Budget – •Emerald Driller – December 2008 •Sapphire Driller – July 2009 •Aquamarine Driller – September 2009 •Topaz Driller – December 2009 Delivered On-Time, On Budget November 2010 Restructured construction project with Vantage designed remediation plan and implemented project controls. Project completed for customer as rigs sold to competitor. • Project 99% complete • Current on-time, on budget • 2 Successful newbuild at DSME • Hired by Financial Institution to provide shipyard oversight following bid process • Largest drillship in the world currently under construction • Vessel will include oil storage and multi- purpose capabilities • Hired by peer drilling company to manage shipyard oversight • Leverages our strong relationship with DSME nd |
 Worldwide Operations Vantage Offices Owned Rigs Managed Rigs Contract: Petrobras DragonQuest U.S. GOM Contract: ONGC Platinum Explorer India Houston Singapore Dubai Contract: Pearl Emerald Driller Thailand Contract: Foxtrot Sapphire Driller Ivory Coast LOI Aquamarine Driller Malaysia Contract: Phu Quy (1) Topaz Driller Vietnam Country of Operation (1) PVEP Phu Quy Petroleum Operating Co. Ltd. is a joint venture interest between PetroVietnam Exploration Production Corp. and Total E&P Vietnam. LOI: Sapphire Driller Cameroon |
 Jackup Fleet World class assets achieving world class performance – •Fleet productive time approximately 99% since inception •High-specification jackup fleet meeting today’s challenges: • Faster drilling times • Faster moving times • Increased volumes of consumable liquids and drilling fluids • Reduced boat runs and non-productive time • Improved pipe handling and offline capability • Fast preloading time for all tanks • 75’ x 30’ cantilever reach substantially greater than the industry average • Pipe decks allow increased storage capacity • Premium drilling package: • 3 x 2200HP mud pumps • Integrated diverter system • 18 ¾ BOP handling system and 4 rams • High-capacity, high efficiency – 5 x CAT 3516 B Diesel engines Emerald Driller Sapphire Driller Aquamarine Driller Strong Financial Performance Forecast |
  Fleet Status – Average Drilling Revenue / Day (1) Ownership 2010 2011 2012 Rig % Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Jackups Emerald Driller 100% 2 yrs. at $171K 2 mos. at $132K Sapphire Driller 100% 10 mos. at $115.5K 4 mos. at $120K 1 yr at $120K Aquamarine Driller 100% 5 mos. at $154.2K 10 mos. at $120K (2) $124K 2 wells at $137K Topaz Driller 100% 10 mos. at $107.2K 14 mos. At $187K (including upgrade & mob.) Drillships Platinum Explorer 100% 5 yrs. at $590.5K DragonQuest Managed 8 yrs. at $551.3K (3) Construction Commissioning/ Working Operating Option Extended Management Mobilization/ (Owned Rigs) (Management Contract Well Test Contract Shipyard Contract) Option (1) Average drilling revenue per day is based on the total estimated revenue divided by the minimum number of days committed in a contract. Unless otherwise noted, the total revenue includes any mobilization and demobilization fees and other contractual revenues associated with the drilling services. (2) The contract is for drilling two wells plus extended well tests. Estimated drilling time is one month per well and extended well tests could range from a few months to up to one year per well. The first extended well tests period has been contracted through April 2011. (3) The drilling revenue per day includes the achievement of the 12.5% bonus opportunity, but excludes mobilization revenues and revenue escalations included in the contract. |
 Premium Asset Advantage • Premium jackups (350’ + IC rigs) and ultra-deepwater floater have historically maintained significantly higher utilization levels, particularly during downturns in the energy industry – Operators demand newer, higher specification rigs due to superior operating performance, resulting in lower maintenance downtimes, improved safety and higher efficiency • A higher utilization level in the international drilling market continues to reflect a more stable rig supply and demand environment than the Gulf of Mexico • Operators are willing to pay a substantial dayrate premium for high-specification rigs Global Jackup Utilization International vs. GOM Jackup Utilization Source: Riglogix; ODS-PetroData. Historical Floater Dayrates ($Thousands) Historical Floater Utilization |
 Profile of Global Jackup Fleet • Capabilities and age – The current worldwide fleet is comprised mostly of older, inefficient rigs – 27% of today’s jackups are mat-supported and/or have less than 200ft of water depth capability – 70% of today’s jackups are 25 years or older – As of February 2011 a total of 134 rigs were either ready stacked, cold stacked, or in an accommodation mode without contract – How many will not return to service? • Setting up cyclical recovery – Reduction in the overall fleet should result in pricing power and high utilization levels early on during the recovery • Age is a factor – Demand is increasing for high-specification jackups. Many customers are implementing age restrictions and new high-specification characteristics Source: ODS-Petrodata Global Jackup Fleet Distribution Age Rigs % % 300+ 200-299 <200 25 years or older 332 70% 62% 150 128 54 5 to 24 years 52 11% 10% 48 3 1 0 to 4 years 92 19% 17% 83 4 5 476 100% 281 135 60 2011 Deliveries 18 3% 15 2 1 2012 Deliveries 21 4% 18 3 0 2013 Deliveries 23 4% 22 1 0 538 100% 336 141 61 Age of Jackup Fleet Water Depth (feet) |
 Profile of Global Ultra-Deepwater Fleet • Floater Rig Supply By Type (# of Rigs) Ultra-Deepwater Floaters By Operator (1) Source: ODS-Petrodata. (1) Ultra-Deepwater (>7,500 ft) drillships and semisubmersibles currently in operation. (2) Other operators with 1 rig each include: Det Norske Oljeselskap, Husy Oil, Nexen, Devon Energy, Ophir Energy, Repsol YPF, PEMEX, Burullus, LLOG, ExxonMobil, Woodside, and Marathon for a total of 12 rigs. (3) Other operators with 2 rigs each include: Petronas Carigali, Eni, Hess, BHP Billiton, Noble Energy and ONGC for a total of 12 rigs. • • • The ultra-deepwater rig market maintains the most favorable long-term outlook driven by recent discoveries in Brazil, West Africa, and the U.S. Gulf of Mexico Ultra-deepwater rigs are capable of working in any water depth where operators are currently likely to drill Can compete for any available work, while lower water depth drilling rigs have a more limited market Projections indicate a shortage of rigs designed for the 4,000 – 6,000’ water depth range which will likely be filled by ultra-deepwater units |
  Financial Overview Balance Sheet ($Millions) December 31, December 31, 2009 2010 Cash and cash equivalents 16.0 $ 120.4 $ Restricted cash 28.9 29.0 Trade receivables 17.5 50.2 Inventory 10.8 19.8 Prepaid expenses and other current assets 8.0 11.5 81.2 230.9 Property and equipment, net 888.2 1,718.1 Investment in joint venture 120.3 - Other assets 29.4 54.2 1,119.2 $ 2,003.2 $ Accounts payable and accrued liabilities 30.2 $ 107.5 $ Short-term debt 17.8 8.6 Current maturities of long-term debt 16.0 - 64.0 116.1 Long–term debt 378.1 1,103.5 Other long term liabilities - 13.5 Shareholders' Equity Paid-in capital 714.7 854.8 Retained Earnings (37.1) (84.7) Accumulated other comprehensive loss (0.5) - Total shareholders’ equity 677.1 770.2 1,119.2 $ 2,003.2 $ Outstanding shares 187.3 289.7 Book value per share 3.62 $ 2.66 $ |
 Debt Repayment • No near-term maturities provides flexibility • Excess cash flow offers opportunity; alternatively we can buy bonds in the market with excess cash • Aquamarine term loan facility matures 2014; can be refinanced beginning September 2011 |
 Financial Overview Run-Rate Financial Potential of Vantage Owned Assets ($Millions, except dayrates) (1) Calculations of rig-level EBITDA incorporate management's assumption of 90% utilization/efficiency of jackups, which reflects industry standard productive times on high-specification jackups. Utilization/efficiency of drillship assumed to be 97%, which management believes is a reasonable assumption for a newbuild vessel in its first full year of operations. Rig-level EBITDA attributable to jackups reflects operating expense assumption based on Vantage’s jackups that operated for the full first quarter of 2010. Illustrative Range of Run-Rate Financial Potential • Strong cash flow backlog to cover debt service • Leveraged to upturn in high- specification jackup market |
 Significant Upside Valuation Potential EBITDA Low 6.5x Today’s Peer Avg. 9.5 Historical Peer Avg. 11.6x $275 million $2.40 $4.41 $7.26 $300 million $2.95 $6.06 $8.26 $350 million $4.08 $7.70 $10.28 Implied Values – EV/EBITDA Source: Credit Suisse Price to Book Value Key Drivers Near Term – • Achieve high productive time on Platinum Explorer • Improving dayrate contract fixtures on jackups |
 Financial Overview Historical Financial Information ($ Millions) |
 Appendix Reconciliation of Net Income (Loss) to Adjusted EBITDA ($Millions) 3/31/2009 6/30/2009 9/30/2009 12/31/2009 3/31/2010 6/30/2010 9/30/2010 12/31/2010 Net income (loss) 2.4 $ 4.0 $ 6.8 $ (4.3) $ 6.0 $ (7.0) $ (33.6) $ (13.0) $ Interest expense, net 0.7 1.3 1.9 4.2 8.0 13.3 13.9 14.1 Income tax provision (benefit) 0.6 0.9 1.1 (0.6) 2.3 8.4 2.8 5.5 Depreciation 1.7 2.1 3.2 4.3 7.5 8.4 8.8 8.8 Loss on debt extinguishment - - - - - - 24.0 - Loss on acquisition of subsidiary - - - - - - 3.8 - EBITDA 5.4 $ 8.3 $ 13.0 $ 3.6 $ 23.8 $ 23.1 $ 19.7 $ 15.4 $ Share-based compensation expense 1.1 1.2 1.2 1.4 1.5 1.5 1.6 1.5 Adjusted EBITDA 6.5 $ 9.5 $ 14.2 $ 5.0 $ 25.3 $ 24.6 $ 21.3 $ 16.9 $ Fiscal Quarter Ended, |