Vantage Drilling 8-K Some of the statements in this presentation constitute forward-looking statements. Forward-looking statements relate to

Pareto Securities’

2

nd

Offshore Drilling Conference

April 18, 2012

New York, New York

Vantage Drilling Company

Exhibit 99.1

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.

Forward-Looking Statements

2

Symbol:

VTG (NYSE AMEX)

Location:

HQ

–

Houston;

Operations

–

Singapore;

Marketing

–

Dubai

Market Cap:

$430 million

Book Value:

$700 million

Enterprise Value:

$1.6 billion

Employees:

> 1,000

Contract Backlog:

$2.8 billion

Owned Fleet:

4 Ultra-Premium Jackups

1 Ultra-Deepwater Drillship

1 Ultra-Deepwater Drillship preparing for transit to US GOM

1 Ultra-Deepwater Drillship under construction

Managed Fleet:

1 Ultra-Deepwater Drillship under construction

Corporate Overview

3

Acquisition

of

100%

of

Titanium

Explorer

(formerly

known

as

Dragonquest)

announced

on

March

20,

2012;

deal

will

close

simultaneously

with

the

delivery

of

the

Titanium

Explorer

in

April

2012.

April

2,

2012,

closed

a

$775.0

million

11.5%

Senior

Notes

“Tack-on”

financing

at

on

offer

price

of

108%, resulting in net proceeds to Vantage of approximately $820.0 million to complete the financing of

the Titanium Explorer

acquisition and working capital.

Expanded deepwater fleet with order of newbuild drillship Tungsten Explorer for Q2 2013 delivery

Ultra-deepwater rates moving up rapidly, providing excellent contracting opportunity for newbuild

Tungsten Explorer

Q4

2010

-

Took

delivery

of

Platinum

Explorer

–

on-time,

on

budget,

commenced

operations

with

ONGC, and achieved impressive utilization –

First

12

months

of

operation

–

92.4%

utilization

Completed 1

st

Quarter 2012 @ 97.0% utilization

High-specification jackup market experiencing upward momentum in rates with continued high

utilization

Commenced high-profile jackup contract for ultra-HPHT work in Malaysia @ $187,000 per day

(inclusive of reimbursed upgrades); 14-21 month duration

Recent Developments

4

Premium high-specification drilling units, including four jackup rigs and three drillships

Premium Fleet

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 newbuilds delivered on budget and on time

Jackup fleet has experienced approx. 99% of productive time for Vantage’s first 38 months in operation

Proven Operational

Track

Record

Significant cash flow visibility

Contract backlog of approximately $2.8 billion with industry leading E&P Companies.

Prior work experience includes a strong customer mix including:

Significant

Contract Coverage

with

High Quality

Counterparties

(1)

PVEP

Phu

Quy

Petroleum

Operating

Co.

Ltd.

is

a

joint

venture

interest

between

PetroVietnam

Exploration

Production

Corp.

and

Total

E&P

Vietnam.

Company Highlights

5

Total, ENI, Petrobras, ONGC, Petronas Cargali, PTT Thailand, Pearl Energy, Bowleven, Foxtrot

International,

Phu

Quy

(1)

,

and

Salamander.

Level of efficiency is exceptional for newly-constructed jackup rigs upon commencement of operations

Total

costs

of

owned

fleet

of

four

jackups,

the

Platinum

Explorer

drillship

and

the

Titanium

Explorer

of

approximately  $2.5 billion

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

Construction management arrangements for ultra-deepwater drillships, Dragonquest, and Dalian

Developer

on-going

(Dragonquest

construction

contract

will

terminate

upon

the

completion

of

the

acquisition in April 2012).

Completed significant newbuild projects including Aker drillships and SeaDragon semisubmersibles.

Provided Vantage with significant engineering expertise and experience in Korean, Chinese and

Singaporean shipyards.

Management team with extensive experience; average of 29 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

Company Highlights (Cont’d)

6

Owned Assets

•

Delivered On-Time, On-

Budget -

December 2008

•

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

•

Delivery Q1 2013

•

Company owned newbuild project

•

Leverages shipyard experience

•

Favorable costs and delivery

schedule

•

Delivery Q2 2013

Tungsten Explorer

Premium Owned Fleet with a Proven Operational

Track Record

•

Project 99% complete

•

2    Successful newbuild at

DSME

•

Delivery April 2012

Construction Management Projects

Dalian Developer

Newbuild Ultra-Premium Marine Pacific Class 375 Jackups

Emerald Driller

Sapphire Driller

Aquamarine Driller

Topaz Driller

Platinum Explorer

Ultra-Deepwater 12,000 ft Drillships

•

Delivered On-Time, On-

Budget -

November 2010

•

Delivered On-Time, On-

Budget -

July 2009

•

Delivered On-Time, On-

Budget -

December 2009

•

Delivered On-Time, On-

Budget -

September 2009

Titanium Explorer

Ultra-Deepwater Drillship

7

nd

Business Strategy

•

Customer demand for new high-specification units supported by:

Need for rigs well-suited for drilling through deep and complex formations and drilling horizontally

Enhanced efficiency providing faster drilling and moving times

Improved safety features and lower downtime for maintenance

•

Technological developments have made ultra-deepwater exploration more feasible and cost-effective in recent

years

•

Water-depth capability and equipping of Vantage's ultra-deepwater drilling units is attractive for customers

Will provide significant advantages in obtaining long-term ultra-deepwater drilling contracts in the future

•

Long-term

drillship

contracts

for

Platinum

Explorer

(5

years)

and

Titanium

Explorer

(8

years)

•

Jackups operating on contracts with average 14-month terms (average 12 months remaining backlog)

•

$2.8 billion in contract backlog mitigates cyclical oil and gas industry risk

•

Focused on expanding relationships with national oil companies, major oil companies, large independents and

super-regionals

•

Will lead to longer-term contracts to build backlog

•

Strong

existing

relationships

have

contributed

to

large

existing

backlog

and

repeat

business

with

customers

•

Growth through acquisitions of assets and other offshore drilling companies

•

Current construction management contracts provide potential acquisition targets

8

Capitalize on Customer

Demand for High-

Specification Units

Focus on Long-term

Contracts

Expand Deepwater

Exposure

Expand Key Industry

Relationships

Pursue Acquisition

Opportunities

Strong Customer Relationships

Key Customers

9

Vantage Offices

Owned Rigs

Managed Rigs

Contract: Petrobras

DragonQuest

U.S. GOM

Contract: ONGC

Platinum Explorer

India

Houston

Singapore

Dubai

Contract: PTT

Emerald Driller

Thailand

Aquamarine Driller

Contract: Petronas

Carigaili

Malaysia

Topaz Driller

Contract: Total

Malaysia

Country of Operation

Sapphire Driller

Contract: Foxtrot

Ivory Coast

Worldwide Operations

10

•

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 system and 4 rams

•

High-capacity, high efficiency –

5 x CAT 3516 B

Diesel engines

Quarterly Financial Performance

Ultra-Premium Jackup Fleet

World class assets achieving world class performance

Fleet productive time approximately 99% since inception

Emerald Driller

Sapphire Driller

Aquamarine Driller

Topaz Driller

Increased Operational Efficiency and Improved

Technical Capability:

11

$0

$20

$40

$60

1Q09

2Q09

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

Revenue

EBITDA

•

Capable of operating in water depths up to 12,000 ft

•

Total vertical drilling depth of 40,000 ft

•

Variable deck load of 20,000 tons

•

Hull measurement of 781 ft long by 137 ft wide

•

DP3 dynamic positioning system

•

1250 short ton hook load, including 9000 hp drawworks

•

Offline pipe handling

•

Trip saver system

•

Accommodations for 200 personnel

•

Delivery Q2 2012

Titanium Explorer –

Preparing for Transit to U.S. GOM

12

•

Capable of operating in water depths up to 12,000 ft

•

Total vertical drilling depth of 40,000 ft

•

Variable deck load of 20,000 tons

•

Hull measurement of 781 ft long by 137 ft wide

•

DP3 dynamic positioning system

•

1250 short ton hook load, including 9000 hp drawworks

•

Offline pipe handling

•

Trip saver system

•

Accommodations for 200 personnel

•

Delivery Q2 2013

Tungsten Explorer –

Under Construction

13

(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 drilling revenue per day includes the achievement of the 12.5% bonus opportunity, but excludes mobilization revenues and revenue escalations included in the contract.

Fleet Status –

Average

Drilling

Revenue/Day

(1)

14

Ownershi

2011

2012

2013

Rig

%

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Jackups

Emerald Driller

100%

$171

$137K

$132K

$130K

$130K

Sapphire Driller

100%

$120K

$120K

$120K (net of taxes)

Aquamarine Driller

100%

$120K

$124K

$137K

$132K

(mutually agreed rates)

Topaz Driller

100%

$107K

$187K (includes upgrades and mobilization)

$135K

Drillships

Platinum Explorer

100%

$590.5K (5 years)

Dragonquest

100%

$551K (8 years)

(2)

Tungsten Explorer

100%

Dalian Developer

Managed

Contracted

Option

Commissioning /

Construction

Construction

Contract

Mobilization /

Management

Shipyard

Contract

p

•

Premium jackups (350’

+ IC rigs)

and ultra-deepwater  floater have

historically maintained

significantly higher utilization

levels, particularly during

downturns in the energy industry

–

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

Premium Asset Advantage

15

Operators demand newer,

higher specification rigs due to

superior operating

performance, resulting in lower

maintenance downtimes,

improved safety and higher

efficiency

•

Capabilities

and

age

–

The current worldwide fleet is comprised mostly of older, inefficient rigs

•

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

Profile of Global Jackup Fleet

16

–

22% of today’s jackups are mat-supported and/or have less than 200ft of water depth capability

–

68% of today’s jackups are 25 years or older

–

As of March 2012 a total of 85 rigs were either ready stacked, cold stacked, or in an accommodation mode without contract

–

How many will not return to service?

Age

Rigs

%

%

300+

200-299

< 200

25 years or older

325

68%

58%

152

119

54

5 to 24 years

64

13%

11%

59

1

4

0 to 4 years

90

19%

16%

80

6

4

479

100%

291

126

62

2012 Deliveries

26

5%

24

2

0

2013 Deliveries

38

7%

37

1

0

2014 Deliveries

15

3%

13

2

0

558

100%

365

131

62

Age of Jackup Fleet

Water Depth (feet)

Ultra-Deepwater Rig Supply is Increasing Significantly

Deepwater Exploration is a Young, Rapidly Growing Market

Demand is Likely to Exceed Rig Supply Despite Newbuilds

Source: ODS-Petrodata, DnB NOR

Global Deepwater Market

17

Recent fixtures

>$550,000 per day

Balance Sheet

($Millions)

Financial Overview

18

December 31,

December 31,

2010

2011

Cash and cash equivalents

120.4

$            

110.0

$            

Restricted cash

29.0

7.0

Trade receivables

50.2

100.9

Inventory

19.8

24.4

Prepaid expenses and other current assets

11.5

16.9

230.9

259.3

Property and equipment, net

1,718.1

1,805.1

Investment in joint venture

-

-

Other assets

54.2

58.2

2,003.2

$         

2,122.5

$         

Accounts payable and accrued liabilities

107.5

$            

148.1

$            

Short-term debt

8.6

-

Current maturities of long-term debt

-

-

116.1

148.1

Long–term debt

1,103.5

1,246.4

Other long term liabilities

13.5

29.8

Shareholders' Equity

Paid-in capital

854.8

860.8

Retained Earnings

(84.7)

(162.6)

Accumulated other comprehensive loss

-

-

Total shareholders’ equity

770.2

698.2

2,003.2

$         

2,122.5

$         

Outstanding shares

289.7

291.2

Book value per share

2.66

$               

2.40

$               

•

No near-term maturities provides

flexibility

•

Excess cash flow offers

opportunity; alternatively we can

buy bonds in the market with

excess cash

•

First call option February 2013

Debt Repayment

19

-

500

1,000

1,500

2,000

2012

2013

2014

2015

2016

2017

Maturities and Debt Repayment

Excess cash flow offer

Maturity

EBITDA

Low

6.5x

Today’s

Peer Avg.

7.8x

Historical

Peer Avg.

11.6x

$250 million

$1.72

$2.84

$6.11

$300 million

$2.84

$4.17

$8.10

$350 million

$3.96

$6.35

$10.10

Implied Values –

EV/EBITDA

Source: Jefferies

Price to Book Value

Key Drivers Near Term –

•

Achieve high productive time on Platinum Explorer

•

Improving dayrate contract fixtures on jackups

•

Completion of the Titanium Explorer

acquisition

•

Contract for the Tungsten Explorer

20

Significant Upside Valuation Potential

Historical Financial Information

($ Millions)

Financial Overview

21

$14.3

$22.2

$36.4

$38.6

$58.3

$68.4

$66.9

$84.9

$124.6

$120.9

$118.5

$121.3

$6.4

$9.5

$14.2

$5.0

$25.3

$24.6

$21.3

$16.9

$42.8

$49.7

$44.8

$47.3

$0.0

$20.0

$40.0

$60.0

$80.0

$100.0

$120.0

$140.0

3/31/2009

6/30/2009

9/30/2009

12/31/2009

3/31/2010

6/30/2010

9/30/2010

12/31/2010

3/31/2011

6/30/2011

9/30/2011

12/31/2011

Quarter Ended

Revenue

Adjusted EBITDA

Reconciliation of Net Income (Loss) to Adjusted EBITDA

($Millions)

Appendix

22

Fiscal Quarter Ended,

6/30/2009

9/30/2009

12/31/2009

3/31/2010

6/30/2010

9/30/2010

12/31/2010

3/31/2011

6/30/2011

9/30/2011

12/31/2011

Net income (loss)

4.0

$           

6.8

$           

(4.3)

$         

6.0

$           

(7.0)

$         

(33.6)

$       

(13.0)

$       

(18.7)

$       

(40.1)

$       

(11.9)

$       

(7.3)

$         

Interest expense, net

1.3

1.9

4.2

8.0

13.3

13.9

14.1

41.5

39.3

37.1

37.5

Income tax provision (benefit)

0.9

1.1

(0.6)

2.3

8.4

2.8

5.5

2.9

7.8

2.0

(1.2)

Depreciation

2.1

3.2

4.3

7.5

8.4

8.8

8.8

16.1

16.0

16.0

16.4

Loss on debt extinguishment

-

-

-

-

-

24.0

-

-

25.2

-

-

Loss on acquisition of subsidiary

-

-

-

-

-

3.8

-

-

-

-

-

  EBITDA

8.3

$           

13.0

$         

3.6

$           

23.8

$         

23.1

$         

19.7

$         

15.4

$         

41.9

$         

48.2

$         

43.2

$         

45.4

$         

Share-based compensation expense

1.2

1.2

1.4

1.5

1.5

1.6

1.5

0.9

1.5

1.6

1.9

Adjusted EBITDA

9.5

$           

14.2

$         

5.0

$           

25.3

$         

24.6

$         

21.3

$         

16.9

$         

42.8

$         

49.7

$         

44.8

$         

47.3

$