 Vantage Drilling Company J.P. Morgan High Yield & Leveraged Finance Conference Miami, Florida February 24, 2014 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 |
 NYSE: VTG Market Cap: $519 million Book Value: $567 million Enterprise Value: $3.4 billion Employees: > 1,300 Company Overview 3 Vantage Offices 4 Jackups 3 Drillships, plus 1 under construction |
 2013 Achieved Record Revenue, EBITDA, and Income from Operations Ultra-Deepwater Fleet fully contracted through 2015 Jackup fleet 97% contracted for 2014 and 30% contracted for 2015. Refinanced Balance Sheet – Interest savings in excess of $90 million per year Much longer, staggered maturities $850 million of pre-payable debt Ultra-Deepwater drillship, Cobalt Explorer, under construction will provide continued growth through 2016. Hired to manage two Ultra-deepwater newbuild ship construction projects for customer at DSME shipyard in Korea. Highlights 4 |
 Vantage Strategic Focus 5 Vantage was founded with a vision of bringing the best people together with the highest specification, modern fleet in the offshore drilling industry. With exceptional operating performance and a focus on service, we have built an excellent portfolio of customers who have provided us with significant backlog and repeat business. In recent years, we have focused on improving our financial structure, reducing our borrowing costs, and now de-levering the balance sheet. Financial Structure High-Spec Assets Long-term Customer Relationships Experienced People |
 • Industry leading safety record – Lost time incident rate in 2013 and 2012 were .32 and .00, respectively, as we completed approximately 2.5 million and 2.2 million man-hours. • Jack-up fleet has achieved approximately 99% productive time over the first 60 months of operations. Each jack-up construction project was completed on-time and on budget. • Our exceptional operating experience and technical expertise has resulted in additional business opportunities as Vantage has been selected to manage 3 party shipyard projects and rig operations. People 6 Our senior management team averages over 30 years of Industry experience. The cornerstones of our corporate culture are safety and professionalism. rd |
 High Specification Assets 7 High-specification drillships combined with deep in- house operations and technical teams, have been the key to awards to Vantage of high-profile, complex, ultra-deepwater projects. Jackup fleet has achieved approximately 99% productive time for the first 60 months of operations Cobalt Explorer, a 7 generation, dual-activity UDW drillship equipped with (2) seven-ram BOP’s and 12,000 feet of riser, scheduled for delivery in 2015, will be our most technically advanced drillship. th We have built a fleet of new, premium assets that our customers demand now and for the future. |
 • Capabilities and age – The current worldwide fleet is comprised mostly of older, inefficient rigs • Age is a factor – Demand is increasing for high-specification jackups. Many customers are implementing age restrictions and new high-specification requirements. Source: IHS Petrodata Global Jackup Fleet Distribution Profile of Global Jackup Fleet 8 Despite 173 newbuild deliveries since 2005, majority of worldwide jackup fleet remains older than 25 years Age Rigs % % 300+ 200-299 <200 25 years or older 309 60% 47% 149 112 48 10 to 24 years 31 6% 5% 29 1 1 0 to 9 years 173 34% 27% 156 10 7 513 100% 334 123 56 2014 Deliveries 39 6% 36 2 1 2015 Deliveries 61 9% 59 2 0 2016 Deliveries 33 5% 33 0 0 2017 Deliveries 5 1% 5 0 0 651 100% 467 127 57 Age of Jackup Fleet Water Depth (feet) – 17% of today’s jackups are mat-supported and/or have less than 200ft of water depth capability – 60% of today’s jackups are 25 years or older – As of February 2014 a total of 51rigs were either ready stacked, cold stacked, or in an accommodation mode without contract – How many will not return to service? |
 Supply of High Specification Floaters 9 Age Rigs % % 25 years or older 149 47% 36% 10 to 24 years 46 15% 11% 0 to 9 years 121 38% 29% 316 100% 2014 Deliveries 31 7% 2015 Deliveries 27 7% 2016 Deliveries 21 5% 2017 Deliveries 7 2% 2018 Deliveries 8 2% 2019 Deliveries 4 1% 2020 Deliveries 1 0% 415 100% Age of Floater Fleet Bifurcation will drive cold stacking and retirements. Nearly half of the deepwater and ultra-deepwater combined fleet is 25 years of age or older. Source: IHS Petrodata |
 Market Conditions Long-term Opportunities • Global demand for oil & gas continues growth driven by emerging economies with long-term forecast for increase E&P spending. • Success in deepwater and ultra-deepwater exploration should provide the map to future growth as developmental drilling increases rig demand. • Customers prefer high-specification rigs due to greater reliability and performance. With 160 floaters and 216 jackups older than 30 years of age, there is a significant opportunity for rig replacement. 10 Continued Growth Cycle Continued E&P Spending Growth |
 Market Conditions Short-term Headwinds • Shift in global spending to national oil companies increases contracting time. • North American and European E&P companies facing wave of shareholder activism impacting capital allocations (dividends & share repurchases versus E&P spending). • Confidence in oil and gas demand growth negatively impacted by emerging economy liquidity concerns. • Large order book of rigs 123 jackups and 93 floaters – the timing of rigs coming into the market creates dayrate volatility. 11 |
 Strong Customer Backlog 12 We have focused our marketing efforts on customers with long-term drilling requirements with the opportunity for long-term contracts. $2.8 Billion of backlog with strong customer base: |
 (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 included in the contract. Fleet Status 13 Customer backlog of approximately $2.8 Billion provides visibility to cash flows Ownership 2013 2014 2015 Rig % Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Jackups Emerald Driller 100% $130,000 $156,000 (2 years) Sapphire Driller 100% $120,000 $165,000 (net) $183,000 (18 months) Aquamarine Driller 100% $153,000 $155,000 Topaz Driller 100% $155,000 $155,000 $155,000 (6 mos. - Indonesia) Drillships Platinum Explorer 100% $590,000 (5 years) Titanium Explorer (2) 100% $585,000 (8 years) Tungsten Explorer 100% 5 wells (175 days) 60 days $641,000 (2 years firm) Cobalt Explorer 100% Contracted Option Letter of Award; Commisioning / Construction Contract subject to conditions Mobilization |
 Progress on Financial Targets 14 Long-term contracts provide visibility to cash flow to support our leverage reduction objectives. • 4 quarter 2013, with our 7 operational assets all working, we expect to report record Revenue, EBITDA and Income from Operations. • We are on target to achieve our goal of 11.0+% Return on Capital Employed in 2014. • We have made substantial progress towards achieving our Net Debt to EBITDA goal of 5.0X. • EBITDA and EPS will be significantly impacted by mobilizations and potential client requested upgrade projects: • We expect to be compensated for all of the days and upgrade costs. • Should not impact our debt paydown objectives. th |
 Return on Capital Employed 15 Strong operational performance from our first 7 rigs, now fully deployed, will lead to industry leading Return on Capital Employed (ROCE). 2014 Target: 11+%. * Based on Last-Twelve-Months reported. |
 Debt Maturities and Leverage 16 • No significant debt maturities until 2017. • Cash flow from operations projected to cover all debt service through 2018. • Increased leverage over last 2 years has been to fund deployment of Titanium Explorer and Tungsten Explorer. • As current fleet is all working, leverage will rapidly decline – on target for yearend 2014 leverage of 5.0 X EBITDA. 2011 2012 2013 Long-term Debt 1,246.4 $ 2,710.6 2,852.1 LT Debt/LTM EBITDA 7.1 X 12.6X 7.8X LT Debt/4th QTR EBITDA (annualized) 5.5X |
 HISTORICAL FINANCIAL Appendix |
 Balance Sheet The Debt to EBITDA leverage ratio will continue to reduce as Vantage reports a full year of operations from the Titanium Explorer (December 2012) and the Tungsten Explorer (September 2013) 18 ($ in millions) December 31, December 31, 2011 2012 31-Mar-13 30-Jun-13 30-Sep-13 Cash and cash equivalents 117.0 $ 506.2 $ 460.5 $ 443.8 $ 71.1 $ Trade receivables 100.9 119.5 101.9 107.9 144.9 Inventory, prepaids & other 41.3 63.1 62.1 64.8 65.9 Total current assets 259.2 688.8 624.5 616.5 281.9 Property and Equipment 1,805.1 2,717.5 2,711.2 2,719.2 3,207.2 Other assets 58.2 123.9 119.9 125.4 128.7 Total assets 2,122.5 $ 3,530.2 $ 3,455.6 $ 3,461.1 $ 3,617.8 $ Accounts payable and accruals 150.2 $ 174.4 127.5 133.1 176.8 Revolving Credit Agreement - - - - 10.0 Current maturities - 31.2 41.0 47.3 53.5 Total current liabilities 150.2 205.6 168.5 180.4 240.3 Long-term debt 1,246.4 2,710.6 2,796.3 2,784.8 2,862.5 Other long-term liabilities 29.8 45.5 43.4 42.7 41.5 Shareholders equity 696.1 568.5 447.4 453.2 473.5 Total liabilities and shareholders' equity 2,122.5 $ 3,530.2 $ 3,455.6 $ 3,461.1 $ 3,617.8 $ Long-term Debt/LTM EBITDA 7.1 X 12.6 X 12.6 X 10.7 X 9.9 X For the Quarter Ended |
 Statement of Operations 19 Net income and cash flow from operations is increasing significantly for Vantage as the Tungsten Explorer commenced operations in September 2013. ($ in millions) December 31,December 31, 2011 2012 31-Mar-13 30-Jun-13 30-Sep-13 REVENUE Contract Drilling Services 366.8 $ 423.8 $ 134.7 $ 155.8 $ 158.9 $ Management Fees 13.7 6.6 3.2 2.4 3.9 Reimbursables 105.3 41.0 9.1 12.4 13.1 Total revenues 485.8 471.4 147.0 170.6 175.9 OPERATING COSTS AND EXPNSES Operating Costs 284.9 230.1 75.3 77.1 84.1 General and Administrative 26.3 26.0 7.4 7.0 8.9 Depreciation 64.5 68.7 24.9 25.0 24.9 Total operating expenses 375.7 324.8 107.6 109.1 117.9 INCOME FROM OPERATIONS 110.1 146.6 39.4 61.5 58.0 OTHER INCOME (EXPENSE) Interest Income 0.1 0.1 0.1 0.1 - Interest Expense and Financing (154.9) (149.1) (59.7) (51.3) (47.4) Loss on Debt Extinguishment (25.2) (124.6) (98.3) - - Other Income 1.3 0.6 0.9 1.0 0.3 Total other expenses (178.7) (273.0) (157.0) (50.2) (47.1) INCOME (LOSS) BEFORE TAX (68.6) (126.4) (117.6) 11.3 10.9 INCOME TAX PROVISION 11.4 18.9 5.6 7.1 4.1 Net income (loss) (80.0) $ (145.3) $ (123.2) $ 4.2 $ 6.8 $ INCOME (LOSS) PER SHARE (0.28) $ (0.50) $ (0.41) $ 0.01 $ 0.02 $ PRO FORMA INCOME (LOSS) PER SHARE (0.19) $ (0.07) $ (0.08) $ 0.01 $ 0.02 $ EBITDA 174.7 $ 215.3 $ 64.3 $ 86.5 $ 83.0 $ LTM EBITDA 174.7 $ 215.3 $ 222.3 $ 260.4 $ 290.3 $ For the Quarter Ended |
 EBITDA Reconciliation 20 ($ in millions) December 31, December 31, 2011 2012 31-Mar-13 30-Jun-13 30-Sep-13 Net Income (Loss) (80.0) $ (145.3) $ (123.2) $ 4.2 $ 6.8 $ Interest Expense, Net 154.8 149.0 59.6 51.2 47.4 Income Tax Provision 11.4 18.9 5.6 7.1 4.1 Depreciation 64.5 68.7 24.9 25.0 24.9 Loss on Debt Extinguishment 25.2 124.6 98.3 - - Other (1.2) (0.6) (0.9) (1.0) (0.2) EBITDA 174.7 $ 215.3 $ 64.3 $ 86.5 $ 83.0 $ For the Quarter Ended |