Vantage Drilling 8-K Vantage Drilling Company Reports First Quarter Results for 2015

EXHIBIT 99.1

Vantage Drilling Company Reports First Quarter Results for 2015

HOUSTON, TX—(MARKET WIRE)—May 7, 2015 — Vantage Drilling Company (“Vantage” or the “Company”) (NYSE MKT: VTG) reports net income for the three months ended March 31, 2015 of $21.4 million or $.06 per diluted share as compared to earnings of $24.8 million or $.07 per diluted share for the three months ended March 31, 2014.

The three months ended March 31, 2015 includes an approximately $20.6 million gain on the early retirement of debt. This gain represents the discount to the face value of debt that we purchased in the open market, net of writing off deferred financing costs. While this gain is not taxable, it is still included in our calculation of annual effective tax rate which required us to record an additional adjustment to our tax provision for the three months ended March 31, 2015 of approximately $5.0 million.

The total debt retirement for the first quarter, including scheduled maturities and open market purchase of debt, totaled approximately $82.9 million at face value. Following the end of the quarter, we continued to acquire debt in the open market and have retired approximately $109.2 million of debt year to date with an annualized interest savings of approximately $7.2 million.

Paul Bragg, Chairman and Chief Executive Officer, commented, “During the 1^st quarter, we continued our strong operating performance and maintained our focus on strengthening the balance sheet. In the last six quarters, we have now retired over $300 million of outstanding debt and greatly reduced our current debt, improving our 2015 and 2016 liquidity.”

Vantage, a Cayman Islands exempted company, is an offshore drilling contractor, with an owned fleet of three ultra-deepwater drillships, thePlatinum Explorer, theTitanium Explorer and theTungsten Explorer, as well as an additional ultra-deepwater drillship, theCobalt Explorer, now under construction, and four Baker Marine Pacific Class 375 ultra-premium jackup drilling rigs. Vantage’s primary business is to contract drilling units, related equipment and work crews primarily on a dayrate basis to drill oil and natural gas wells. Vantage also provides construction supervision services for, and will operate and manage, drilling units owned by others. Through its fleet of seven owned drilling units, Vantage is a provider of offshore contract drilling services globally to major, national and large independent oil and natural gas companies.

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.

Public & Investor Relations Contact:

Paul A. Bragg

Chairman & Chief Executive Officer

Vantage Drilling Company

(281) 404-4700

Vantage Drilling Company

Consolidated Statement of Operations

(In thousands, except per share amounts)

(Unaudited)

	Three Months Ended March 31,
	2015			2014
Revenue
Contract drilling services	$	207,981		$	214,932
Management fees		1,881			4,582
Reimbursables		7,787			12,951
Total revenue		217,649			232,465
Operating costs and expenses
Operating costs		96,108			101,722
General and administrative		8,865			8,115
Depreciation		31,623			31,625
Total operating costs and expenses		136,596			141,462
Income from operations		81,053			91,003
Other income (expense)
Interest income		6			13
Interest expense and other financing charges		(50,554	)		(54,487	)
Gain (loss) on debt extinguishment		20,606			(106	)
Other, net		(338	)		779
Total other income (expense)		(30,280	)		(53,801	)
Income before income taxes		50,773			37,202
Income tax provision		29,343			12,378
Net income	$	21,430		$	24,824
Earnings per share
Basic	$	0.07		$	0.08
Diluted	$	0.06		$	0.07

Vantage Drilling Company

Supplemental Operating Data

(Unaudited, in thousands, except percentages)

	Three Months Ended March 31,
	2015			2014
Operating costs and expenses
Jackups	$	24,263		$	23,760
Deepwater		56,084			55,810
Operations support		9,324			10,759
Reimbursables		6,437			11,393
	$	96,108		$	101,722
Utilization
Jackups		96.1	%		100.0	%
Deepwater		93.6	%		96.5	%

Vantage Drilling Company

Consolidated Balance Sheet

(In thousands, except par value information)

	March 31, 2015			December 31, 2014
	(Unaudited)
ASSETS
Current assets
Cash and cash equivalents	$	78,829		$	82,812
Trade receivables		159,656			153,428
Inventory		68,558			65,892
Prepaid expenses and other current assets		22,821			28,618
Total current assets		329,864			330,750
Property and equipment
Property and equipment		3,534,527			3,524,566
Accumulated depreciation		(437,927	)		(406,674	)
Property and equipment, net		3,096,600			3,117,892
Other assets
Investment in joint venture		1,132			1,318
Other assets		73,247			79,897
Total other assets		74,379			81,215
Total assets	$	3,500,843		$	3,529,857
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable	$	48,821		$	59,139
Accrued liabilities		145,980			101,537
Current maturities of long-term debt, net of discount of $650 and $1,181		90,289			95,378
Total current liabilities		285,090			256,054
Long–term debt, net of discount of $21,862 and $25,875 and current maturities		2,559,531			2,632,802
Other long-term liabilities		77,286			85,327
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, 500,000 shares authorized; 310,932 and 307,808 shares issued and outstanding		311			308
Additional paid-in capital		906,965			905,136
Accumulated deficit		(328,340	)		(349,770	)
Total shareholders’ equity		578,936			555,674
Total liabilities and shareholders’ equity	$	3,500,843		$	3,529,857

Vantage Drilling Company

Consolidated Statement of Cash Flows

(In thousands)

(Unaudited)

	Three Months Ended March 31,
	2015			2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	21,430		$	24,824
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense		31,623			31,625
Amortization of debt financing costs		2,694			2,880
Amortization of debt discount		2,957			2,839
Non-cash (gain) loss on debt extinguishment		(20,597	)		106
Share-based compensation expense		1,832			2,141
Deferred income tax benefit		(525	)		(57	)
Equity in loss of joint venture		186			108
Loss on disposal of assets		20			104
Changes in operating assets and liabilities:
Restricted cash		—			2,125
Trade receivables		(6,228	)		(47,985	)
Inventory		(2,665	)		(3,071	)
Prepaid expenses and other current assets		6,296			3,318
Other assets		2,904			1,021
Accounts payable		(10,318	)		(3,954	)
Accrued liabilities and other long-term liabilities		34,882			33,296
Net cash provided by operating activities		64,491			49,320
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to property and equipment		(8,798	)		(9,371	)
Net cash used in investing activities		(8,798	)		(9,371	)
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of long-term debt		(59,676	)		(19,374	)
Repayment of revolving credit agreement, net		—			(10,000	)
Net cash used in financing activities		(59,676	)		(29,374	)
Net increase (decrease) in cash and cash equivalents		(3,983	)		10,575
Cash and cash equivalents—beginning of period		82,812			54,686
Cash and cash equivalents—end of period	$	78,829		$	65,261