Your Ref:
Our Ref: A&A/1600036/DAMA/LKH/JDW
23 May 2019
Vantage Drilling International
777 Post Oak Boulevard, Suite 800,
Houston, Texas 77056
Attn to: Douglas E. Stewart
Dear Sirs,
Re: Registration of Securities of Vantage Drilling International and Subsidiaries
We have acted as special Malaysia counsel for Vantage Drilling International (formerly known as Offshore Group Investment Limited) (“Company”), Vantage Drilling (Malaysia) I Sdn. Bhd. (“VDM”) and Vantage Drilling Labuan I Ltd (“VDL”) in connection with the registration statement (“Registration Statement”) on FormS-1, including all amendments or supplements thereto, filed with the United States Securities and Exchange Commission (“Commission”) under the United States Securities Act of 1933, as amended, (“Act”) relating to the sale by the selling securityholders identified in the prospectus (“Selling Securityholders”) from time to time of up to 2,863,768 units of stapled securities (“Stapled Securities”) of the Company.
Each Stapled Security comprises one ordinary share of the Company, par value USD$0.001 per share ( “Common Share”), and USD$172.61 original issuance principal amount of the Company’s 1%/12%Step-Up Senior Secured Third Lien Convertible Notes due 2013 (“Notes”), in each case subject to adjustment as described in the Indenture (as defined below).
The Notes were issued under an indenture, dated February 10, 2016 (as supplemented, “Indenture”), among the Company, the guarantors named therein, including VDM and VDL (“Guarantors”) and U.S. Bank National Association, not in its individual capacity but solely as trustee (together with its successors and assigns, in such capacity, “Trustee”) and not in its individual capacity but solely as collateral agent (together with its successors and assigns, in such capacity, “Noteholder Collateral Agent”). The Notes are guaranteed (“Guarantees” and, together with Stapled Securities and the Notes, “Securities”) by the Guarantors.
In rendering this opinion, we have reviewed originals, copies, drafts or conformed copies of the following documents:
1.1 | The Certificate of Incorporation and Constitution of VDM as registered or adopted as at the date of incorporation, 25th day of January 2011 (“VDM Certificate of Incorporation and Constitution”); |
1.2 | The Certificate of Incorporation and Constitution of VDL as registered or adopted as at the date of incorporation, 21st day of January, 2011 (“VDL Certificate of Incorporation and Constitution”); |
1.3 | The Letter of Good Standing issued by the Labuan Financial Services Authority (the registrar of the companies registered under the Labuan Companies Act 1990 in Malaysia) (“Labuan FSA”) in respect of VDL dated 17 April 2019 (“VDL Letter of Good Standing”); |