Pareto Securities Oil & Offshore Conference 2011 August 31, 2011
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…
Corporate Overview Symbol: VTG (NYSE AMEX) Location: HQ Houston; Operations Singapore; Marketing Dubai Market Cap: 366.2 million Book Value: 713.8 million Enterprise Value: 1.52 billion Employees: 700 Contract Backlog: 3.0…
Recent Developments Expanded deepwater fleet with order of newbuild drillship Tungsten Explorer for Q2 2013 delivery. Raised 240.0 million with tack-on bond offering to refinance term loan and fund drillship down payment. November…
Tungsten Explorer 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…
Company Highlights Premium high-specification drilling units, including four jackup rigs and three drillships Vantages modern rigs are capable of drilling to deeper depths and possess enhanced operational Premium Fleet efficiency and…
Company Highlights (Contd) Construction management arrangements for four ultra-deepwater drillships, DragonQuest, Dalian Developer, Aker Drilling 1 & 2 Construction Supervision and Management of DragonQuest once in service…
Singapore Operations and Technical Support Track Record of Excellence Completed Projects Current Projects 4 BMC 375 Jackups Dragonquest All Delivered On-Time, On Budget Project 99% complete 2nd Successful newbuild at DSME Emerald…
Worldwide Operations Topaz Driller Contract: Phu Quy(1) Vietnam Houston Contract: Total Malaysia Contract: Petrobras DragonQuest Aquamarine Driller U.S. GOM Dubai Contract: Salamander Vietnam Contract: Petronas Contract:…
Strong Customer Relationships Key Customers 10
Jackup Fleet World class assets achieving world class performance Emerald Driller Fleet productive time approximately 99% since inception High-specification jackup fleet meeting todays challenges: Faster drilling times 75 x 30…
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 2 years at 171,000 Emerald Driller 100% 2 yrs. at 171K 4 months at 147,000(2) 5 months at 115,500 132K 18…
Premium Asset Advantage International vs. GOM Jackup Utilization Global Jackup Utilization 100% Premium jackups (350 + IC rigs) 100% 90% and ultra-deepwater floater have 80% historically maintained 80% 60% significantly higher…
Profile of Global Jackup Fleet Capabilities and age The current worldwide fleet is comprised mostly of older, inefficient rigs 27% of todays jackups are mat-supported and/or have less than 200ft of water depth capability 70% of todays…
Global Deepwater Market 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 15
Financial Overview Balance Sheet (Millions) December 31, June 30, 2010 2011 Cash and cash equivalents 120.4 114.5 Restricted cash 29.0 6.2 Trade receivables 50.2 86.5 Inventory 19.8 22.2 Prepaid expenses and other current…
Debt Repayment Maturities and Debt Repayment 1,200 No near-term maturities provides flexibility 1,000 Excess cash flow offers (in millions) 800 opportunity; alternatively we can buy bonds in the market with 600 excess…
Financial Overview Run-Rate Financial Potential of Vantage Owned Assets (Millions, except dayrates) Illustrative Range of Run-Rate Financial Potential 4.0x 350.0 4.4x 308.5 4.8x 300.0 5.3x 283.9 259.3 Rig-Level EBITDA…
Significant Upside Valuation Potential Price to Book Value Implied Values EV/EBITDA Todays Historical Low Peer Avg. Peer Avg. Peer Group (current) 117% 8.5 11.6x EBITDA 6.5x 250 million 1.72 3.44 6.11 Peer Group (2009-2010) 190%…
Appendix Reconciliation of Net Income (Loss) to Adjusted EBITDA (Millions) 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 Net income (loss) 4.0 6.8 (4.3) 6.0 (7.0)…
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