DNB Markets Oil, Offshore & Shi i C Shipping Conference f 2012 March 9, 2012
Forward-Looking Statements Some of the statements in this presentation constitute forward-looking statements. Forward-looking statements relate to expectations beliefs, expectations, beliefs projections, projections future plans and…
Corporate Overview Symbol: VTG (NYSE AMEX) Location: HQ Houston; Operations Singapore; Marketing Dubai Market Cap: 400 million Book Value: 700 million Enterprise Value: 1.6 billion Employees: 1,000 Contract Backlog: 3.0…
Recent Developments Planned purchase of 33% interest in Dragonquest (pending) E Expanded d dddeepwater t flfleett with ith order d off newbuild b ild drillship d ill hi Tungsten T t Explorer E l f Q2 2013 d for delivery…
Tungsten Explorer Capable of operating in water depths up to 12,000 ft Total vertical drilling depth of 40 40,000 000 ft Variable deck load of 20,000 tons Hull measurement of 781 ft long by 137 ft wide DP3 dynamic y positioning…
Company Highlights Premium high-specification drilling units, including four jackup rigs and two drillships Vantage s modern rigs are capable of drilling to deeper depths and possess enhanced operational Vantages Premium Fleet…
Company Highlights (Contd) Construction management arrangements for ultra-deepwater drillships, Dragonquest, and Dalian Developer Construction Supervision and Management of Dragonquest once in service (management agreement will…
Singapore Operations and Technical Support Track Record of Excellence 4 BMC 375 Jackups All Delivered On-Time, On Budget Dragonquest Emerald Driller December 2008 Project 99% complete Sapphire Driller July 2009 2nd Successful…
Worldwide Operations Topaz Driller Contract: Total Houston Malaysia Contract: Petrobras DragonQuest Aquamarine Driller U.S. GOM Dubai Contract: Petronas Carigaili M l Malaysia i Contract: ONGC Platinum Explorer India…
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 High specification jackup fleet meeting todays today s challenges:…
Fleet Status Average Drilling Revenue/Day(1) Ownership 2011 2012 2013 Rig % Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Jackups 2 years at 171,000 Emerald Driller 100% 171K 4 months 132K 18 mos. at 147,000(2) at 130K 5 months at…
Premium Asset Advantage International vs. GOM Jackup Utilization Global Jackup Utilization 100% Premium jackups (350 + IC rigs) 100% 90% 90% and ultra-deepwater floater have 80% historically maintained 70% 80% significantly…
Profile of Global Jackup Fleet Capabilities and age The current worldwide fleet is comprised mostly of older, inefficient rigs 22% of todays jackups are mat-supported and/or have less than 200ft of water depth capability 68% 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 Recent fixtures 550,000 per…
Financial Overview Balance Sheet (Millions) December 31, September 30, 2010 2011 Cash and cash equivalents 120.4 37.2 Restricted cash 29.0 6.8 Trade receivables 50.2 118.8 Inventory 19.8 22.3 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 s) (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 Strong cash flow backlog to cover 4.4x 308 5 308.5 d debt bt…
Significant Upside Valuation Potential Price to Book Value Implied p Values EV/EBITDA Todays Historical Peer Group (current) Low Peer Avg. Peer Avg. 140% EBITDA 6.5x 7.8x 11.6x 250 million 1.72 2.84 6.11 P Peer G Group…
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 9/30/2011 Net income (loss) 4.0 6.8…
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