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Vantage Drilling International Reports First Quarter Results for 2017

HOUSTON, TX — (Marketwired) — 05/04/17 — Vantage Drilling International (“Vantage” or the “Company”) reported a net loss of approximately $36.5 million or $7.30 per share for the three months ended March 31, 2017 as compared to a net loss of $29.0 million or $5.81 per share for the Successor period from February 10, 2016 through March 31, 2016 and a net loss of $471.0 million for the period from January 1, 2016 to February 10, 2016 for the Predecessor Company. The weighted-average shares outstanding for the three months ended March 31, 2017 and for the period from February 10, 2016 through March 31, 2016 was 5,000,053. As a wholly-owned subsidiary, the Predecessor did not have a comparable outstanding ordinary shares.

Upon emergence from the Company–s Chapter 11 restructuring on February 10, 2016, Vantage adopted fresh-start accounting, which resulted in the Company becoming a new entity for financial reporting purposes. References to “Successor” relate to the financial position and results of operations of the reorganized Vantage as of and subsequent to February 10, 2016. References to “Predecessor” refer to the financial position of Vantage as of and prior to February 10, 2016 and the results of operations prior to February 10, 2016. As a result of the application of fresh-start accounting and the effects of the implementation of our Plan of Reorganization, the financial statements on or after February 10, 2016 are not comparable with the financial statements prior to that date.

As of March 31, 2017, Vantage had approximately $227.6 million of available cash as compared to $231.7 million as of December 31, 2016. Additionally, Vantage had $22.6 million available for issuance of letters of credit under its revolving letter of credit facility at the end of the quarter. Vantage also delivered operational rig uptime of 99% together with revenue efficiency of 101%. Ihab Toma, CEO, commented, “We are happy to report another successful quarter of superior operational performance combined with further reducing costs while maintaining our committed sharp focus on safety. Additionally, with the completion of the Vantage 260 acquisition in early April, the extension of the Aquamarine Driller contract, and the reactivation of both the Topaz Driller and Sapphire Driller set for May, we continue to build backlog and benefit from positive economies of scale, whilst preserving our strong balance sheet.”

Vantage Drilling International, a Cayman Islands exempted company, is an offshore drilling contractor, with a fleet of three ultra-deepwater drillships, four premium jackup drilling rigs and one standard jack-up drilling rig. 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 globally for major, national and large independent oil and natural gas companies. Vantage also provides construction supervision services and preservation management services for, and will operate and manage, drilling units owned by others.

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. Vantage disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.

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