HOUSTON, TX — (Marketwired) — 05/06/14 — Vantage Drilling Company (“Vantage” or the “Company”) (NYSE MKT: VTG) reports net income for the three months ended March 31, 2014 of $24.8 million or $0.07 per diluted share as compared to a net loss of $24.9 million or ($0.08) per diluted share excluding approximately $98.3 million of charges for the early retirement of debt, for the three months ended March, 31, 2013. Including the charges for the early retirement of debt for the three months ended March 31, 2013, the Company reported a net loss of $123.2 million or ($0.41) per diluted share.

Paul Bragg, Chairman and Chief Executive Officer, commented, “We are pleased to announce another strong quarter of operating results. We also made good initial progress on our debt reduction plan, paying down almost $30 million during the quarter and we remain on track to reach our goal for 2014 given our contracted backlog and high operating efficiency across the fleet.”

Vantage, a Cayman Islands exempted company, is an offshore drilling contractor, with an owned fleet of three ultra-deepwater drillships, the Platinum Explorer, the Titanium Explorer and the Tungsten Explorer, as well as an additional ultra-deepwater drillship, the Cobalt 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. Vantage Drilling Company Consolidated Statement of Operations (In thousands, except per share amounts) (Unaudited) Three Months Ended March 31, ———————- 2014 2013 ———- ———- Revenues Contract drilling services $ 214,932 $ 134,664 Management fees 4,582 3,198 Reimbursables 12,951 9,139 ———- ———- Total revenues 232,465 147,001 ———- ———- Operating costs and expenses Operating costs 101,722 75,317 General and administrative 8,115 7,427 Depreciation 31,625 24,861 ———- ———- Total operating costs and expenses 141,462 107,605 ———- ———- Income from operations 91,003 39,396 Other income (expense) Interest income 13 96 Interest expense and other financing charges (54,487) (59,662) Loss on debt extinguishment (106) (98,327) Other, net 779 901 ———- ———- Total other income (expense) (53,801) (156,992) ———- ———- Income (loss) before income taxes 37,202 (117,596) Income tax provision 12,378 5,605 ———- ———- Net income (loss) $ 24,824 $ (123,201) Earnings (loss) per share Basic $ 0.08 $ (0.41) Diluted $ 0.07 $ (0.41) Vantage Drilling Company Supplemental Operating Data (Unaudited, in thousands, except percentages) Three Months Ended March 31, ——————– 2014 2013 ——— ——— Operating costs and expenses Jackups $ 23,760 $ 21,845 Deepwater 55,810 36,723 Operations support 10,759 7,984 Reimbursables 11,393 8,765 ——— ——— $ 101,722 $ 75,317 ——— ——— Utilization Jackups 100.0% 98.4% Deepwater 96.5% 88.5% Vantage Drilling Company Consolidated Balance Sheet (In thousands, except par value information) March 31, December 31, 2014 2013 ———— ———— (Unaudited) ASSETS Current assets Cash and cash equivalents $ 65,261 $ 54,686 Restricted cash — 2,125 Trade receivables 216,639 168,654 Inventory 58,875 55,804 Prepaid expenses and other current assets 20,456 23,717 ———— ———— Total current assets 361,231 304,986 ———— ———— Property and equipment Property and equipment 3,482,799 3,472,407 Accumulated depreciation (313,334) (281,759) ———— ———— Property and equipment, net 3,169,465 3,190,648 ———— ———— Other assets Investment in joint venture 32,374 32,482 Other assets 96,018 100,027 ———— ———— Total other assets 128,392 132,509 ———— ———— Total assets $ 3,659,088 $ 3,628,143 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities Accounts payable $ 62,906 $ 66,860 Accrued liabilities 133,245 97,481 Current maturities of long-term debt and revolving credit agreement 53,500 63,500 ———— ———— Total current liabilities 249,651 227,841 ———— ———— Long-term debt, net of discount of $36,486 and $39,325 2,835,514 2,852,050 Other long-term liabilities 41,502 42,796 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; 305,997 and 304,101 shares issued and outstanding 306 304 Additional paid-in capital 899,067 896,928 Accumulated deficit (366,952) (391,776) ———— ———— Total shareholders’ equity 532,421 505,456 ———— ———— Total liabilities and shareholders’ equity $ 3,659,088 $ 3,628,143 Vantage Drilling Company Consolidated Statement of Cash Flows (In thousands) (Unaudited) Three Months Ended March 31, —————————- 2014 2013 ————- ————- CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss) $ 24,824 $ (123,201) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation expense 31,625 24,861 Amortization of debt financing costs 2,964 3,995 Amortization of debt discount (premium) 2,839 (97) Non-cash loss on debt extinguishment 106 6,070 Share-based compensation expense 2,141 2,069 Deferred income tax expense (benefit) (57) 778 Equity in loss of joint venture 108 133 Loss on disposal of assets 104 1 Changes in operating assets and liabilities: Restricted cash 2,125 — Trade receivables (47,985) 17,521 Inventory (3,071) (4,319) Prepaid expenses and other current assets 3,318 3,963 Other assets 1,021 290 Accounts payable (3,954) (9,713) Accrued liabilities and other long-term liabilities 33,296 (42,762) ————- ————- Net cash provided by (used in) operating activities 49,404 (120,411) ————- ————- CASH FLOWS FROM INVESTING ACTIVITIES Additions to property and equipment (9,371) (15,135) Proceeds from sale of property and equipment — 2 ————- ————- Net cash used in investing activities (9,371) (15,133) ————- ————- CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issuance of senior secured notes, net — 775,000 Proceeds from issuance of term loan, net — 344,750 Repayment of long-term debt (19,374) (1,006,249) Proceeds from or (repayment of) revolving credit agreement, net (10,000) — Debt issuance costs (84) (23,683) ————- ————- Net cash provided by (used in) financing activities (29,458) 89,818 ————- ————- Net increase (decrease) in cash and cash equivalents 10,575 (45,726) Cash and cash equivalents–beginning of period 54,686 502,726 ————- ————- Cash and cash equivalents–end of period $ 65,261 $ 457,000

Public & Investor Relations Contact: Paul A. Bragg Chairman & Chief Executive Officer Vantage Drilling Company (281) 404-4700