Vantage Drilling International (VDI) Investor presentation summary

Strategic transactions and value creation

• Executing sales of two jackups and entering three-year management agreements with ADES, unlocking value above book value and maintaining rig management roles.

• Entered a binding MOU with TotalEnergies for the sale of Tungsten Explorer into a JV, with a 10-year management agreement and significant premium to book value.

• Proceeds from asset sales are being used to deleverage the balance sheet, with mandatory bond redemption and strong pro forma cash position.

• Listing on Euronext Growth and potential for special dividend distributions following major transactions.

• Strategic focus on maximizing shareholder value through ongoing managed services and new contract opportunities.

Financial performance and equity value

• Illustrative sum-of-the-parts analysis shows an implied equity value of $349 million, or $26.25 per share, after asset sales and debt repayment.

• Sale of Topaz Driller and Soehanah jackups to ADES at 79% and 95% premiums to book value, respectively.

• Tungsten Explorer sale to TotalEnergies JV at a 64% and 116% premium to book value, with $265 million total consideration.

• Pro forma cash balance post-transactions equals 65% of market capitalization, supporting future growth and shareholder returns.

• Management agreements generate recurring revenue and support attractive dividend yields, with potential for further upside from additional managed rigs.

Operational platform and management services

• Lean, scalable operating platform enables management of incremental units without significant overhead increases.

• Extensive experience in project management, marketing, and operations for a diverse client base, including major IOCs, NOCs, and drilling contractors.

• Over 35 deals completed in marketing, project management, reactivations, and operations, with no conflicting asset ownership.

• Key partnerships with Aquadrill, Oro Negro, and Sonangol, supporting asset monetization and operational launches.

• Management agreements structured to provide stable, long-term revenue streams and low-risk equity returns.