On February 14, 2023,Vantage Drilling International priced an offering of $200 million in aggregate principal amount of its 9.500% Senior Secured First Lien Notes due 2028 and entered into a purchase agreement with several investors pursuant to which the Company agreed to sell the Notes to the Purchasers. The Notes will bear interest at an annual rate of 9.500%, payable semi-annually in arrears on February 15 and August 15 of each year, beginning on August 15, 2023. The Notes will be fully and unconditionally guaranteed by the Company's material subsidiaries, other than Vantage Financial Management Co.

The closing of the sale of the Notes is expected to occur on or about March 1, 2023, subject to customary closing conditions. The Company will sell the Notes to the Purchasers in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”). Any resale by the Purchasers of the Notes shall be to qualified institutional buyers pursuant to the exemption from registration provided by Rule 144A under the Securities Act or (ii) pursuant to Regulation S under the Securities Act.

The Company will rely on these exemptions from registration based in part on representations made by the Purchasers in the Purchase Agreement. This disclosure shall not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering, solicitation or sale would be unlawful.