Vantage Drilling International ('Vantage' or the 'Company') reported a net loss attributable to controlling interest of approximately $16.4 million, or $1.25 per diluted share, for the three months ended December 31, 2022, based on the weighted average shares outstanding, as compared to a net loss attributable to controlling interest of $23.5 million, or $1.79 per diluted share, for the three months ended December 31, 2021.

For the year ended December 31, 2022, Vantage reported a net loss attributable to controlling interest of approximately $3.4 million or $0.26 per diluted share, as compared to a net loss attributable to controlling interest of $110.1 million or $8.40 per diluted share for the year ended December 31, 2021.

As of December 31, 2022, Vantage had approximately $93.3 million in cash, including $19.2 million of restricted cash, compared to $90.6 million in cash, including $17.3 million of restricted cash, at December 31, 2021. The Company used $18.9 million in cash from operations in 2022 compared to $70.4 million used in 2021. At December 31, 2022, Vantage maintained $29.0 million of cash pre-funded by our Managed Services customers to address near-term obligations associated with the operation of their rigs.

Ihab Toma, CEO, commented: 'I am very proud of our operational and financial performance in 2022. The Company's four owned rigs were contracted for most of the year with the Tungsten Explorer concluding its successful campaign in Cyprus in December before beginning to prepare to work in Namibia. The Company's managed rigs also performed well as the West Capella concluded a strong campaign in Indonesia and prepares to commence a campaign in East Africa in Q2 2023 before returning to Indonesia in Q3 2023. Furthermore, the West Polaris finished its reactivation and successfully went on contract in December 2022 for ONGC. I am very pleased that the Emerald Driller Company supported rigs in Qatar continue to perform well and to the satisfaction of their respective clients.'

Mr. Toma continued: 'As I reflect on the year, 2022 represented an important inflection point for the Company and the industry as a whole, as the Company generated positive EBITDA in each of the four quarters. Industry fundamentals are projected to remain strong with day rates and utilization reaching levels not seen since 2015. With strong industry sentiment and the closing of our refinancing earlier this month, the Company is well positioned for the future while our focus remains the same. We are committed to ensuring our employees stay safe and providing our clients with excellent service.'

Vantage, a Cayman Islands exempted company, is an offshore drilling contractor, with a fleet of two ultra-deepwater drillships, and two 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 globally for major, national and independent oil and gas companies. Vantage also markets, operates and provides management services in respect of, third party-owned drilling units. www.vantagedrilling.com.

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.

Non-GAAP Measures

We report our financial results in accordance with generally accepted accounting principles (GAAP) in the United States. However, in our earnings release and during our earnings calls we may reference company information that does not conform to GAAP. Generally, a non-GAAP financial measure is a numerical measure of a company's performance, financial position, or cash flows that excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. Management believes that an analysis of this data is meaningful to investors because it provides insight with respect to ongoing operating results of the Company and allows investors to better evaluate the financial results of the Company. However, these measures should not be viewed as an alternative to or substitute for GAAP measures of performance, and these non-GAAP measures may not be consistent with previously published Company reports on Forms 10-K, 10-Q and 8-K.

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