Vantage Drilling International ('Vantage' or the 'Company') reported net income attributable to controlling interest of approximately $1.5 million, or $0.11 per diluted share, for the three months ended June 30, 2023, based on the weighted average shares outstanding, as compared to a net income attributable to controlling interest of $48.1 million, or $3.61 per diluted share, for the three months ended June 30, 2022.

As of June 30, 2023, Vantage had approximately $82.4 million in cash, including $2.7 million of restricted cash, compared to $93.3 million in cash, including $19.2 million of restricted cash, at December 31, 2022. At June 30, 2023, Vantage maintained $16.9 million of cash pre-funded by our Managed Services customers to address near-term obligations during the second quarter of 2023. Excluding cash used in connection with our Managed Services customers, the Company generated $7.5 million in cash during the second quarter of 2023.

Ihab Toma, CEO, commented: 'I am very pleased to announce that the Company reported net income for, and generated cash during, the quarter ended June 30, 2023. These solid results reflect continued hard work by our operations team with all of our owned rigs, our two managed rigs and the three supported rigs working during the quarter.'

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.

Contact:

Rafael Blattner

Chief Financial Officer

Vantage Drilling International

Tel: (281) 404-4700

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