Core Insights - Vantage Drilling International Ltd. reported a net loss of approximately $16.0 million or $1.20 per diluted share for Q2 2025, compared to a net loss of approximately $14.2 million or $1.07 per diluted share for Q2 2024 [1] - As of June 30, 2025, Vantage had approximately $52.9 million in cash, a decrease from $89.6 million as of December 31, 2024 [2] - The company successfully completed operations of the Tungsten Explorer in Congo, achieving 99.7% revenue efficiency, and subsequently sold the Tungsten Explorer to a joint venture with TotalEnergies for $265 million [3] Financial Performance - The net loss attributable to shareholders for Q2 2025 was $16.0 million, which is an increase in loss compared to $14.2 million in Q2 2024 [1] - Cash reserves decreased from $89.6 million at the end of 2024 to $52.9 million by mid-2025, indicating a significant reduction in liquidity [2] Operational Highlights - The Tungsten Explorer achieved a high revenue efficiency of 99.7% during its operations in Congo [3] - The sale of the Tungsten Explorer for $265 million marks a significant milestone for the company, alongside a long-term management agreement with TotalEnergies [3] - The company is in advanced stages of securing work for the Platinum Explorer, indicating ongoing operational development [3]

Core Viewpoint - Vantage Drilling International Ltd. has received an extension for the Conditional Letter of Award for the Platinum Explorer until August 29, 2025, with all other terms remaining unchanged [1]. Company Overview - Vantage Drilling International Ltd. is an offshore drilling contractor based in Bermuda, primarily engaged in contracting drilling units, related equipment, and work crews on a dayrate basis for oil and natural gas wells globally [3]. - The company serves major, national, and independent oil and gas companies and also provides management services for drilling units owned by others [3].

Group 1 - The company, Vantage Drilling International Ltd., will host a conference call on August 28, 2025, at 10:00 AM Eastern Time to discuss its operating results for the second quarter of 2025 [1] - Earnings will be released before the conference call on the same day and will be available on the company's website [1] - Vantage is an offshore drilling contractor that primarily contracts drilling units and related services to oil and gas companies globally [4] Group 2 - The company provides management services for third-party-owned drilling units in addition to its primary business [4] - Contact information for the Chief Financial Officer, Rafael Blattner, is provided for further inquiries [5] - Instructions for accessing the conference call include a registration process and options for joining the call [6]

Group 1 - A class action has been filed on behalf of investors who purchased Sable Offshore Corp. (NYSE: SOC) securities between May 19, 2025, and June 3, 2025, and/or traceable to the Company's May 21, 2025 secondary public offering [1] - The allegations state that Sable Offshore Corp. misled investors by claiming that oil production had restarted off the coast of California when it had not, leading to investor losses when the truth was revealed [2] - Shareholders interested in serving as lead plaintiff must submit their papers by September 26, 2025, and can remain absent class members if they choose not to participate [3] Group 2 - Robbins LLP operates on a contingency fee basis, meaning shareholders pay no fees or expenses for representation [4] - Robbins LLP has been dedicated to helping shareholders recover losses and improve corporate governance since 2002 [4]

Financial Data and Key Metrics Changes - The company reported revenues of $194 million for the quarter, with an EBITDA equivalent cash flow of $112 million [5][24] - The EBITDA equivalent over the last twelve months was $526 million [5] - The net profit for the second quarter was approximately SEK 1.5 million or $0.01 per share, compared to a net loss of approximately SEK 32 million or $0.02 per share in the previous quarter [26] Business Line Data and Key Metrics Changes - The container vessel segment generated approximately $2 million in revenue, while the car carrier fleet generated approximately NOK 26 million, slightly up from the last quarter [21][22] - The tanker fleet's gross charter hire decreased to approximately NOK 41 million from NOK 45 million in the previous quarter due to scheduled dry dockings [22] - The overall utilization across the shipping fleet was 98.1%, with an adjusted utilization of 99.9% [15] Market Data and Key Metrics Changes - The charter backlog currently stands at $4.2 billion, with two-thirds of this backlog from customers with investment-grade ratings [10][29] - The company has a diversified fleet consisting of 60 maritime assets, including 30 containerships, 16 large tankers, and two drilling rigs [12] Company Strategy and Development Direction - The company is focused on strengthening its charter backlog by securing agreements with strong counterparties and investing in cargo handling and fuel efficiency upgrades [6][10] - The company has divested older, less efficient vessels and is committed to fleet renewal and new technology, with 11 vessels now capable of operating on LNG fuel [7][12] - The company aims to enhance its fleet to position itself for organic growth and comply with strict regulatory demands aimed at reducing shipping emissions [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about finding new employment for the idle drilling rig Hercules, despite current market volatility and oil price fluctuations [8][9] - The decision to adjust the dividend to $0.20 per share was made to ensure that distributions are not subsidized by idle assets, particularly the Hercules rig [10][36] - The company has a strong liquidity position, including undrawn credit lines and unencumbered vessels, which will enable continued investment in new assets [11][27] Other Important Information - The company has returned nearly $2.9 billion to shareholders over 86 consecutive quarters [10] - The average age of the vessels sold was about 18 years, reducing the fleet average by about two years [12] Q&A Session Summary Question: What’s the status with the lawsuit with Seadrill? - The company is involved in two lawsuits, with the larger one regarding the redelivery of the Hercules scheduled for 2026, and a guarantee for an adjustment amounting to approximately $45 million to $50 million has been received from Seadrill [30] Question: Can you walk us through your thought process on the decision to lower the dividend? - Management acknowledged disappointment regarding the dividend adjustment, attributing it to the idle status of the Hercules rig and the need to ensure that distributions are not subsidized by non-operational assets [34][36] Question: What are the expected costs for dry docking in the second half of the year? - Management expects dry docking costs to be significantly lower in Q3 and Q4 compared to Q2, with estimates around $3 million to $3.5 million for Q3 and $1 million to $2 million for Q4 [42][44] Question: How is the company viewing opportunities for potential acquisitions? - The company continues to look for acquisition opportunities, although the market has been slower due to general uncertainty. They have significant investment capacity following recent divestitures [46][47] Question: What should be expected for the organic EBITDA contribution from the energy side? - The energy segment is expected to have a negative drag going forward, but the shipping fleet is generating solid contributions and cash flow [50][54]

Core Insights - Seadrill Limited (SDRL) has secured new drilling contracts for its drillships West Vela and Sevan Louisiana in the Gulf of America [1][2][7] - The West Vela drillship will undertake a two-well contract with Talos Energy starting in November 2025, with an estimated duration of 90 days [1][7] - The Sevan Louisiana drillship is contracted to drill three wells for Murphy Oil, with work commencing in August 2025 and expected to continue until November 2025 [2][7] Drillship Details - The West Vela drillship features a Samsung 12,000 design, capable of drilling up to 37,500 feet, built in 2013, operating in water depths of 12,000 feet, and accommodating 200 personnel [3] - The Sevan Louisiana drillship has a Sevan 650 design, with a maximum drilling depth of 35,000 feet, also built in 2013, operating in water depths of 10,000 feet, and accommodating 150 personnel [3] Backlog Information - As of August 2025, Seadrill's order backlog stands at approximately $2.5 billion [4] Second Quarter Highlights of Clients - Talos Energy reported total revenues of $424 million and an adjusted loss of 27 cents per share, with production of 93 thousand barrels of oil equivalent per day (Mboe/d) [5] - Murphy Oil posted adjusted net earnings of 27 cents per share and total revenues of $696 million, with production totaling 190 Mboe/d [6]

Core Insights - The company reported strong financial results for Q2 2025, with total operating revenues of $267.7 million, a 24% increase quarter-over-quarter, driven by increased operating days and higher day rates [4][19] - Adjusted EBITDA rose to $133.2 million, reflecting a 39% increase from the previous quarter, attributed to improved profitability from new contracts and enhanced utilization [5][21] - The company secured 14 new contract commitments year-to-date, adding $318 million to its backlog, with 2025 contract coverage now at 84% at an average day rate of $145,000 [7][29] Financial Performance - Revenue for Q2 2025 was $267.7 million, up $51.1 million from the previous quarter [4][19] - Adjusted EBITDA reached $133.2 million, an increase of $37.1 million or 39% quarter-over-quarter [5][21] - Net income was $35.1 million, a significant increase of $52 million compared to the previous quarter [5][21] - Free cash flow for the first six months of 2025 was $106.5 million, with Q2 free cash flow at $92.4 million [6][24] Operational Metrics - Technical utilization was reported at 99.6% and economic utilization at 97.8% for Q2 2025, indicating high fleet reliability and efficiency [3][10] - The company has $242.4 million in available liquidity at the end of Q2, which includes cash and undrawn revolving credit capacity [6][22] Strategic Developments - The company announced a comprehensive capital initiative that increased pro forma liquidity to $425 million, including a successful $102.5 million equity raise [10][25] - CEO succession was confirmed, with Bruno Morand set to take over as CEO effective September 1, 2025, while Patrick Schorn transitions to Executive Chairman [7][38] - The company is focusing on asset utilization over pushing for higher day rates, emphasizing that "utilization remains king" in the current market environment [12][66] Market Outlook - The company expressed confidence in meeting the 2025 adjusted EBITDA guidance of approximately $470 million, supported by positive developments in Mexico and the government's commitment to Pemex [8][18] - The oil and gas sector is facing a complex global environment, but demand for shallow water projects remains strong due to attractive breakeven prices and low emissions [31][37] - The company is well-positioned to capture incremental work, especially on private investment projects in Mexico, which are expected to contribute significantly to the country's production by 2033 [11][57]

Group 1 - A class action has been filed on behalf of investors who purchased Sable Offshore Corp. (NYSE: SOC) securities between May 19, 2025, and June 3, 2025, related to the company's secondary public offering on May 21, 2025 [1][2] - The allegations state that Sable Offshore Corp. misled investors by claiming that oil production had restarted off the coast of California when it had not, leading to investor losses when the truth was revealed [2] - Shareholders interested in serving as lead plaintiff must submit their papers by September 26, 2025, and can choose to remain absent class members if they do not wish to participate [3] Group 2 - Robbins LLP is a recognized leader in shareholder rights litigation, focusing on helping shareholders recover losses and improve corporate governance since 2002 [4]

Core Points - Vantage Drilling International Ltd. has completed the sale of the Tungsten Explorer to TEVA Ship Charter LLC, a joint venture where Vantage holds a 25% stake and TotalEnergies holds 75% [1][2] - Vantage will continue to manage the Tungsten Explorer for a ten-year term, with an option to extend for an additional five years [1] - The CEO of Vantage Drilling expressed satisfaction with the sale and looks forward to a productive relationship with TotalEnergies [2] Company Overview - Vantage Drilling International Ltd. is an offshore drilling contractor based in Bermuda, primarily engaged in contracting drilling units and related services on a dayrate basis for oil and gas wells globally [3] - The company also markets, operates, and provides management services for drilling units owned by other entities [3]

Financial Data and Key Metrics Changes - Seadrill reported adjusted EBITDA of $106 million for Q2 2025, with an adjusted EBITDA margin of 29% [6][29] - Total operating revenues for Q2 were $377 million, a sequential increase of $42 million, primarily driven by higher contract drilling revenues [27] - Economic utilization improved to 93%, up from 84% in the previous quarter [28] Business Line Data and Key Metrics Changes - The West Vallor secured a two-well contract with TELUS Energy, while the Savan, Louisiana commenced a well intervention contract with Murphy Oil [7] - Management contract revenues increased to CAD 65 million, reflecting an inflationary increase for the daily management fee [28] Market Data and Key Metrics Changes - The market is expected to recover in late 2026, driven by increased exploration activities and significant investments in offshore projects [11][14] - Wood Mackenzie forecasts a substantial increase in FIDs from $91 billion in 2025 to $164 billion in 2026 [14] - Recent legislation mandates at least two lease sales annually from 2026, increasing exploration drilling and rig demand [13] Company Strategy and Development Direction - Seadrill is focused on maximizing profitability and minimizing gaps between contracts, with a disciplined approach to contracting [32] - The company is actively pursuing opportunities to fill its order book for 2025 while also securing contracts for 2026 and 2027 [20] - The establishment of the West Minerva real-time operations center aims to enhance operational efficiency and decision-making [9] Management's Comments on Operating Environment and Future Outlook - Management views the current market conditions as a trough, with expectations of recovery starting in late 2026 [21][22] - There is a tightening supply of rigs, and operators are increasingly moving towards offshore investments [21] - The company remains optimistic about securing contracts in Angola and Brazil, despite some political and administrative delays [39][40] Other Important Information - Seadrill maintains a robust balance sheet with gross principal debt of $625 million and cash holdings of $419 million [30] - The company is in active dialogue with multiple customers for work starting in 2026 [25] Q&A Session Summary Question: Contracting opportunities and future work - Management expressed optimism about recontracting in Angola despite political unrest, with advanced dialogues on three assets [39] - The company has secured near-term work for the Westfella and is actively marketing rigs globally [40] Question: Capital investment in idle rigs - Management confirmed reluctance to invest in idle rigs without strong visibility for future work, particularly regarding the Gemini rig [50] Question: Market dynamics and operator behavior - Management acknowledged that operators are locking in multiyear contracts due to anticipated demand in late 2026 and 2027 [56] Question: Well intervention market outlook - Management sees potential for well intervention work to grow, particularly with the Savant Louisiana rig, which has unique capabilities [76] Question: Share buyback strategy - Management indicated that stability in the economy and a favorable oil price outlook are key factors for considering share buybacks [102]