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 [2]. Upcoming Events - The annual general meeting of Vantage Drilling International Ltd. is scheduled for 16 October 2025 at 11:00 a.m. Atlantic Time, to be held at the law offices of Conyers Dill & Pearman Limited in Bermuda [1].

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 [2] - The complaint indicates that investors suffered damage when the true details regarding oil production were revealed [2] Group 2 - Shareholders interested in serving as lead plaintiff must submit their papers by September 26, 2025 [3] - Participation in the class action is not required to be eligible for recovery; shareholders can remain absent class members if they choose [3] - Robbins LLP operates on a contingency fee basis, meaning shareholders pay no fees or expenses [4]

PresentationAll right. Next up, we have Valaris this afternoon. I'm very pleased to introduce Mr. Anton Dibowitz, President and CEO of Valaris since September 2021. Previously served as CEO of Seadrill from 2017 to 2020, following various roles since 2013 and has over 20 years of drilling industry experience. Anton has a few opening remarks and a few slides, after which we'll have some Q&A. Anton, thanks for joining us today.Anton DibowitzPresident, CEO & Director You missed the first part of my career, So ...

Financial Data and Key Metrics Changes - The company secured $2 billion worth of contracts this year, with a total contract backlog reaching $4.7 billion, the highest in a decade [6][7] - Operational performance led to an increase in the midpoint of guidance by $55 million to $585 million for the year [7] Business Line Data and Key Metrics Changes - The fleet consists of 48 rigs, including 13 high-specification drillships, 2 semisubmersibles, and 33 jackups, with 12 of the 13 drillships being seventh-generation assets [4] - Day rates for seventh-generation drillships have been about 25% higher than the general market, with utilization rates approximately 10 percentage points higher [5] Market Data and Key Metrics Changes - The company sees a strong case for offshore drilling, particularly in deepwater, as customers increasingly turn to deepwater to meet resource needs [7] - The jackup market has maintained utilization rates above 90%, despite challenges in the Saudi market [34] Company Strategy and Development Direction - The company focuses on operational excellence, successful contracting, and astute commercial strategy to deliver long-term value for shareholders [8] - The strategy includes securing long-term contracts and managing the fleet effectively to avoid oversupply in the market [26] Management's Comments on Operating Environment and Future Outlook - Management noted a positive outlook for deepwater utilization, expecting to exit 2026 with utilization levels above 90% [16][17] - The company anticipates an increase in exploration activity and greenfield development offshore in the coming years, driven by economic viability at current oil prices [40][41] Other Important Information - The company has a strong balance sheet and is considering shareholder returns, with flexibility enhanced by the sale of Valaris 247 for over $100 million [39] - Reactivation costs for cold-stacked rigs are estimated to remain in the range of $120 million to $125 million [28] Q&A Session Summary Question: What is the overall tone from customer conversations regarding deepwater outlook? - Management reflected on the transition from uncertainty to a more positive outlook, with a good pace of contracting expected as operators prepare for future programs [10][12] Question: What are the expectations for contract announcements and pricing in the second half of next year? - Management indicated that pricing is expected to follow supply-demand dynamics, with positive pricing momentum anticipated as the market tightens [14][18] Question: Can you discuss opportunities for the DF-12 rig? - Management is focused on securing long-term contracts for the DF-12, with a strong pipeline of opportunities in Africa and other regions [19][20] Question: What is the outlook for the jackup market? - Management expressed confidence in the jackup market, highlighting strong contract coverage and growth in average day rates and operating days [33][34] Question: What is the company's stance on M&A? - Management supports consolidation in the industry but emphasized that the company already has the necessary scale and fleet quality, making M&A a secondary consideration [35][36] Question: When can shareholders expect returns? - Management stated that capital returns will be considered once sustained cash generation is achieved, with positive markers indicating flexibility for returns [38][39]

Financial Data and Key Metrics Changes - The company secured $2 billion worth of contracts this year, with a total contract backlog reaching $4.7 billion, the highest in a decade [6][7] - Operational performance led to an increase in the midpoint of guidance by $55 million to $585 million for the year [7] - The company reported a revenue efficiency of 96%, indicating strong operational execution [5] Business Line Data and Key Metrics Changes - The fleet consists of 48 rigs, including 13 high-specification drillships, 2 semisubmersibles, and 33 jackups, with 12 of the drillships being seventh-generation assets [4] - Day rates for seventh-generation drillships have been approximately 25% higher than the general market, with utilization rates about 10 percentage points higher [5] - The company has successfully contracted three out of four drillships with near-term availability, all at rates exceeding $400,000 per day [21] Market Data and Key Metrics Changes - The company sees a strong case for offshore drilling, particularly in deepwater, as customers increasingly turn to deepwater to meet resource needs [7] - The pipeline of opportunities remains robust, with around 30 opportunities tracked for term programs starting in the next couple of years [16] - The jackup market has maintained utilization rates above 90%, indicating a healthy demand environment [35] Company Strategy and Development Direction - The company focuses on operational excellence, successful contracting, and astute commercial strategy to deliver long-term value for shareholders [8] - The strategy includes seeking long-term contracts while also being open to shorter-term opportunities if they align with business goals [23] - The company is well-positioned in the jackup market, with a strong presence in both benign and harsh environments, particularly through its joint venture with Saudi Aramco [34][36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery of the seventh-generation drillship market, expecting utilization levels to exceed 90% by the end of 2026 [19] - The company anticipates positive pricing momentum as the market tightens, driven by supply-demand dynamics [20] - Management noted that offshore developments are becoming increasingly economic at current oil prices, with many projects expected to be sanctioned in the next few years [42][43] Other Important Information - The company has a strong balance sheet and is considering shareholder returns, with flexibility enhanced by the sale of Valaris 247 for over $100 million [41] - Reactivation costs for cold-stacked rigs are estimated to remain in the range of $120 million to $125 million, with a timeline of about a year for reactivation [31][32] Q&A Session Summary Question: Overall tone from customer conversations and deepwater outlook - Management noted a positive shift in customer conversations, with an expectation of increased contracting activity as operators prepare for program startups in 2026 [15] Question: Pricing expectations for drillships - Management indicated that while pricing may see a broader range due to market dynamics, contracts secured have been above $400,000, reflecting strong operational performance [18] Question: Opportunities for the DF-12 rig - Management is optimistic about finding a long-term contract for the DF-12, particularly in Africa, where demand is expected to grow [22] Question: Outlook for jackup market - Management highlighted the strong performance of the jackup fleet, particularly through the ARO Drilling JV, with significant contract extensions secured [34] Question: Corporate M&A strategy - Management expressed openness to M&A opportunities that create value and enhance fleet quality, although they do not see an immediate need for consolidation [38] Question: Shareholder returns timeline - Management stated that capital returns will be considered once sustained cash generation is achieved, with the potential for returns in the second half of the year [40]

Key Takeaways Transocean will offload four ultra-deepwater drillships and one semi-submersible rig.The stacked units include drillships built between 2009, 2010 and 2011 with deepwater capacity.The sale will bring a $1.9B non-cash charge as Transocean shifts toward high-spec assets. Transocean Inc. (RIG) , an offshore drilling contractor based in Switzerland, announced plans to offload five stacked rigs as part of its efforts to optimize its rig fleet. The rigs to be retired include four ultra-deepwater dri ...

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]