Sunday, February 17th, 2013 - -

HOUSTON, TX--(Marketwire) - Vantage Drilling Company ("Vantage" or the "Company") (NYSE MKT: VTG) reports a net loss for the three months ended December 31, 2012 of $11.5 million or ($0.04) per diluted share excluding approximately $122.1 million of charges for the early retirement of debt, as compared to a net loss of $9.3 million or ($0.03) per diluted share for the three months ended December 31, 2011. Including the charges for the early retirement of debt, the Company reports a net loss of $133.6 million or ($.45) per diluted share for the three months ended December 31, 2012.

Net loss for the fiscal year ended December 31, 2012 was $20.7 million or ($0.07) per share excluding approximately $124.6 million of charges for the early retirement of debt as compared to a loss of $54.8 million or ($.19) per share in the prior year period, excluding approximately $25.2 million of refinancing charges. Including the refinancing charges, Vantage reported a net loss $145.3 million or ($0.50) per diluted share for the year ended December 31, 2012 as compared to a net loss of $80.0 million or $(0.28) per diluted share for the year ended December 31, 2011.

Paul Bragg, Chairman and Chief Executive Officer, commented, "2012 was a year of significant achievement for Vantage as we grew our fleet with the acquisition of the Titanium Explorer and strengthened our balance sheet by refinancing nearly half of our high cost debt at significantly lower rates."

Vantage, a Cayman Islands exempted company, is an offshore drilling contractor, with an owned fleet of four Baker Marine Pacific Class 375 ultra-premium jackup drilling rigs and the ultra-deepwater drillship, the Platinum Explorer, as well as an additional ultra-deepwater drillship, the Tungsten Explorer, now under construction. 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. Vantage also provides construction supervision services for, and will operate and manage, drilling units owned by others. Through its fleet of seven owned and managed drilling units, Vantage is a provider of offshore contract drilling services globally to major, national and large independent oil and natural gas companies.

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 Drilling Company                         

                    Consolidated Statement of Operations                   

                  (In thousands, except per share amounts)                 

                                                                            

                               Three Months Ended      Twelve Months Ended 

                                  December 31,            December 31,     

                             ----------------------  ----------------------

                                2012        2011        2012        2011   

                             ----------  ----------  ----------  ----------

                             (Unaudited) (Unaudited)                        

Revenues                                                                   

  Contract drilling services $  113,696  $   92,197  $  423,897  $  366,844

  Management fees                 1,961       3,228       6,605      13,727

  Reimbursables                   7,307      26,111      40,970     105,258

                             ----------  ----------  ----------  ----------

    Total revenues              122,964     121,536     471,472     485,829

                             ----------  ----------  ----------  ----------

Operating costs and expenses                                               

  Operating costs                58,731      72,411     230,089     284,881

  General and administrative      7,416       5,849      26,002      26,317

  Depreciation                   19,228      16,352      68,747      64,477

                             ----------  ----------  ----------  ----------

    Total operating costs                                                  

     and expenses                85,375      94,612     324,838     375,675

                             ----------  ----------  ----------  ----------

Income from operations           37,589      26,924     146,634     110,154

Other income (expense)                                                      

  Interest income                    42          29          90          96

  Interest expense and other                                               

   financing charges            (44,600)    (36,931)   (149,118)   (154,897)

  Loss on debt                                                             

   extinguishment              (122,071)          -    (124,599)    (25,196)

  Other, net                       (205)       (589)        595       1,324

                             ----------  ----------  ----------  ----------

    Total other income                                                     

     (expense)                 (166,834)    (37,491)   (273,032)   (178,673)

                             ----------  ----------  ----------  ----------

Loss before income taxes       (129,245)    (10,567)   (126,398)    (68,519)

Income tax provision                                                       

 (benefit)                        4,365      (1,221)     18,906      11,432

                             ----------  ----------  ----------  ----------

Net loss                     $ (133,610) $   (9,346) $ (145,304) $  (79,951)

                             ==========  ==========  ==========  ==========

                                                                            

Loss per share                                                             

  Basic                      $    (0.45) $    (0.03) $    (0.50) $    (0.28)

  Diluted                    $    (0.45) $    (0.03) $    (0.50) $    (0.28)

                                                                           

                                                                           

                                                                            

                                                                           

                          Vantage Drilling Company                         

                         Consolidated Balance Sheet                        

                (In thousands, except par value information)               

                                                                           

                                                       December 31,        

                                               ----------------------------

                                                    2012           2011    

                                               -------------  -------------

                    ASSETS                                                  

Current assets                                                             

  Cash and cash equivalents                    $     502,726  $     110,031

  Restricted cash                                      3,515          7,028

  Trade receivables                                  119,452        100,908

  Inventory                                           37,944         24,376

  Prepaid expenses and other current assets           25,208         16,909

                                               -------------  -------------

    Total current assets                             688,845        259,252

                                               -------------  -------------

Property and equipment                                                      

  Property and equipment                           2,893,837      1,913,596

  Accumulated depreciation                          (176,331)      (108,521)

                                               -------------  -------------

    Property and equipment, net                    2,717,506      1,805,075

                                               -------------  -------------

Other assets                                                               

  Investment in joint venture                         31,320              -

  Other assets                                        92,536         58,173

                                               -------------  -------------

    Total other assets                               123,856         58,173

                                               -------------  -------------

Total assets                                   $   3,530,207  $   2,122,500

                                               =============  =============

                                                                           

     LIABILITIES AND SHAREHOLDERS' EQUITY                                  

Current liabilities                                                        

  Accounts payable                             $      50,909  $      46,362

  Accrued liabilities                                123,484        103,809

  Current maturities of long-term debt                31,250              -

                                               -------------  -------------

    Total current liabilities                        205,643        150,171

                                               -------------  -------------

Long-term debt, net of discount of $11,940 and                              

 $38,572                                           2,710,559      1,246,428

Other long-term liabilities                           45,520         29,755

Commitments and contingencies                                              

Shareholders' equity                                                        

  Preferred shares, $0.001 par value, 10,000                               

   shares authorized; none issued or                                       

   outstanding                                             -              -

  Ordinary shares, $0.001 par value, 500,000                               

   shares authorized; 299,647 and 291,241                                  

   shares issued and outstanding                         299            291

  Additional paid-in capital                         878,137        860,502

  Accumulated deficit                               (309,951)      (164,647)

                                               -------------  -------------

    Total shareholders' equity                       568,485        696,146

                                               -------------  -------------

Total liabilities and shareholders' equity     $   3,530,207  $   2,122,500

                                               =============  =============

                                                                           

                                                                           

                                                                            

                                                                           

                          Vantage Drilling Company                         

                    Consolidated Statement of Cash Flows                   

                               (In thousands)                              

                                                  Year Ended December 31,  

                                               ----------------------------

                                                    2012           2011    

                                               -------------  -------------

CASH FLOWS FROM OPERATING ACTIVITIES                                       

Net loss                                       $    (145,304) $     (79,951)

Adjustments to reconcile net loss to net cash                              

 provided by (used in) operating activities:                               

  Depreciation expense                                68,747         64,477

  Amortization of debt financing costs                16,930          8,653

  Non-cash loss on debt extinguishment                 9,546          3,532

  Equity in loss of joint venture                         49              -

  Share-based compensation expense                     7,073          5,946

  Accretion of long-term debt                              -          2,582

  Amortization of debt discount (premium)             (3,828)         9,332

  Deferred income tax expense (benefit)                3,785         (3,984)

  Loss on disposal of assets                           1,321            226

Changes in operating assets and liabilities:                               

  Restricted cash                                      3,513         21,977

  Trade receivables             &nbs

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Paul A. Bragg

P: (281) 404-4700
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