# EDGAR Filing Document

**Accession Number:** 0001465872
**File Stem:** 0000950170-23-009340
**Filing Date:** 2023-3
**Character Count:** 24139
**Document Hash:** fef09426dc1cd76fc3417cf1d0d6f151
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-23-009340.hdr.sgml**: 20230323

**ACCESSION NUMBER**: 0000950170-23-009340

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20230323

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230323

**DATE AS OF CHANGE**: 20230323

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VANTAGE DRILLING INTERNATIONAL
- **CENTRAL INDEX KEY:** 0001465872
- **STANDARD INDUSTRIAL CLASSIFICATION:** DRILLING OIL & GAS WELLS [1381]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-159299-15
- **FILM NUMBER:** 23754662

**BUSINESS ADDRESS:**
- **STREET 1:** P.O. BOX 309
- **STREET 2:** UGLAND HOUSE
- **CITY:** GRAND CAYMAN
- **STATE:** E9
- **ZIP:** KY1-1104
- **BUSINESS PHONE:** (281) 404-4700

**MAIL ADDRESS:**
- **STREET 1:** C/O VANTAGE ENERGY SERVICES, INC.
- **STREET 2:** 777 POST OAK BOULEVARD, SUITE 440
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77056

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** OFFSHORE GROUP INVESTMENT Ltd
- **DATE OF NAME CHANGE:** 20090609

?xml version="1.0" encoding="ASCII"? 8-K

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549**

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**FORM** 8-K

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**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** March 23, 2023<br>

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Vantage Drilling International

**(Exact name of Registrant as Specified in Its Charter)**

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| | | |
|:---|:---|:---|
| Cayman Islands | 333-159299 | 98-1372204 |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission File Number)** | **(IRS Employer<br>Identification No.)** |
| c/o Vantage Energy Services, Inc.<br>777 Post Oak Boulevard<br>Suite 440 |  |  |
| Houston**,** Texas |  | 77056 |
| **(Address of Principal Executive Offices)** |  | **(Zip Code)** |

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**Registrant's Telephone Number, Including Area Code:** (281) 404-4700<br>

(Not applicable)

**(Former Name or Former Address, if Changed Since Last Report)**

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

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| | | |
|:---|:---|:---|
| **<br>Title of each class** | **Trading<br>Symbol(s)** | **<br>Name of each exchange on which registered** |
| N/A | N/A | N/A |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 2.02 Results of Operations and Financial Condition.**

On March 23, 2023, Vantage Drilling International (the "Company") issued a press release announcing operating results and developments for the fiscal quarter and year ended December 31, 2022. A copy of the press release is furnished as Exhibit 99.1 hereto.

**Item 9.01 Financial Statements and Exhibits.**

**(d) Exhibits.**

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| | |
|:---|:---|
| **Exhibit**<br>**Number** | <br>**Description of Exhibit** |
| [<u>99.1</u>](ck0001465872-ex99_1.htm) | [<u>Press Release of Vantage Drilling International dated March 23, 2023</u>](ck0001465872-ex99_1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

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| | | | |
|:---|:---|:---|:---|
|  |  |  | VANTAGE DRILLING INTERNATIONAL |
| Date: | March 23, 2023 | By:  | /s/ Douglas E. Stewart |
|  |  |  | Douglas E. Stewart<br>Chief Financial Officer, General Counsel and Corporate Secretary |

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## Ex-99

**Exhibit 99.1**

**Vantage Drilling International Reports Fourth Quarter and Full-Year 2022 Results**

HOUSTON, March 23, 2023 (GLOBE NEWSWIRE) -- 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. <br>

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.<br>

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." <br>

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."<br>

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. <br>

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

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intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.<br>

Non-GAAP Measures <br>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. Non-GAAP measures we may reference have been reconciled to the nearest GAAP measure in the tables entitled Reconciliation of GAAP to Non-GAAP Financial Measures below.<br>

**Public & Investor Relations Contact:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Douglas E. Stewart

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer and General Counsel

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vantage Drilling International

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C/O Vantage Energy Services, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777 Post Oak Blvd., Suite 440

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Houston, Texas 77056

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(281) 404-4700

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| | | | | |
|:---|:---|:---|:---|:---|
| **Vantage Drilling International** | **Vantage Drilling International** | **Vantage Drilling International** | **Vantage Drilling International** | **Vantage Drilling International** |
| **Consolidated Statement of Operations** | **Consolidated Statement of Operations** | **Consolidated Statement of Operations** | **Consolidated Statement of Operations** | **Consolidated Statement of Operations** |
| **(Unaudited, in thousands, except per share data)** | **(Unaudited, in thousands, except per share data)** | **(Unaudited, in thousands, except per share data)** | **(Unaudited, in thousands, except per share data)** | **(Unaudited, in thousands, except per share data)** |
|  | **Three months ended December 31,** | **Three months ended December 31,** | **Twelve months ended December 31,** | **Twelve months ended December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| Revenue |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Contract drilling services | $32367 | $39341 | $154116 | $131703 |
| &nbsp;&nbsp;&nbsp;Management fees | 2449 | 1066 | 10834 | 2351 |
| &nbsp;&nbsp;&nbsp;Reimbursables and other | 41373 | 9395 | 113766 | 24366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 76189 | 49802 | 278716 | 158420 |
| Operating costs and expenses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Operating costs | 65065 | 43886 | 234832 | 150668 |
| &nbsp;&nbsp;&nbsp;General and administrative | 5264 | 5484 | 23009 | 20539 |
| &nbsp;&nbsp;&nbsp;Depreciation | 11024 | 13819 | 44428 | 56242 |
| &nbsp;&nbsp;&nbsp;Gain on EDC Sale | 4 |  | (61409) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating costs and expenses | 81357 | 63189 | 240860 | 227449 |
| (Loss) income from operations | (5168) | (13387) | 37856 | (69029) |
| Other (expense) income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest income | 1080 | 6 | 1108 | 124 |
| &nbsp;&nbsp;&nbsp;Interest expense and other financing charges | (8840) | (8505) | (34351) | (34034) |
| &nbsp;&nbsp;&nbsp;Other, net | (1519) | (270) | (3668) | (2171) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other expense | (9279) | (8769) | (36911) | (36081) |
| (Loss) income before income taxes | (14447) | (22156) | 945 | (105110) |
| Income tax provision | 2530 | 1378 | 4313 | 5141 |
| Net loss | (16977) | (23534) | (3368) | (110251) |
| Net loss attributable to noncontrolling interests | (619) | (73) | (13) | (114) |
| Net loss attributable to shareholders | $(16358) | $(23461) | $(3355) | $(110137) |
| EBITDA (1) | $4956 | $235 | $78629 | $(14844) |
| Loss per share |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic and Diluted | $(1.25) | $(1.79) | $(0.26) | $(8.40) |
| Weighted average ordinary shares outstanding, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic and Diluted | 13115 | 13115 | 13115 | 13115 |
| (1) EBITDA represents net income (loss) before (i) interest income (expense), (ii) provision for income taxes and (iii) depreciation and amortization expense. EBITDA is not a financial measure under GAAP as defined under the rules of the SEC, and is intended as a supplemental measure of our performance. We believe this measure is commonly used by analysts and investors to analyze and compare companies on the basis of operating performance. | (1) EBITDA represents net income (loss) before (i) interest income (expense), (ii) provision for income taxes and (iii) depreciation and amortization expense. EBITDA is not a financial measure under GAAP as defined under the rules of the SEC, and is intended as a supplemental measure of our performance. We believe this measure is commonly used by analysts and investors to analyze and compare companies on the basis of operating performance. | (1) EBITDA represents net income (loss) before (i) interest income (expense), (ii) provision for income taxes and (iii) depreciation and amortization expense. EBITDA is not a financial measure under GAAP as defined under the rules of the SEC, and is intended as a supplemental measure of our performance. We believe this measure is commonly used by analysts and investors to analyze and compare companies on the basis of operating performance. | (1) EBITDA represents net income (loss) before (i) interest income (expense), (ii) provision for income taxes and (iii) depreciation and amortization expense. EBITDA is not a financial measure under GAAP as defined under the rules of the SEC, and is intended as a supplemental measure of our performance. We believe this measure is commonly used by analysts and investors to analyze and compare companies on the basis of operating performance. | (1) EBITDA represents net income (loss) before (i) interest income (expense), (ii) provision for income taxes and (iii) depreciation and amortization expense. EBITDA is not a financial measure under GAAP as defined under the rules of the SEC, and is intended as a supplemental measure of our performance. We believe this measure is commonly used by analysts and investors to analyze and compare companies on the basis of operating performance. |
| **Vantage Drilling International** | **Vantage Drilling International** | **Vantage Drilling International** | **Vantage Drilling International** | **Vantage Drilling International** |
| **Supplemental Operating Data** | **Supplemental Operating Data** | **Supplemental Operating Data** | **Supplemental Operating Data** | **Supplemental Operating Data** |
| **(Unaudited, in thousands, except percentages)** | **(Unaudited, in thousands, except percentages)** | **(Unaudited, in thousands, except percentages)** | **(Unaudited, in thousands, except percentages)** | **(Unaudited, in thousands, except percentages)** |
|  | **Three months ended December 31,** | **Three months ended December 31,** | **Twelve months ended December 31,** | **Twelve months ended December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| Operating costs |  |  |  |  |
| Jackups | $4317 | $8055 | $36225 | $33824 |
| Deepwater | 17350 | 14169 | 68567 | 41939 |
| Third party Rigs | 2295 | 4815 | 2289 | 9272 |
| Sold rigs/Held for sale | 20 | 11528 | 10722 | 45851 |
| Operations support | 2595 | 2267 | 10975 | 9071 |
| Reimbursables | 38488 | 3052 | 106054 | 10711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating costs | $65065 | $43886 | $234832 | $150668 |
| Utilization (1) |  |  |  |  |
| Jackups | 100.0% | 99.6% | 72.7% | 68.9% |
| Deepwater | 90.1% | 26.8% | 94.2% | 38.4% |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Sold rigs/Held for sale | N/A | 90.3 | % | 43.6 | % | 64.4 | % |
| (1) Excludes rigs under bareboat charter contracts to third parties. | (1) Excludes rigs under bareboat charter contracts to third parties. | (1) Excludes rigs under bareboat charter contracts to third parties. | (1) Excludes rigs under bareboat charter contracts to third parties. | (1) Excludes rigs under bareboat charter contracts to third parties. | (1) Excludes rigs under bareboat charter contracts to third parties. | (1) Excludes rigs under bareboat charter contracts to third parties. |  |

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| | | |
|:---|:---|:---|
| **Vantage Drilling International** | **Vantage Drilling International** | **Vantage Drilling International** |
| **Consolidated Balance Sheets** | **Consolidated Balance Sheets** | **Consolidated Balance Sheets** |
| **(Unaudited, in thousands, except share and par value information)** | **(Unaudited, in thousands, except share and par value information)** | **(Unaudited, in thousands, except share and par value information)** |
|  | **December 31, 2022** | **December 31, 2021** |
| **ASSETS** |  |  |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $74026 | $73343 |
| &nbsp;&nbsp;&nbsp;Restricted cash | 16450 | 1621 |
| &nbsp;&nbsp;&nbsp;Trade receivables, net of allowance for credit losses of $5.0 million each year | 62776 | 37527 |
| &nbsp;&nbsp;&nbsp;Materials and supplies | 41250 | 37580 |
| &nbsp;&nbsp;&nbsp;Assets held for sale |  | 117117 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 25621 | 18309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 220123 | 285497 |
| Property and equipment |  |  |
| &nbsp;&nbsp;&nbsp;Property and equipment | 647909 | 645622 |
| &nbsp;&nbsp;&nbsp;Accumulated depreciation | (309453) | (266018) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property and equipment, net | 338456 | 379604 |
| Operating lease ROU assets | 1648 | 2450 |
| Other assets | 18334 | 31843 |
| Total assets | $578561 | $699394 |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |
| Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $57775 | $31420 |
| &nbsp;&nbsp;&nbsp;Liabilities held for sale | 66179 | 31533 |
| &nbsp;&nbsp;&nbsp;Other current liabilities |  | 6720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 123954 | 69673 |
| Long–term debt, net of discount and financing costs of $773 and $3,142 | 179227 | 346858 |
| Other long-term liabilities | 12881 | 17012 |
| Commitments and contingencies |  |  |
| Shareholders' equity |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary shares, $0.001 par value, 50 million shares authorized; 13,115,026 shares issued and outstanding each year | 13 | 13 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 633863 | 633847 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (373147) | (369792) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Controlling interest shareholders' equity | 260729 | 264068 |
| &nbsp;&nbsp;Noncontrolling interests | 1770 | 1783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | 262499 | 265851 |
| Total liabilities and shareholders' equity | $578561 | $699394 |

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| | | |
|:---|:---|:---|
| **Vantage Drilling International** | **Vantage Drilling International** | **Vantage Drilling International** |
| **Consolidated Statement of Cash Flows** | **Consolidated Statement of Cash Flows** | **Consolidated Statement of Cash Flows** |
| **(Unaudited, in thousands)** | **(Unaudited, in thousands)** | **(Unaudited, in thousands)** |
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** |
| CASH FLOWS FROM OPERATING ACTIVITIES |  |  |
| Net loss | $(3368) | $(110251) |
| Adjustments to reconcile net loss to net cash used in operating activities |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation expense | 44428 | 56242 |
| &nbsp;&nbsp;&nbsp;Amortization of debt financing costs | 1639 | 1639 |
| &nbsp;&nbsp;&nbsp;Share-based compensation expense | 79 | 395 |
| &nbsp;&nbsp;&nbsp;Loss on debt extinguishment | 730 |  |
| &nbsp;&nbsp;&nbsp;Deferred income tax expense | 708 | 369 |
| &nbsp;&nbsp;&nbsp;Gain on disposal of assets | (1600) | (2640) |
| &nbsp;&nbsp;&nbsp;Gain on EDC Sale | (61409) |  |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Trade receivables, net | (42241) | (20116) |
| &nbsp;&nbsp;&nbsp;Materials and supplies | (4155) | (1624) |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | (9878) | (3306) |
| &nbsp;&nbsp;&nbsp;Other assets | (22461) | (12312) |
| &nbsp;&nbsp;&nbsp;Accounts payable | 44469 | 10094 |
| &nbsp;&nbsp;&nbsp;Other current liabilities and other long-term liabilities | 34185 | 11119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in operating activities | (18874) | (70391) |
| CASH FLOWS FROM INVESTING ACTIVITIES |  |  |
| &nbsp;&nbsp;&nbsp;Additions to property and equipment | (10277) | (7045) |
| &nbsp;&nbsp;&nbsp;Net proceeds from EDC Sale | 198700 |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from sale of assets | 3100 |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from sale of Titanium Explorer |  | 13557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by investing activities | 191523 | 6512 |
| CASH FLOWS FROM FINANCING ACTIVITIES |  |  |
| &nbsp;&nbsp;&nbsp;Repayment of long-term debt | (170000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities | (170000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in unrestricted and restricted cash and cash equivalents | 2649 | (63879) |
| &nbsp;&nbsp;&nbsp;Unrestricted and restricted cash and cash equivalents—beginning of period | 90608 | 154487 |
| &nbsp;&nbsp;&nbsp;Unrestricted and restricted cash and cash equivalents—end of period | $93257 | $90608 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Vantage Drilling International** | **Vantage Drilling International** | **Vantage Drilling International** | **Vantage Drilling International** | **Vantage Drilling International** |
| **Non-GAAP Measures** | **Non-GAAP Measures** | **Non-GAAP Measures** | **Non-GAAP Measures** | **Non-GAAP Measures** |
| **(Unaudited, in thousands)** | **(Unaudited, in thousands)** | **(Unaudited, in thousands)** | **(Unaudited, in thousands)** | **(Unaudited, in thousands)** |
|  | **Three months ended December 31,** | **Three months ended December 31,** | **Twelve months ended December 31,** | **Twelve months ended December 31,** |
| **Reconciliation of EBITDA** | **2022** | **2021** | **2022** | **2021** |
| Net loss attributable to shareholders | $(16358) | $(23461) | $(3355) | $(110137) |
| Depreciation | 11024 | 13819 | 44428 | 56242 |
| Interest income | (1080) | (6) | (1108) | (124) |
| Interest expense and other financing costs | 8840 | 8505 | 34351 | 34034 |
| Income tax provision | 2530 | 1378 | 4313 | 5141 |
| **EBITDA** | $4956 | $235 | $78629 | $(14844) |

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