Vantage Drilling Announces Proposed Offering of $75 Million of Convertible Senior Notes Due 2043

Vantage Drilling Announces Proposed Offering of $75 Million of Convertible 
Senior Notes Due 2043 
HOUSTON, TX -- (Marketwired) -- 07/10/13 --   Vantage Drilling
Company ("Vantage," or the "Company") (NYSE MKT: VTG) announced today
that it proposes to offer $75 million aggregate principal amount of
convertible senior notes due 2043, subject to market conditions and
other factors. The notes are to be offered and sold only to qualified
institutional buyers pursuant to Rule 144A or to persons outside of
the United States pursuant to Regulation S of the Securities Act of
1933, as amended. The Company also expects to grant to the initial
purchaser an option to purchase up to an additional $15 million
aggregate principal amount of the notes on the same terms and
The Company intends to use a portion of the net proceeds from the
offering to fund the initial payment of $59.5 million under the
construction contract for the Cobalt Explorer drillship and the
remainder for general corporate purposes. 
The notes will be the general senior unsecured obligations of the
Company and will accrue interest payable semi-annually in arrears.
The notes will be convertible into our ordinary shares, cash or a
combination of ordinary shares and cash, at the Company's election.
The interest rate, conversion rate, offering price and other terms of
the notes will be determined by negotiations among the Company and
the initial purchaser of the notes. 
This announcement does not constitute an offer to sell, or the
solicitation of an offer to buy, any of the notes. Any offers of the
notes will be made only by means of a confidential offering
memorandum. The notes and the ordinary shares of the Company
underlying the notes have not been and will not be registered under
the Securities Act of 1933, as amended, or the securities laws of any
other jurisdiction and may not be offered or sold in the United
States without registration or an applicable exemption from
registration requirements. 
Forward Looking Statements 
Certain statements contained in this news release constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements represent Vantage's expectations or beliefs concerning
future eve
nts, and it is possible that the results described in this
press release will not be achieved. These forward-looking statements
are subject to risks, uncertainties and other factors, many of which
are outside of Vantage's control, that could cause actual results to
differ materially from the results discussed in the forward-looking
Any forward-looking statement speaks only as of the date on which
such statement is made, and, except as required by law, Vantage does
not undertake any obligation to update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise. New factors emerge from time to time and it is not
possible for management to predict all such factors. 
Public & Investor Relations Contact:
Paul A. Bragg
Chairman & Chief Executive Officer
(281) 404-4700 
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