Introduction to Vantage Drilling International 27 October 2016
Strategic Overview Vantage was founded with a vision of bringing the best people together with a high specification, modern fleet in the offshore drilling industry.
Experienced People
High Specification Assets
Financial Structure
Long-term Customer Relationships
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Company Highlights
Premium Fleet
Proven Operational Track Record
Construction Supervision and Management Arrangements
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Premium high-specification drilling units, including four jackups and three ultra-deepwater drillships.
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Our two jackups, the Aquamarine Driller and the Topaz Driller, are upgraded for HPHT work.
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Vantage’s modern rigs are capable of drilling to deeper depths and possess enhanced operational efficiency and technical capabilities, resulting in higher utilization, dayrates and margins.
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Successful track record of managing, constructing, marketing and operating offshore drilling units.
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In-house team of engineers and construction personnel overseeing complex construction projects.
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All newbuilds delivered on budget and on time.
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Jackup fleet operating productive time 99% .
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DP ship fleet operating productive time 97%.
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Excellent new build operating performance.
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Carried out in house construction management of Vantage Fleet – 4 jack-ups and 3 drillships
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Completed significant a new-build project for the SeaDragon’s semisubmersibles and Aker Drilling (TO)’s drillships.
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Provided Management services for various Banks, Hedge Funds, Investment players.
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Providing construction management for 4 Oro Negro jackups and operations management for 2 jackups for Oro Negro.
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Providing construction management to Sonangol for two ultra-deepwater drillships.
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Provided Vantage with significant engineering expertise and experience in Korean, Chinese and Singaporean shipyards.
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Company Highlights (Cont.) Experienced Management and Operational Team
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Management team with extensive experience; average of 29 years in the drilling industry.
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Includes international and domestic public company experience with industry-leading peers involving numerous acquisitions, debt and equity financings.
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Experienced operating personnel.
• Completed its pre-packaged restructuring and recapitalization plan. Capital restructuring plan
• Eliminated more than $1.5 billion of senior secured debt and most cash interest. • Received $75 million in new exit financing. • Strategically positioned for growth and taking advantage of down-turn opportunities. • One of the strongest balance sheets in the industry. Positioned for the future.
(1) PVEP Phu Quy Petroleum Operating Co. Ltd. is a joint venture interest between PetroVietnam Exploration Production Corp. and Total E&P Vietnam.
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Our Vision “ E X C E E D I N G E X P E C TAT I O N S ” Through the eyes of our clients, employees, shareholders, service partners and the general public in all the countries we operate.
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Core Values “P E O P L E ”
PROTECTING ENHANCING
People, the Environment and Equipment
Value
O P E R AT I O N A L PROCEDURAL LEADERSHIP ETHICAL
Excellence Compliance
by Example
Business Standards We are focused on our PEOPLE.
Through the success of our people , will come the success of our company and our clients.
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Our People
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Experienced Management Team Years Experience
Ihab Toma
30 years
33 years
¡ Division Manager in Northern Europe, Transocean (2004 – 2007) ¡ Operations manager in the Gulf of Mexico (2001 – 2003) and in the UK (1996 – 2001) ¡ Various operations and business roles, Forasol-Foramer (1988 – 1996)
25 years
¡ ¡ ¡ ¡
26 years
¡ VP Technical Services, Supply Chain and Projects (2008 – 2016) ¡ Asset Operations Manager, Transocean’s UK fleet ¡ Various roles in Engineering, Project Management, New Build Construction and Technical Support
33 years
¡ Vice President & CAO, Transmeridian Exploration Incorporated (2005 – 2008) ¡ Vice President, Treasurer & CAO, Pride International, Inc. (2000 – 2005) ¡ Various management positions at Baker Hughes, Inc. (1989 – 2000)
35 years
¡ Regional HSE and Security Manager, Tidewater (2003 – 2008) ¡ Previous experience in HSE with APG/Salamis JV, Houlder Marine, Deutag and KCA
32 years
¡ ¡ ¡ ¡
Director of Deepwater Operations (2011 - 2015) General Manager, Operations Preparation, Seadrill (2007 – 2010) Rig Manager and various operational roles, Transocean (1980 – 1985) (1997 – 2007) Industrial Engineer, Hyster Forklifts (1985 – 1997)
¡ ¡ ¡ ¡
Director of Shallow Water Operations (2013 – 2015) Director of Project Management (2008 – 2015) Operations Integrity Manager – Transocean EAU Business Unit. Various roles in Project Management, New Build Construction, Maintenance Management & Technical Support.
COO Tom Cimino CFO Bill Thomson Vice President Marketing and Business Development Edward Brantley CAO Dave Weatherly VP QHSE Dallas Bozeman Director of Special Projects
Guy Dawson-Smith 29 years Director of Operations
Executive Vice President – Chief of Staff, Transocean (2012 – 2013) Executive Vice President – Operations, Transocean (2011 – 2012) Executive Vice President – Global Business, Transocean (2010 – 2011) Senior Vice President – Marketing and Planning (2009 – 2010) Various roles at Schlumberger (1986 – 2009)
¡ ¡ ¡ ¡ ¡
CEO
Doug Halkett
Relevant Experience
Chief Financial Officer, AEI Services, LLC (2012 – October 2016) Vice President and Controller, AEI Services, LLC (2007 - 2012) Director - Global Capital Markets Group at Pricewaterhouse Coopers (2003 - 2007) Various roles at United States Securities and Exchange Commission, Adidas America and KPMG
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Financial Strength • Pro-active Capital Restructuring Plan – Removes near-term maturities – Reduces debt services • Pro-active cost management and workforce reductions. • Amended and extended Tungsten Explorer contract with Total E&P adding an additional two years of backlog. • Added long term 18 month Contract with Total E&P in Middle East for the Emerald Driller. 9
Debt Summary Principal Outstanding Credit Agreement: $32.0 million Letter of Credit Facility bears interest @ 5.5%
$
-
$
143.0
10% Senior Secured Second Lien Notes matures December 31, 2020, bears interest @ 10.0%
$
76.1
1%/12% Step-Up Senior Secured Third Lien Convertible Notes matures December 31, 2030, bears interest @ 1% for 4 years and then 12% to maturity; all interest is payable in-kind Total
$
$
2019 1st Lien Term Loan Facility matures December 31, 2019, bears interest @ Libor + 6.5%
Debt Service (in millions) $
-
Interest Amortization
$ $ $
10.0 1.4 11.4
Interest
$
7.6
750.0
$
-
969.1
$
19.1
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Third Lien Convertible Notes do not require any cash debt service prior to maturity. These notes are convertible at the option of the holders for 3 years. Thereafter, they are convertible at the option of the Board of Directors.
The Vantage Fleet Ultra-Premium Marine Pacific Class 375 Jackups Emerald Driller
Sapphire Driller
Aquamarine Driller
Topaz Driller
Ultra-Deepwater 10,000 ft & 12,000 ft Drillships Platinum Explorer
Titanium Explorer
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Tungsten Explorer
Vantage Owned Rig Fleet – Jackups Emerald Driller
Shipyard Built
PPL, Singapore
Cantilever Reach
Shipyard Delivery
December 2008
Leg Length
506 ft
Design
BMC 375 Pacific Class
Spudcan Diameter
55.5 ft
Dimension
236 ft x 224 ft x 27.9 ft
Variable Deck Load (Operating)
7,497 kips
Water Depth (Max)
Sapphire Driller
75 ft aft, 30’ transverse
375 ft
BOP
18-3/4”, 15M, Cameron BOP & 18-3/4” 10M Cameron Annular
Drilling Depth (Max)
30,000 ft
Accommodation (Persons)
120
Shipyard Built
PPL, Singapore
Cantilever Reach
75 ft aft, 30’ transverse
Shipyard Delivery
July 2009
Leg Length
506 ft
Design
BMC 375 Pacific Class
Spudcan Diameter
55.5 ft
Dimension
236 ft x 224 ft x 27.9 ft
Variable Deck Load (Operating)
7,497 kips
Water Depth (Max) Drilling Depth (Max)
375 ft 30,000 ft
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BOP Accommodation (Persons)
18-3/4”, 15M, Cameron BOP & 18-3/4” 10M Cameron Annular 120
Vantage Owned Rig Fleet – Jackups (Cont.) Aquamarine Driller
Shipyard Built
PPL, Singapore
Cantilever Reach
Shipyard Delivery
September 2009
Leg Length
506 ft
Design
BMC 375 Pacific Class
Spudcan Diameter
55.7 ft
Dimension
236 ft x 224 ft x 27.9 ft
Variable Deck Load (Operating)
7,497 kips
Water Depth (Max)
Topaz Driller
75 ft aft, 30’ transverse
375 ft
BOP
18-3/4”, 15M, Cameron BOP & 18-3/4” 10M Cameron Annular, HPHT, H2S Rated
Drilling Depth (Max)
30,000 ft
Accommodation (Persons)
Shipyard Built
PPL, Singapore
Cantilever Reach
Shipyard Delivery
December 2009
Leg Length
506 ft
120
75 ft aft, 30’ transverse
Design
BMC 375 Pacific Class
Spudcan Diameter
55.5 ft
Dimension
236 ft x 224 ft x 27.9 ft
Variable Deck Load (Operating)
7,497 kips
Water Depth (Max)
Drilling Depth (Max)
375 ft
30,000 ft
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BOP
Accommodation (Persons)
18-3/4”, 15M, Cameron BOP & 18-3/4” 10M Cameron Annular, HPHT, H2S Rated 26-3/4”, 15M, QBOP & 18-3/4” 3M Hydril 30” Annular
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Advantages of Baker Marine Pacific Class 375 Design
Stronger legs than Mod V Bs (no rack chock required) - reduces punch through issues
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Lower spud can bearing pressure reduces leg penetration
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18 ¾” 15k BOP stack with integrated handling system
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High capacity, high efficiency Caterpillar 3516B Engines (5) and LV system arranged as a four (4) split system
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Premium drilling package including 3 x 2,200 HP high pressure mud pumps and integrated diverter
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Ability to transit with 300,000 lbs tubular racked in derrick
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Water depth 375 ft - non harsh environment - upgradeable to 400 ft
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Larger Cantilever capacity (reach 75 ft x 30 ft load) than most designs
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Offset derrick provides greater equivalent cantilever capability
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Offline stand building capability
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Manual pipe handling (faster)
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Large deck area (9,700 ft2) with accommodation in front of forward leg Ability to jackup with full pre-load - reducing rig moving time
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Ultra-Deepwater Bifurcation – Vantage Has High-Spec Drillships Platinum Explorer
Titanium Explorer
Tungsten Explorer
ü
ü
ü
Draw Works (HP)
4,500
6,000
9,000
Hook Load (Tons)
1,000
1,250
1,250
Derrick Load Paths – - 2x Activity - 1.5x Activity
Heave Compensating Xmas Tree Crane (165 t)
ü
Tripsaver BOPS’s - Onboard - RAM’s (*planned) - API SP53/GOM Compliant
1 5/6*
1 6
1 6
*planned for 2015
ü
ü
Water Depth - Capable/Outfitted
10,000 / 10,000
12,000 / 10,000
12,000 / 10,000
20,000 MT
20,000 MT
20,000 MT
180
180
200
6 x 4.6 Mw / DP3
6 x 5.5 Mw / DP3
6 x 5.5 Mw / DP3
Drilled well in ≈ 9,400 ft of water
- Drilling well in 8,800 ft of water - >2 million lb casing load
Fastest shipyard delivery – 27 months from order
Variable Load Accommodation (Beds) Thrusters Features Notable Accomplishments
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DSME Design – Platinum Explorer
Drilling depth 40,000 ft
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DP3 system Convert team triple redundant
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Operates in up to 10,000 ft water depth, outfitted for 10,000 ft
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Xmas tree handling built into moonpool, 150 ton capacity
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Large deck area & 20,000 mt variable deck load
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5 ram Cameron 18 ¾” BOP with bottom ram a dual DP/ test ram 10,000 ft Aker Clip Riser
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2 million lbs static hook load
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180 man accommodation
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Multi-activity drill floor & Offline drill string & casing stand building lay down
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6 x 4.6 MW Rolls Royce Thrusters
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20,000 bbl liquid mud system 31,700 ft3 bulk mud storage 3 x 85 mt & 1 x 50 mt Liebherr deck cranes
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Aker Solutions Drilling Package Ø Top Drive - DDM 1000 sht Ø Rotary Table - 60 ½ x 1000 sht Ø Iron Roughnecks - 1 x HRN Online & 1 x Torque Master off line Ø Mud Pumps - 4 x Wirth 2,200 HP Ø Drawworks - 4,500 HP Ø Shale Shakers - 6 x DP 626
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DSME Design – Titanium Explorer
Drilling depth 40,000 ft
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Operates in up to 12,000 ft water depth, outfitted for 10,000 ft
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Large deck area & 20,000 mt variable deck load
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2.5 million lbs static hook load
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Multi-activity drill floor & offline drill string & casing stand building lay down
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6 x 5.5 MW Rolls Royce Thrusters
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Aker Solutions Drilling Package Ø Top Drive- MDDM 1250 sht Ø Rotary Table - 60 ½ x 1250 sht Ø Iron Roughnecks - 1 x HRN Online & 1 x Torque Master off line Ø Mud Pumps - 4 x Wirth 2,200 HP Ø Drawworks- 6,000 HP Ø Shale Shakers - 6 x DP 626
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DP3 system Convert team triple redundant
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Xmas tree handling built into moonpool, 150 ton capacity
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6 ram Cameron 18 3/4 “ BOP with 3 x Shear Rams - GOM compliant 12,000 ft Aker Clip Riser
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180 man accommodation
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20,000 bbl liquid mud system 31,700 ft3 bulk mud storage
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3 x 85 mt & 1 x 50 mt Liebherr deck cranes
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DSME Design – Tungsten Explorer
Drilling depth 40,000 ft
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DP3 system Convert team triple redundant
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Operates in up to 12,000 ft water depth, outfitted for 10,000 ft
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Xmas tree handling built into moonpool, 150 ton capacity
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Large deck area & 20,000 mt variable deck load
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2.8 million lbs static hook load
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6 ram Cameron 18 ¾” BOP with 3 x Shear Rams 10,000 ft Cameron Load King Riser 1,000 mt Trip Saver - riser hang off
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Multi-activity drill floor & Offline drill string & casing stand building lay down
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200 man accommodation
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6 x 5.5 MW Rolls Royce Thrusters
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Aker Solutions Drilling Package Ø Top Drive - MDDM 1250 sht Ø Rotary Table - 75 ½ x 1,250 sht Ø Iron Roughnecks - 1 x HRN Online & 1 x Torque Master off line Ø Mud Pumps - 4 x Wirth 2,200 HP Ø Drawworks - 9,000 HP Ø Shale shakers - 8 x DP 626
20,700 bbl liquid mud system 28,600 ft3 bulk mud storage 3 x 85 mt & 1 x 50 mt Liebherr deck cranes
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Current Worldwide Operations
DSME Shipyard Korea Sonangol Drillships
Houston
Dubai
Client: CPOC Malaysia/Thailand JDA Aquamarine Driller Client: Warm stacked Labuan Malaysia Platinum Explorer
Client: Total E&P Qatar Emerald Driller
Client: Warm stacked Pointe-Noire Congo Sapphire Driller
Client: Warm stacked Labuan Malaysia Topaz Driller
Client: Total Congo Tungsten Explorer
Vantage Regional Offices Current operations
Client: Warm stacked Port Fourchon, South Africa Titanium Explorer
Future operations 19
Singapore
Fleet Status
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Customer Focus – Repeat Business National Oil Companies, Majors, Independents Operational excellence equals lower costs equals repeat business
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Operations PEOPLE • Competence Training Matrix for all job categories. • Personnel trained on all the Rig Specific Equipment & Procedures. • Operational and Safety Procedures in place and understood by crews. • We hire drilling people with down hole knowledge.
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Operations TECHNICAL • Onboard user friendly Maintenance & Procurement Tracking System. • Technical & Operational back up in Vantage base offices. • Fast response from Vantage and Vendors to any operational issues. • Top quality capital spares. • On board spare parts valued at around US$ 3.5 million (on Jackups) and US$ 12 million (on Drillships). • Vendor agreements in place for fast timely supply of spares. • Maintenance standards in line with highest industry standards and are simple and robust.
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Management System Development
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Management System Structure Bringing together all of these basic elements of sound business management provides VANTAGE with a structured and disciplined approach to the way we manage all our business activities.
In the interest of being a premier service provider, VANTAGE has built it’s Management System following the ISM Code, ISO9001:2000, ISO 14001:2004 and OHSAS 18001:2007.
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Client Relationships CLIENTS – KEEPING THEM HAPPY…….
• We must respect our Clients – at all levels •
Work with them not against them
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Build Personal Relationships at rig and shore base operations levels
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Make sure we reach and exceed their NPT targets
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Work with them to deliver superior performance on their wells
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Act as a Team with the Client
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Above all we have to KEEP IT SIMPLE
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Why Choose Vantage Our people are focused on “Exceeding Expectations” • We have a highly successful and proven management team with extensive operating experience and expertise. • We are focused on people, process and delivery. • We have state of the art systems, policies and procedures. • We have a strong safety culture. • We have a new, modern and efficient rig fleet. • We have new rigs being constructed at top class shipyards and supervised by experienced project teams. • We are here for the long term. •We have the financial strength
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Vantage Main Offices & Key Contacts
Houston Office Telephone: +1 281 404 4700
Facsimile: +1 281 404 4749
Address: 777 Post Oak Boulevard, Suite 800, Houston, Texas 77056, USA
Singapore Office Telephone: +65 6768 6000
Dubai Office
Facsimile: +65 6768 6001
Address: 72 Anson Road, #07-01 Anson House, Singapore 079911
Telephone: +971 4 449 3400 Facsimile: +971 4 449 3401 Address: Media City, Business Central Towers, Block B, Office 2003, P.O. Box 282292, Dubai - UAE
Bill Thomson, Vice President Marketing and Business Development
Alisdair Semple, Director Marketing
Office: +1 281 404 4833 Mobile: +1 281 414 5397
Office: +65 6768 6035 Mobile: +65 9295 9787
Email:
[email protected]
Email:
[email protected]
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