Wednesday, April 12, 2017 11:50:26 PM
Employee Q&A Document
4th DEC 2015, REV3 FT
1. We understand our salaries and benefits are unaffected as a result of this Chapter 11
restructuring, but what about cuts in relation to the market? After the restructuring, is
there a possibility our jobs and salaries may be at risk?
One of the key reasons our bond holders wanted to engage in the restructuring transaction was
because of the high quality of our team. While the restructuring will not impact anyone’s
position, we cannot predict future changes in the market. Such changes would be dealt with in
the ordinary course of business.
2. What will happen to the Vantage stock?
There will be a separate liquidation process for Vantage Drilling Company which will occur in
the Cayman Islands. This proceeding will determine the status of Vantage common stock. It is
expected that the existing Vantage common stock will have little or no value.
3. Will there be any LTIP issued in January next year?
This will be reviewed by the new Board of Directors once they are in place.
4. Will there be any changes to the Senior Management Team?
While we do not anticipate any changes to the Senior Management Team, the new Board of
Directors will have the authority to make such changes.
5. What will the new Company name be?
Offshore Group Investment Limited (OGIL). We anticipate being able to retain some form of
the “Vantage” name once OGIL emerges from Chapter 11.
6. Do we need to change our email sign off, Vantage letter heads, etc.?
No action is required at this time. All operations should proceed as usual. If a change is
required, we will notify you.
7. We can see there are many positives associated with this Chapter 11 filing; however, what
are the risks?
No transaction is without risk, and there are potential risks involved with Chapter 11
proceedings. Such risks are detailed in the filing. Please refer to the Vantage website
(www.vantagedrilling.com) for more information.
8. Is it likely that we will be taken over by another drilling contractor after the
restructuring?
We do not anticipate being taken over by another drilling contractor. The restructuring will
allow OGIL to emerge in a better financial position while retaining our assets and high quality
people. It will position us to take advantage of new opportunities in the coming years. Our new
shareholders are interested in building upon this strong foundation going forward.
http://vantagedrilling.com/wp-content/uploads/2015/12/Vantage_Restructuring-3rd_Dec_2015-Employee_QandA_Document.pdf
IT IS WHAT IT IS NOTHING ELSE
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM
Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • ELMGF • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM