8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

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

Date of Report (Date of earliest event reported):  March 5, 2008

VANTAGE ENERGY SERVICES, INC.

(Exact name of registrant as specified in its charter)

Delaware	001-33496	51-0599779
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

777 Post Oak Blvd., Suite 610 Houston, Texas	77056
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code:  (281) 404-4700

Not Applicable

 (Former name or former address, if changed since last report)

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

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

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

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

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

COMMENCING SHORTLY AFTER THE FILING OF THIS FORM 8-K, VANTAGE ENERGY SERVICES, INC. (THE “REGISTRANT”) INTENDS TO HOLD PRESENTATIONS FOR CERTAIN OF ITS STOCKHOLDERS, AS WELL AS OTHER PERSONS WHO MIGHT BE INTERESTED IN PURCHASING THE REGISTRANT’S SECURITIES, REGARDING ITS ACQUISITION (THE “TRANSACTION”) OF (I) FOUR BAKER MARINE PACIFIC CLASS 375 ULTRA-PREMIUM JACKUP DRILLING RIGS (THE “RIGS”); AND (II) ONE ULTRA-DEEPWATER DRILLSHIP PLUS AN OPTION TO ACQUIRE A SECOND ULTRA-DEEPWATER DRILLSHIP (THE “DRILLSHIPS”). THE INFORMATION CONTAINED IN THIS CURRENT REPORT ON FORM 8-K WILL BE DISTRIBUTED TO PARTICIPANTS AT SUCH PRESENTATIONS.

THE REGISTRANT AND ITS DIRECTORS AND EXECUTIVE OFFICERS MAY BE DEEMED TO BE PARTICIPANTS IN THE SOLICIATION OF PROXIES FOR THE SPECIAL MEETING OF THE REGISTRANT’S STOCKHOLDERS TO BE HELD TO APPROVE THE TRANSACTION AND RELATED MATTERS. STOCKHOLDERS OF THE REGISTRANT AND OTHER INTERESTED PERSONS ARE ADVISED TO READ, WHEN AVAILABLE, THE REGISTRANT’S PRELIMINARY PROXY STATEMENT AND DEFINITIVE PROXY STATEMENT IN CONNECTION WITH THE REGISTRANT’S SOLICITATION OF PROXIES FOR THE SPECIAL MEETING BECAUSE THESE PROXY STATEMENTS WILL CONTAIN IMPORTANT INFORMATION. SUCH PERSONS CAN ALSO READ THE REGISTRANT’S FINAL PROSPECTUS, DATED MAY 24, 2007 AND OTHER REPORTS AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION (“SEC”), FOR A DESCRIPTION OF THE SECURITY HOLDINGS OF THE REGISTRANT’S OFFICERS AND DIRECTORS AND THEIR RESPECTIVE INTERESTS. THE DEFINITIVE PROXY STATEMENT OF THE REGISTRANT WILL BE MAILED TO STOCKHOLDERS AS OF A RECORD DATE TO BE ESTABLISHED FOR VOTING ON THE TRANSACTION. STOCKHOLDERS WILL ALSO BE ABLE TO OBTAIN A COPY OF THE DEFINITIVE PROXY STATEMENT, WITHOUT CHARGE, BY DIRECTING A REQUEST TO THE REGISTRANT AT: 777 POST OAK BLVD., SUITE 610, HOUSTON, TEXAS 77056. THE PRELIMINARY PROXY STATEMENT AND DEFINITIVE PROXY STATEMENT, ONCE AVAILABLE, AND THE FINAL PROSPECTUS AND OTHER SEC FILINGS OF THE REGISTRANT CAN ALSO BE OBTAINED, WITHOUT CHARGE, AT THE SEC’S INTERNET SITE (http://www.sec.gov).

THE PRO FORMA FINANCIAL INFORMATION AND DATA CONTAINED IN THE EXHIBITS HERETO FOR THE RIGS AND THE DRILLSHIPS TO BE ACQUIRED IS UNAUDITED AND DOES NOT CONFORM TO SEC REGULATION S-X. ACCORDINGLY, SUCH INFORMATION AND DATA WILL BE ADJUSTED AND PRESENTED DIFFERENTLY IN THE REGISTRANT’S PROXY STATEMENT TO SOLICIT STOCKHOLDER APPROVAL OF THE TRANSACTION AND RELATED MATTERS.

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Item 8.01 Other Events

Investor Presentation

The presentation attached hereto as Exhibit 99.1 is in the form of slide show presentation that the Registrant expects to use in investor presentations to describe the Transaction and the proposed business to be acquired and operated by the Registrant, assuming that the stockholders of the Registrant approve the Transaction and the related matters.

Non-GAAP Financial Measures

The presentation attached hereto as Exhibit 99.1 includes certain financial information not derived in accordance with generally accepted accounting principles (“GAAP”). The Registrant believes that the presentation of this non-GAAP financial information may be useful to investors as it provides general information regarding the proposed business to be acquired and operated by the Registrant, assuming that the stockholders of the Registrant approve the Transaction and the related matters.

Forward-looking Statements

This current report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, about the Registrant, Vantage Drilling Company, a Cayman Islands exempted company (“Vantage Drilling”), Offshore Group Investment Limited (“OGIL”) and their combined business after completion of the proposed Transaction. Forward-looking statements are statements that are not historical facts. Such forward-looking statements, based upon the current beliefs and expectations of the Registrant’s, Vantage Drilling’s and OGIL’s management, are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: the failure of the Registrant’s stockholders to approve the Transaction; the successful completion of debt financing; the number and percentage of the Registrant’s stockholders voting against the Transaction; changing interpretations of generally accepted accounting principles; continued compliance with government regulations; legislation or regulatory environments, requirements or changes adversely affecting the businesses in which OGIL is engaged; demand for the products and services that OGIL provides; construction delays and cost overruns; cyclical business and lack of diversification; general economic conditions; geopolitical events and regulatory changes, as well as other relevant risks detailed in the Registrant’s filings with the Securities and Exchange Commission. The information set forth herein should be read in light of such risks. Neither the Registrant nor Vantage Drilling nor OGIL assumes any obligation to update the information contained in this current report.

Additional Information and Where to Find It

In connection with the proposed Transaction and required stockholder approval, the Registrant will file with the SEC a proxy statement which will be mailed to the stockholders of the Registrant. The Registrant’s stockholders are urged to read the proxy statement and other relevant materials when they become available as they will contain important information about the acquisition of OGIL. The Registrant’s stockholders will be able to obtain a free copy of such filings at the SEC’s internet site (http://www.sec.gov). Copies of such filings will also be obtained, without charge, by directing a request to the Registrant, 777 Post Oak Blvd., Suite 610, Houston, Texas 77056.

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The Registrant and its officers and directors may be deemed to have participated in the solicitation of proxies from the Registrant’s stockholders in favor of the approval of the Transaction. Information concerning the Registrant’s directors and executive officers is set forth in the publicly filed documents of the Registrant. Stockholders may obtain more detailed information regarding the direct and indirect interests of the Registrant and its directors and executive officers in the Transaction by reading the preliminary and definitive proxy statements regarding the Transaction, which will be filed with the SEC.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit	Description
99.1	Investor Presentation

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SIGNATURE

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 hereunto duly authorized.

	VANTAGE ENERGY SERVICES, INC.
Date: March 5, 2008	By:	/s/ Douglas G. Smith
		Douglas G. Smith
		Chief Financial Officer

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EX-99.1

Exhibit 99.1

Company Presentation March 2008

2 Forward-Looking Statements Some of the statements in this presentation constitute forward-looking statements. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. The forward looking statements contained in this presentation involve risks and uncertainties as well as statements as to: availability of investment opportunities; general volatility of the market price of our securities; changes in our business strategy; our ability to consummate an appropriate investment opportunity within given time constraints; availability of qualified personnel; changes in our industry, interest rates, the debt securities markets or the general economy; changes in governmental regulations, tax rates and similar matters; changes in generally accepted accounting principles by standard-setting bodies; and the degree and nature of our competition. The forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently available to us. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to us or are within our control. If a change occurs, our business, financial condition, liquidity and results of operations may vary materially from those expressed in our forward-looking statements.

3 Why Vantage? Highly successful and proven management team – team members have joined from Pride, Transocean, ENSCO, Dolphin and Frontier – extensive operating experience and expertise Newest, highest capability ultra-premium drilling assets will generate superior margins and utilization Favorable deepwater drillship and ultra-premium jackup market trends Attractive valuation – US peer multiples suggest 50% or greater appreciation potential in the near-term Numerous follow-on growth opportunities Strategic relationship with TMT

4 Experienced Management Team and Board Director of Technip, Huisman-Itrec and Atlantic Oilfield Services (current) Partner, Pareto Offshore ASA (2004 – 2007) President (2004) and Vice President Marketing (1997 – 2003), Pride International 31 years John C.G. O’Leary Director VP Financial Projects , Pride International (2007) – VP, Controller & Chief Accounting Officer (2004-2006) – Director, Budget & Strategic Planning (2003-2004) VP Finance and Accounting, COMSYS Information Technology Services (2000-2001) 17 years Douglas G. Smith CFO President, DeClaire Interests – a private investment firm (2002 – 2006) Partners, Odyssey Capital – a private equity firm (1998 – 2002) CEO, SkillMaster (1994 – 1998) 28 years* Christopher G. DeClaire VP – Strategic Planning and Director COO Division manager in Northern Europe, Transocean (2003 – 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 Douglas Halkett VP – Marketing Regional marketing & business development manager for Asia Pacific, Pride International (2006 – 2008) . Regional marketing & business development manager for Middle East ( 1996 – 2006) Various management positions, Forasol-Foramer (1982 – 1996) 25 years Michael Derbyshire Years of experience Relevant Experience Paul A. Bragg 31 years CEO, Pride International (1999 – 2005) – Chief Operating Officer (1997 – 1999) – Vice President & CFO (1993 – 1997) Vice President & CFO, ENSCO (1983 – 1987) CEO and Director Jorge E. Estrada M. 37 years Director, Pride International (1993 – 2005) President & CEO, JEMPSA Media & Entertainment (1996 – Current) President, Geosource’s worldwide drilling division – Vice President, Latin American exploration division Director Marcelo D. Guiscardo 33 years President, Pioneer Natural Resources Argentina (2005 – 2006) Vice President, Pride’s E&P Ser vices business (2000 – 2005) Vice President, E&P for YPF Sociedad Anonima (1993 – 1999) Various management positions with ExxonMobil (1979 – 1993) Director John Russell 46 years President, Baker Hughes (1998) President & CEO, Western Atlas (1997 – 1998) EVP & COO, Western Atlas’ oilfield ser vices division ( 1994 – 1997) Senior Vice President, Litton Industries (1991 – 1994) Director *Non-energy

5 Organizational Structure We have successfully recruited “the best of the best” from established drillers Houston Singapore Outsourced Fleet Asset Mgr. CEO Admin. Mgr. Admin. Asst. Receptionist VP – Marketing COO VP – Legal VP – Strategy CFO Marketing Admin. Assistant IT/System Tax Controller Director – Finance Int’l Admin. Mgr. Accountant* IT Specialist* Receptionist Marketing Consultant Operations Mgr. HR Manager VP – QHSE VP – Engineering and Construction QHSE Asst.* HR Coordinator* Supply Chain Mgr. Rig Mgr. Emerald Driller Ops Engineer Rig Mgr.* Sapphire Driller Rig Mgr.* Aquamarine Driller Rig Mgr.* Topaz Driller Rig Mgr.* Platinum Explorer Rig Mgr.* Titanium Explorer Maintenance Mgr. Singapore Multi-Discipline Team Korea Multi-Discipline Team *: Positions to be filled

6 Delivering on Our IPO Promise “Better than promised” Sizable initial transaction Utilize seller equity participation Utilize credit facility Speculative newbuild market very attractive Capitalize on market expertise and expanding offshore & deepwater spending trends “Quick strike” first transaction Ability to compete against established players for acquisition opportunities Acquire Initial Platform (IPO promise) $2.2 billion initial transaction 2 ultra-deepwater drillships and 4 ultra-premium jackups (currently under construction) Seller is taking $275 million in equity $440 million credit facility in place Professional relationships and industry contacts facilitated a quick transaction Seller chose Vantage among competing bids from established players Establish strong foundation for future expansion

7 Fleet Description 2 ultra-deepwater drillships DSME proprietary hull design – drilling depth of 40,000 feet – operate in up to 12,000 feet of water Construction ongoing at DSME Shipyard – Drillship 1 (Platinum Explorer): Q4 2010 – Drillship 2 (Titanium Explorer): Q3 2011 Expected to provide ~60% of VTG fully deployed cash flows Titanium Explorer marketing agreement in place; option pending 4 ultra-premium jackups Baker Marine Pacific Class 375 design – drilling depth of 30,000 feet – operate in up to 375 feet of water Construction ongoing at PPL shipyard under turnkey construction contracts – engineering oversight in place at shipyard – Jackup 1 (Emerald Driller): Q4 2008 – Jackup 2 (Sapphire Driller): Q3 2009 – Jackup 3 (Aquamarine Driller): Q3 2009 – Jackup 4 (Topaz Driller): Q4 2009 Expected to provide ~40% of VTG fully deployed cash flow

8 27% 40% 18% Vantage 15% Ultra-Deepwater Drillship Overview (a) All newbuilds are in the 7,500+ ft. depth class. Source: ODS-Petrodata Attractive drillship deliveries in Q4 2010 and Q3 2011 – only 2 other uncontracted newbuild drillships to be delivered prior to Platinum Explorer – significant customer discussions, tenders and inquiries ongoing – construction project has commenced – DSME is a world-class ship builder Historical drillship (7500+ ft.) dayrates & utilization Drillship segmentation by water depth Total drillships: 62 (a)

9 Precedent Newbuild Drillship Contracts Source: ODS-Petrodata, company filings, press releases and websites Rig Water Prior Start Fixture Date Manager Rig Name Depth (ft) Operator Region Dayrate Dayrate Duration Contract Description Date 19-Feb-08 Transocean Deepwater Millenium 10,000 Anadarko US GOM $535,000 $445,000 3 years 3 years Jul-10 15-Feb-08 Transocean GSF Explorer 7,800 Marathon Indonesia 510,000 380,000 2 years 2 years Aug-09 29-Jan-08 Pride Pride TBN 1 12,000 BP US GOM 480,000 NA 5 years 5 years Jul-10 24-Jan-08 Pride Pride TBN 3 12,000 Petrobras S America 500,000 NA 5 years Performance bonuses of 15%-17% based upon term Jun-11 19-Nov-07 Transocean Discoverer Spirit 10,000 Anadarko US GOM 520,000 497,000 3 years 3 years Dec-10 8-Nov-07 Fred Olsen Belford Dolphin 10,000 Anadarko US GOM 525,000 425,000 3 years 3 years May-10 30-Oct-07 Transocean Deepwater Pathfinder 10,000 KNOC Nigeria 600,000 395,000 0.25 years 4 months Jun-09 24-Oct-07 Transocean Deepwater Pacific 1 12,000 Reliance Indian Ocean 525,000 NA 4 years Option to convert to 5yr term by Oct. 08 at dayrate of $515K Jan-10 25-Sep-07 Stena Stena DrillMAX III 10,000 Hess TBD 520,000 NA 5 years 5 years Jul-09 Median $520,000 $425,000 3 years Mean 523,889 428,400 3 years “We believe evidence continues to mount as to the length and strength of the deepwater cycle – a $600,000+ dayrate has become the market rate for near-term high spec floater availability.” - Lehman Brothers, Feb. 25, 2008

10 Premium Jackup Market Steady growth in demand and supply Consistently high utilization Under 300 premium jackups in worldwide fleet, including newbuilds under construction – Vantage targeting ultra-premium segment, under 70 total rigs (a) Excludes newbuilds under construction. (b) Lightly shaded portions of graph indicates newbuilds under construction. Source: ODS-Petrodata and company disclosure Vantage Total rigs: 285 Premium jackup segmentation by depth class(b) 29 28 26 25 21 19 0 5 10 15 20 25 30 35 RDC ESV RIG NE PDE DO Average jackup fleet age (a) “...(if the) world is planning on vast increases in oil and gas supply to make this happen, (the) world needs far more rigs.” - Matt Simmons, 2007 Oil and Money Conference, Oct. 31, 2007

11 Jackup Market Overbuilt? Maybe Not... “The seven long term jackup tenders in 2008 remain a positive sign that dayrates will sustain themselves throughout the brunt of the delivery schedule in 2008 and 2009. ... (this weeks’) slew of jackup fixtures augurs well for the oncoming delivery schedule and substantiates a common theme among managements this quarter of a stabilizing market.” - Dahlman Rose & Co., Feb. 25, 2008 and March 3, 2008 “International Jackup markets remain solid – management (ESV) believes ‘2008’ newbuilds will be absorbed.” - Lehman Brothers, Feb. 22, 2008 Strong increase in jackup demand next 12 months ...incremental demand estimated to be 61 units vs 38 newbuilds scheduled to be delivered in 2008 357 418 100 150 200 250 300 350 400 450 Dec 07 Dec 08 No. of rigs Jackup demand forecast Source: ODS-Petrodata Recent Analyst Sentiment “...demand for the next two to three years may be understated and will come to surface over time as operators scramble to replace rigs coming off contract.” - Morgan Stanley, Feb. 11, 2008 + 61 jackups “Rowan remains bullish on the international jackup market, citing a supply deficit of 44 to 58 jackups worldwide in 2008 and 2009.” - Credit Suisse, Feb. 28, 2008

12 Precedent Newbuild Jackup Contracts Note: Highlighting indicates Baker Marine Pacific Class 375 rigs. Source: ODS-Petrodata, Company filings, press releases and websites Rig Water Prior Start Fixture Date Manager Rig Name Depth (ft) Operator Region Dayrate Dayrate Duration Contract Description Date 15-Feb-08 Sinvest Deep Driller 5 350 PTTEP Myanmar $208,000 $198,000 3 months 3 months Apr-08 23-Jan-08 Awilco WilForce 400 Repsol YPF Libya 198,000 NA 5 months 5 months Jul-08 22-Jan-08 Rowan Bob Keller 300 Saudi Aramco S. Arabia 180,000 170,000 36 months 3 years May-08 10-Dec-07 Ensco Ensco 106 350 Apache Australia 265,000 265,000 12 months 1 year Mar-08 29-Nov-07 AWO WilCraft 400 Peak Group Australia 255,000 255,000 3 months 3 months Jul-08 30-Oct-07 Scorpion Offshore Offshore Courageous 350 RAK Petroleum Middle East 190,000 190,000 6 months 6 months Feb-08 19-Sep-07 Maersk Contractors Maersk JU Tbn1 350 Dubai Petroleum Middle East 180,000 NA 36 months 3 years Jan-08 6-Sep-07 Scorpion Offshore Offshore Defender 350 Petrobras S America 185,000 NA 24 months 2 years Mar-08 20-Aug-07 Awilco WilBoss 400 Premier SE Asia 220,000 NA 6 months 6 months Jan-08 1-Aug-07 Sinvest Deep Driller 4 375 Reliance Indian Ocean 200,000 NA 12 months 1 year + 2 x 6 month options Oct-07 31-Jul-07 Sinvest Deep Driller 3 350 Petronas Carigali SE Asia TBD 225,000 2 months 2 wells Jun-08 16-Jul-07 Jindal Drilling Virtue I 350 ONGC Indian Ocean 144,500 NA 60 months 5 years Dec-08 13-Jul-07 Great Offshore Samed Shikhar 350 ONGC Indian Ocean 144,500 NA 60 months 5 years May-09 18-Jun-07 Sinvest Deep Driller 5 350 Cairn Energy Indian Ocean 210,000 NA 6 months 2 wells + 1 well option Dec-07 24-May-07 Scorpion Offshore Offshore Courageous 350 Cairn Energy Indian Ocean 190,000 NA 6 months 4 wells + 1x 4 well option Sep-07 9-Apr-07 Sinvest Deep Driller 1 375 GSPC Indian Ocean 194,000 165,000 24 months 2 years + 2 x 6 month options May-07 15-Feb-07 Seadrill West T riton 375 ADA Aus/NZ 274,200 NA 9 months 9 months + options Feb-08 NA Perforadora Central Panuco 350 PEMEX Mexico 185,000 NA 33 months 1,000 days 2007 NA Rowan Hank Boswell 300 Saui Aramco Middle East 190,000 NA 48 months 4 years Mar-07 22-Dec-06 Awilco WilSuperior 375 Thang Lo. Vietnam 225,000 NA 12 months May-07 Median $194,000 $198,000 12 months Mean 202,011 209,714 20 months “Jackup markets remain stable, holding up much better than investor expectations based on extremely low trading multiples.” - Credit Suisse, Feb. 26, 2008 “In our view, the SCORE (Scorpion Offshore) transaction underscores the strong level of international demand (there were apparently multiple bidders) for offshore rigs and could have positive implications for both the GOM and international jack-up markets.” - Jefferies, Feb. 19, 2008

13 Fleet Value Appreciating Current embedded value Net asset value 2 Drillships @ mkt ($720 million) $1,440.0 4 Jackups @ mkt ($238 million each)(d) 952.0 TEV $2,392.0 Assuming warrant exercise Treasury stock method Less: Maximum debt $958.0(e) $1,356.2 Equity value $1,434.0 $1,035.7 Fully diluted share count 141.1 91.4 NAV / share $10.16 $11.33 $53 $46 $120 $72 $291 $0 $50 $100 $150 $200 $250 $300 $350 Drillship appreciation Interest savings Time to market Jackup appreciation Embedded value (a) PDE announced on January 23, 2008, entry into a construction contract for a SHI design drillship with 12,000 foot drilling capabilities for $720 million. VTG purchase price is $667 million f or a comparable drillship (Platinum Explorer firm order). (b) TMT is f inancing Platinum Explorer construction payments. Payment to seller will be 30% in September 2008 f or the drillship with balance due at delivery. Savings based on a construction loan assuming 8% interest, 30% down payment, 25% at close and 5 equal installments over 3 y r construction period. (c) Jackup deliveries are accelerated on average by 12 months versus a newbuild ordered today. The jackups were purchased at market rates, thus the value embedded in early delivery is approximately $30 to $40 million per rig (dayrate range of $185 to $215 discounted at 12%). (d) Current market price for a BMC 375 jackup is estimated to be $238 million (based on recent Scorpion Offshore purchase offer) compared to Vantage purchase price of $220 million apiece. (e) Assumes exercise of all warrants outstanding which will provide cash to VTG and thus reducing maximum debt outstanding. Maximum debt based on midpoint of day rate and costs as illustrated on page 27 in the appendix. (d) (c) (b) (a)

14 7.7x 7.4x 5.8x 5.5x 5.4x 5.1x 0.0x 5.0x 10.0x 15.0x RIG SDRL AWO SCORE NE ESV TEV / EBITDA 13.4x 8.9x 8.7x 7.5x 6.4x 5.6x 0.0x 5.0x 10.0x 15.0x SDRL AWO RIG SCORE NE ESV TEV / EBITDA Attractive Purchase Multiple TEV / 2008E EBITDA multiples TEV / 2009E EBITDA multiples Note: Market data as of February 28, 2008. (a) Based on fully -deployed EBITDA of $533 which includes entire drilling fleet (2 drillships). Estimates derived from midpoint of assumptions from page 27 of the appendix. (b) Based on buyout proposal pending; TEV adjusted for remaining newbuild capex and EBITDA taken on a fully-deployed basis from consensus research. Source: FactSet and Wall Street research VTG 3.9x – 4.6x purchase price multiple range (a) (b)

15 Discretionary FCF Analysis 2008 ($ in millions except per share data) PDE ESV DO NE VTG(c) Price $35.93 $61.24 $122.99 $51.43 $8.00 FDS 180.5 146.2 139.4 273.2 91.4 CFPS(a) $4.79 $9.37 $12.74 $7.38 $3.89 P/CFPS 7.5x 6.5x 9.7x 7.0x 2.1x Operational CF $864.6 $1,370.0 $1,775.7 $2,017.7 $355.5 Maintenance capex(b) 385.0 100.0 500.0 620.0 8.0 Discretionary CF $479.6 $1,270.0 $1,275.7 $1,397.7 $347.5 Maintenance capex as a % of Operational CF 45% 7% 28% 31% 2% DCFPS $2.66 $8.69 $9.15 $5.11 $3.80 P/DCFPS 13.5x 7.0x 13.4x 10.1x 2.1x Note: Market data as of February 28, 2008. (a) CFPS per consensus estimates. VTG cash flows shown on a 2012 fully-deployed basis which includes 4 jackups at midpoint dayrates of $200k per day and 2 drillships at midpoint dayrate of $525k per day. (b) 2008 maintenance capex per company disclosures and company guidance. (c) Assumed $8.00 share price and fully-diluted share count using the treasury stock method. Source: Company fillings, FactSet, Wall Street research Old fleets require extraordinary maintenance spending “As rig fleet ages, expect more downtime. ...the industry’s assets... are getting ‘long in the tooth’. ” - Matt Simmons, 2007 Oil and Money Conference, Oct. 31, 2007

16 Vantage Growth Strategy • 2 ultra-deepwater drillships • 4 newbuild ultra-premium jackups • Best in class rigs ensure high utilization, dayrates and margins • Expertise, reputation and skill to expand rapidly • Contract rigs • Shipyard supervision to ensure timely delivery • Deploy • Management contracts of third-party rigs • Additional acquisitions under review • Operating assets & newbuilds • Primarily debt financed / contract-backed Follow-on Acquisition Targets Value Enhancements Current Fleet

17 TMT is one of the world’s largest privately-owned shipping companies TMT will become a major shareholder of and strategic partner to Vantage – consideration to TMT includes approximately $275 million in units (a) High strategic value to Vantage – level of equity investment demonstrates commitment to the long-term growth of Vantage and the management team – exceptional shipyard relationships (TMT is a global shipping owner and operator of approximately 130 vessels with 39 shipyard projects) – shipping provider for essentially all major oil and gas and national oil companies – keen insight into important global markets, particularly Asia Strategic Partner – TMT (a) $275 million represents approximately a 41% ownership stake on a fully diluted basis.

18 Why Vantage? Highly successful and proven management team – team members have joined from Pride, Transocean, ENSCO, Dolphin and Frontier – extensive operating experience and expertise Newest, highest capability ultra-premium drilling assets will generate superior margins and utilization Favorable deepwater drillship and ultra-premium jackup market trends Attractive valuation – US peer multiples suggest 50% or greater appreciation potential in the near-term Numerous follow-on growth opportunities Strategic relationship with TMT

19 Transaction Summary Company: Vantage Energy Services, Inc. (“VTG”) IPO date / size: $276 million IPO (including greenshoe) on May 30, 2007 Initial acquisition date: Announced August 30, 2007 Assets: 2 ultra-deepwater DSME proprietary design drillships (1 firm, 1 option pending) and 4 Baker Marine Class 375 ultra-premium jackup rigs (firm) Purchase price: $667 million for initial drillship and $220 million per jackup Financing: Platinum Explorer construction financed (30% VTG payment – September 2008, 70% at delivery – November 2010) Titanium Explorer (option pending) $440 million term facility in place for jackups Delivery dates of rigs: Platinum Explorer: November 2010; Titanium Explorer: July 2011 Emerald Driller: Q4 2008; Sapphire Driller: Q3 2009; Aquamarine Driller: Q3 2009; Topaz Driller: Q4 2009 Seller: Taiwan Maritime Transport ("TMT") Projected acquisition closing: Mid-April 2008

Q & A

Appendix

22 Financing Overview TMT drillship financing – TMT financing construction payments – VTG pays 30% of $667 purchase price for Platinum Explorer in September 2008, balance at delivery from the shipyard in Nov. 2010 – Titanium Explorer (option pending) – Platinum Explorer interest savings of approximately $46 million – cash flow from jackups helps finance drillships VTG has received a firm commitment for a $440 million debt facility for jackup rigs – $400 million term loans and $40 million line of credit – term borrowings limited to lesser of 45% of total costs or $100 million per jackup rig – $10 million line of credit per jackup rig – interest rate under facility will be LIBOR + 1.75% - 2.75% depending upon contracting and operating status of the jackup rigs – facility expires 7 years and 3 months from delivery of each rig

23 Discounted Cash Flow Modeling Assumptions Note: Dayrates based on current market rates. (a) Includes remaining construction payments (including rig outfitting) and maintenance capex for the jackup rigs and deepwater drillship. Slide 29 illustrates on a rigby-rig basis (b) Assumed 20% tax rate. Company could realize effective tax rates of as low as 8%. Source: ODS-Petrodata and Wall Street research Assumptions 2008 2009 2010 2011 2012 2013 Drillship economics Utilization -- -- -- 98% 98% 98% Dayrates (USD 000s) -- -- -- $475 – $575 $475 – $575 $475 – $575 Daycosts (USD 000s) -- -- -- $95 – $110 $95 – $110 $95 – $110 Delivery schedule DS #1 – Q4 DS #2– Q3 Jack-up rig economics Utilization 98% 98% 98% 98% 98% 98% Dayrates (USD 000s) $185 – $215 $185 – $215 $185 – $215 $185 – $215 $185 – $215 $185 – $215 Daycosts (USD 000s) $35 – $45 $35 – $45 $35 – $45 $35 – $45 $35 – $45 $35 – $45 Delivery schedule JU #1 – Q4 JU #2 – Q3 JU #3 – Q3 JU #4 – Q4 Total capex (mm)(a) (USD 000s) $523 $443 $471 $490 $8 $8 SG&A (USD 000s) $3 $8 $10 $10 $10 $10 Tax rate(b) 20.0% Cost of capital 8 – 10%

24 Pro Forma Ownership Structure Note: Conversion price on all warrants (except underwriter warrants) is $6.00/share. (a) Underwriter units are an option to purchase 1.25 mm units at $9.60 per unit (1 common share and 1 warrant per unit). The associated 1.25mm warrants have a $7.20 strike. Fully-diluted ownership structure @ assumed $8.00 share price (in millions) Issued shares and warrants % ownership Fully-diluted shares (TSM) % ownership IPO shareholders Public shares 34.500 24.5% 34.500 37.7% Public warrants 34.500 24.5 8.625 9.4 Founders’ warrants 3.375 2.4 0.844 0.9 Founders’ shares 7.875 5.6 7.875 8.6 Underwriter units(a) 2.500 1.8 0.000 0.0 Equity issued to seller Seller shares 33.333 23.6 33.333 36.5 Seller warrants 25.000 17.7 6.250 6.8 Total shares 141.083 100.0% 91.427 100.0%

25 Drillship and Jackup Payment Schedule Drillship market prices have escalated as evidenced by recently announced construction contracts for drillships for $720-740 million – fixed price, turnkey construction contracts Initial jackup construction contracts entered into in 2005 at very attractive prices – fixed price, turnkey construction contracts with PPL Market today is approximately $230-240 million per jackup with delivery in approximately 2– 3 years Rig Payment Schedule Note: $203 million in construction payments will be paid at transaction close (Mid-April 2008 ). Excludes rig outfitting costs. Source: ODS-Petrodata, VTG estimates $27 $56 $123 $307 $37 $68 $79 $227 $467 $483 0 100 200 300 400 500 600 700 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 $ in millions Emerald Driller Sapphire Driller Aquamarine Driller Topaz Driller Platinum Explorer Titanium Explorer Total future construction payments: $1,873 Delivery of Emerald Driller Delivery of Sapphire and Aquamarine Driller Delivery of Topaz Driller Delivery of Platinum Explorer Delivery of Titanium Explorer 2008 2009 2010 2011