Vantage Drilling Company Consolidated Statement of Operations (In thousands, except per share amounts) (Unaudited) Three Months Ended March 31, ---------------------------- 2013 2012 ------------- -------------Revenues Contract drilling services $ 134,664 $ 104,998 Management fees 3,198 2,722 Reimbursables 9,139 24,129 ------------- ------------- Total revenues 147,001 131,849 ------------- -------------Operating costs and expenses Operating costs 75,317 69,324 General and administrative 7,427 5,260 Depreciation 24,861 16,572 ------------- ------------- Total operating costs and expenses 107,605 91,156 ------------- -------------Income from operations 39,396 40,693Other income (expense) Interest income 96 12 Interest expense and other financing charges (59,662) (36,763) Loss on debt extinguishment (98,327) - Other, net 901 645 ------------- ------------- Total other income (expense) (156,992) (36,106) ------------- -------------Income (loss) before income taxes (117,596) 4,587Income tax provision 5,605 5,766 ------------- -------------Net loss $ (123,201) $ (1,179) ============= =============Loss per share Basic $ (0.41) $ (0.00) Diluted $ (0.41) $ (0.00) Vantage Drilling Company Consolidated Balance Sheet (In thousands, except par value information) March 31, December 31, 2013 2012 ----------- ------------ (Unaudited) ASSETSCurrent assets Cash and cash equivalents $ 457,000 $ 502,726 Restricted cash 3,515 3,515 Trade receivables 101,931 119,452 Inventory 42,263 37,944 Prepaid expenses and other current assets 19,803 25,208 ----------- ------------ Total current assets 624,512 688,845 ----------- ------------Property and equipment Property and equipment 2,912,385 2,893,837 Accumulated depreciation (201,187) (176,331) ----------- ------------ Property and equipment, net 2,711,198 2,717,506 ----------- ------------Other assets Investment in joint venture 31,909 31,320 Other assets 87,951 92,536 ----------- ------------ Total other assets 119,860 123,856 ----------- ------------Total assets $ 3,455,570 $ 3,530,207 =========== ============ LIABILITIES AND SHAREHOLDERS' EQUITYCurrent liabilities Accounts payable $ 41,195 $ 50,909 Accrued liabilities 86,312 123,484 Current maturities of long-term debt 41,000 31,250 ----------- ------------ Total current liabilities 168,507 205,643 ----------- ------------Long-term debt, net of discount of $35,212 and $11,940 2,796,288 2,710,559Other long-term liabilities 43,422 45,520Commitments and contingenciesShareholders' equity Preferred shares, $0.001 par value, 10,000 shares authorized; none issued or outstanding - - Ordinary shares, $0.001 par value, 500,000 shares authorized; 301,712 and 299,647 shares issued and outstanding 302 299 Additional paid-in capital 880,204 878,137 Accumulated deficit (433,153) (309,951) ----------- ------------ Total shareholders' equity 447,353 568,485 ----------- ------------Total liabilities and shareholders' equity $ 3,455,570 $ 3,530,207 =========== ============ Vantage Drilling Company Consolidated Statement of Cash Flows (In thousands) (Unaudited) Three Months Ended March 31, ---------------------------- 2013 2012 ------------- -------------CASH FLOWS FROM OPERATING ACTIVITIESNet loss $ (123,201) $ (1,179)Adjustments to reconcile net loss to net cash used in operating activities: Depreciation expense 24,861 16,572 Amortization of debt financing costs 3,995 2,374 Non-cash loss on debt extinguishment 6,070 - Equity in loss of joint venture 133 - Share-based compensation expense 2,069 2,253 Amortization of debt discount (premium) (97) 1,937 Deferred income tax expense 778 598 Loss on disposal of assets 1 3Changes in operating assets and liabilities: Restricted cash - 1,650 Trade receivables 17,521 (12,686) Inventory (4,319) (1,276) Prepaid expenses and other current assets 3,963 (1,489) Other assets 290 610 Accounts payable (9,713) (4,102) Accrued liabilities and other long-term liabilities (42,762) (55,455) ------------- ------------- Net cash used in operating activities (120,411) (50,190) ------------- -------------CASH FLOWS FROM INVESTING ACTIVITIES Additions to property and equipment (15,135) (3,328) Proceeds from sale of property and equipment 2 - ------------- ------------- Net cash used in investing activities (15,133) (3,328) ------------- -------------CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issuance of senior secured notes, net 775,000 - Proceeds from issuance of term loan, net 344,750 - Repayment of long-term debt (1,006,249) - Debt issuance costs (23,683) (39) ------------- ------------- Net cash provided by (used in) financing activities 89,818 (39) ------------- ------------- Net decrease in cash and cash equivalents (45,726) (53,557)Cash and cash equivalents -- beginning of period 502,726 110,031 ------------- -------------Cash and cash equivalents -- end of period $ 457,000 $ 56,474 ============= =============
Public & Investor Relations Contact:
Paul A. Bragg
Chairman & Chief Executive Officer
Vantage Drilling Company
(281) 404-4700
