Tuesday, May 14th, 2013 - Vantage Drilling Company

HOUSTON, TX--(Marketwired) -  Vantage Drilling Company ("Vantage" or the "Company") (NYSE MKT: VTG) reports a net loss for the three months ended March 31, 2013 of $24.9 million or ($0.08) per diluted share excluding approximately $98.3 million of charges for the early retirement of debt as compared to a net loss of $1.2 million or ($0.00) per diluted share for the three months ended March 31, 2012. Including the charges for the early retirement of debt, the Company reported a net loss of $123.2 million or ($.41) per diluted share for the three months ended March 31, 2013.

Paul Bragg, Chairman and Chief Executive Officer, commented, "We are pleased with the performance of the fleet for the quarter. While Titanium Explorer operated for much of the quarter at a reduced dayrate, it is fortunate that the ship is now operating again at full rate. The incremental Titanium Explorer contract revenues, coupled with the recent refinancing of our debts, will greatly increase our earnings and cash flows for the remainder of the year, and thereafter. Additionally, we have received this week an additional Letter of Award for Tungsten Explorer, for work in Southeast Asia commencing upon delivery from the shipyard. The contract for this work will be completed upon receipt by our customer of the host-country governmental approval. The new project, and likely one additional project now under discussion, will be performed prior commencing the Moho Nord development project in West Africa the middle of next year."

Vantage, a Cayman Islands exempted company, is an offshore drilling contractor, with an owned fleet of four Baker Marine Pacific Class 375 ultra-premium jackup drilling rigs and the ultra-deepwater drillships, the Platinum Explorer and Titanium Explorer, as well as an additional ultra-deepwater drillship, the Tungsten Explorer, now undergoing commissioning. Vantage's primary business is to contract drilling units, related equipment and work crews primarily on a dayrate basis to drill oil and natural gas wells. Vantage also provides construction supervision services for, and will operate and manage, drilling units owned by others. Through its fleet of seven owned and managed drilling units, Vantage is a provider of offshore contract drilling services globally to major, national and large independent oil and natural gas companies.

The information above includes forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. These forward-looking statements are subject to certain risks, uncertainties and assumptions identified above or as disclosed from time to time in the company's filings with the Securities and Exchange Commission. As a result of these factors, actual results may differ materially from those indicated or implied by such forward-looking statements.

  

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

     

40,693

 

Other 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

)

                               
                                   

Contact Profile

Paul A. Bragg

P: (281) 404-4700
M: -
W: www.marketwire.com/news_room/stock?ticker=VTG

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