Wednesday, March 30th, 2016 - NewsMaker

HOUSTON, TX--(Marketwired - Mar 30, 2016) - Vantage Drilling International ("Vantage" or the "Company") reports net loss attributable to shareholder for the three months ended December 31, 2015 of $8.8 million as compared to earnings of $27.6 million for the three months ended December 31, 2014. The three months ended December 31, 2015 included charges totaling $39.4 million of reorganization items.

For the year ended December 31, 2015, Vantage reported net income attributable to shareholder of $17.2 million as compared to earnings of $92.9 million for the year ended December 31, 2014. The year ended December 31, 2015 includes gains on the early retirement of debt of approximately $10.8 million and approximately of $39.4 million of reorganization items as compared to the year ended December 31, 2014 which included approximately $4.4 million of gains from the early retirement of debt.

Vantage filed a Joint Prepackaged Chapter 11 Plan of Reorganization on December 3, 2015 and emerged from those proceedings on February 10, 2016. In connection with the reorganization, Vantage recognized charges totaling approximately $39.4 million consisting primarily of the write-off of deferred financing costs and unamortized original issued debt discounts, and professional fees.

Vantage, a Cayman Islands exempted company, is an offshore drilling contractor, with an owned fleet of three ultra-deepwater drillships, the Platinum Explorer, the Titanium Explorer and the Tungsten Explorer and four Baker Marine Pacific Class 375 ultra-premium jackup drilling rigs. 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 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 International                      

                           (Debtor-In-Possession)                          

                    Consolidated Statement of Operations                   

                  (In thousands, except per share amounts)                 

                                (Unaudited)                                

                                                                           

                            Three Months Ended        Twelve Months Ended  

                               December 31,              December 31,      

                         ------------------------  ------------------------

                             2015         2014         2015         2014   

                         -----------  -----------  -----------  -----------

Revenue                                                                    

  Contract drilling                                                        

   services              $   118,714  $   204,304      726,717      807,164

  Management fees              1,795        1,923        7,501       21,258

  Reimbursables                7,893       13,207       38,047       54,482

                         -----------  -----------  -----------  -----------

    Total revenue            128,402      219,434      772,265      882,904

                         -----------  -----------  -----------  -----------

Operating costs and                                                         

 expenses                                                                  

  Operating costs             75,601      106,853      359,610      405,697

  General and                                                               

   administrative              7,572        5,609       25,322       25,390

  Depreciation                32,191       31,715      127,359      126,610

                         -----------  -----------  -----------  -----------

    Total operating costs                                                  

     and expenses            115,364      144,177      512,291      557,697

                         -----------  -----------  -----------  -----------

Income from operations        13,038       75,257      259,974      325,207

Other income (expense)                                                     

  Interest income                 30           13           84           70

  Interest expense and                                                      

   other financing                                                         

   charges                   (35,424)     (47,690)    (173,634)    (196,159)

  Gain on debt                                                              

   extinguishment                  -        4,870       10,823        4,408

  Other, net                   1,945       (1,507)       4,231         (596)

  Reorganization items       (39,354)           -      (39,354)           -

                         -----------  -----------  -----------  -----------

    Total other income                                                     

     (expense)               (72,803)     (44,314)    (197,850)    (192,277)

                         -----------  -----------  -----------  -----------

Income (loss) before                                                       

 income taxes                (59,765)      30,943       62,124      132,930

Income tax provision                                                        

 (benefit)                   (55,701)       4,116       39,870       39,817

                         -----------  -----------  -----------  -----------

Net income (loss)             (4,064)      26,827       22,254       93,113

Net income (loss)                                                          

 attributable to                                                           

 noncontrolling interests      4,689         (743)       5,036          257

                         -----------  -----------  -----------  -----------

Net income (loss)                                                          

 attributable to VDI     $    (8,753) $    27,570  $    17,218  $    92,856

                         ===========  ===========  ===========  ===========

                                                                           

                                                                           

                                                                            

                       Vantage Drilling International                      

                        Supplemental Operating Data                        

               (Unaudited, in thousands, except percentages)                

                                                                           

                            Three Months Ended        Twelve Months Ended  

                               December 31,              December 31,      

                         ------------------------  ------------------------

                             2015         2014         2015         2014   

                         -----------  -----------  -----------  -----------

Operating costs and                                                         

 expenses                                                                  

Jackups                  $    15,008  $    24,191  $    80,009  $    94,748

Deepwater                     47,491       64,834      224,516      235,083

Operations support             7,092        8,879       28,785       37,942

Reimbursables                  6,010        8,949       26,300       37,924

                         -----------  -----------  -----------  -----------

                         $    75,601  $   106,853  $   359,610  $   405,697

                         -----------  -----------  -----------  -----------

                                                                           

Utilization                                                                 

Jackups                         64.0%       100.0%        76.7%        99.2%

Deepwater                       53.4%        86.5%        83.0%        85.1%

                                                                            

                                                                           

                                                                           

                       Vantage Drilling International                       

                           (Debtor-In-Possession)                          

                         Consolidated Balance Sheet                        

                  (In thousands, except share information)                 

                                (Unaudited)                                

                                                                           

                                                December 31,   December 31,

                                                    2015           2014    

                                               -------------  -------------

                     ASSETS                                                

Current assets                                                              

  Cash and cash equivalents                    $     203,420  $      75,801

  Trade receivables                                   70,722        151,625

  Inventory                                           64,495         65,893

  Prepaid expenses and other current assets           22,404         28,019

                                               -------------  -------------

    Total current assets                             361,041        321,338

                                               -------------  -------------

Property and equipment                                                     

  Property and equipment                           3,481,006      3,439,242

  Accumulated depreciation                          (532,619)      (406,674)

                                               -------------  -------------

    Property and equipment, net                    2,948,387      3,032,568

                                               -------------  -------------

Other assets                                                               

  Other assets                                        22,904         71,226

                                               -------------  -------------

    Total other assets                                22,904         71,226

                                               -------------  -------------

Total assets                                   $   3,332,332  $   3,425,132

                                               =============  =============

                                                                           

      LIABILITIES AND SHAREHOLDER'S EQUITY                                 

Current liabilities                                                        

  Accounts payable                             $      49,437  $     214,685

  Accrued liabilities                                 21,702         73,195

  Current maturities of long-term debt and                                 

   revolving credit agreement                              -         53,500

  Note payable to parent                              61,477              -

                                               -------------  -------------

    Total current liabilities                        132,616        341,380

                                               -------------  -------------

Long-term debt, net of discount of $0 and                                   

 $8,074                                                    -      2,497,103

Other long-term liabilities                           33,249         85,243

Liabilities subject to compromise                  2,694,456              -

Commitments and contingencies                                              

Shareholders' equity                                                       

  Ordinary shares, $0.001 par value, 50 million                            

   shares authorized; 1,000 shares issued and                               

   outstanding                                             -       &nbs

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Vantage Drilling International Reports 4th Quarter Annual Results 2015

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