Saturday, May 14th, 2016 - NewsMaker

HOUSTON, TX--(Marketwired - May 13, 2016) - Vantage Drilling International ("Vantage" or the "Company") reported a net loss of $471.0 million for the period from January 1, 2016 to February 10, 2016 for the Predecessor Company and a net loss of $29.0 million for the Successor for the period, including February 10, 2016, through March 31, 2016. Upon emergence from Chapter 11 bankruptcy on February 10, 2016, Vantage adopted fresh-start accounting, which resulted in the Company becoming a new entity for financial reporting purposes. References to "Successor" relate to the financial position and results of operations of the reorganized Vantage as of and subsequent to February 10, 2016. References to "Predecessor" refer to the financial position of Vantage as of and prior to February 10, 2016 and the results of operations prior to February 10, 2016. As a result of the application of fresh-start accounting and the effects of the implementation of our Plan of Reorganization, the financial statements on or after February 10, 2016 are not comparable with the financial statements prior to that date.

The Predecessor's operating results for the period from January 1, 2016 to February 10, 2016, include approximately $452.9 million of Reorganization Items. The Successor's operating results for the period from February 10, 2016 through March 31, 2016 include Reorganization Items of approximately $154,000.

For the three month period ended March 31, 2015, the Predecessor reported net income of approximately $22.6 million.

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, as well as 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

Consolidated Statement of Operations

(Unaudited, in thousands)

Successor

Predecessor

Period from February 10, 2016 to March 31, 2016

Period from January 1, 2016 to February 10, 2016

Three Months Ended March 31, 2015

Revenue

Contract drilling services

$

24,059

$

20,891

207,981

Management fees

959

752

1,881

Reimbursables

4,768

1,897

10,659

Total revenue

29,786

23,540

220,521

Operating costs and expenses

Operating costs

27,439

25,213

95,350

General and administrative

9,168

2,558

5,990

Depreciation

12,076

10,696

31,623

Total operating costs and expenses

48,683

38,467

132,963

Income (loss) from operations

(18,897

)

(14,927

)

87,558

Other income (expense)

Interest income

6

3

12

Interest expense and other financing charges

(10,650

)

(1,728

)

(46,119

)

Gain on debt extinguishment

--

--

10,825

Other, net

1,834

(69

)

(151

)

Reorganization items

(154

)

(452,923

)

--

Total other income (expense)

(8,964

)

(454,717

)

(35,433

)

Income (loss) before income taxes

(27,861

)

(469,644

)

52,125

Income tax provision

1,167

2,371

29,289

Net income (loss)

(29,028

)

(472,015

)

22,836

Net income (loss) attributable to noncontrolling interests

--

(969

)

190

Net income (loss) attributable to VDI

$

(29,028

)

$

(471,046

)

$

22,646

Vantage Drilling International

Supplemental Operating Data

(Unaudited, in thousands, except percentages)

Successor

Predecessor

Period from February 10, 2016 to March 31, 2016

Period from January 1, 2016 to February 10, 2016

Three Months Ended March 31, 2015

Operating costs and expenses

Jackups

$

8,278

$

5,975

$

24,263

Deepwater

13,146

15,550

56,093

Operations support

2,215

2,219

8,722

Reimbursables

3,800

1,469

6,272

$

27,439

$

25,213

$

95,350

Utilization

Jackups

60.0

%

53.6

%

96.1

%

Deepwater

33.3

%

33.3

%

93.5

%

Vantage Drilling International

Consolidated Balance Sheet

(In thousands, except par value information)

(Unaudited)

Successor

Predecessor

March 31,
2016

December 31,
2015

ASSETS

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2016-12-06 11:27:10 GMT +10.5 | audit-75176692 | 0.58sec | 9.92mb