Vantage Drilling Company ("Vantage") (NYSE Amex: VTG.U) (NYSE Amex:
VTG) (NYSE Amex: VTG.WS) reports a net loss of $5.8 million or
($.02) per share, excluding $3.8 million ($.01 per share) of
charges associated with the acquisition of the Platinum Explorer
and $24.0 million ($.09 per share) of charges associated with
refinancing of debt. Including the acquisition charges and
refinancing charges, the Company reported a net loss of $33.6
million or $(0.12) per diluted share for the three months ended
September 30, 2010. This compares to net income of $6.8 million or
$0.05 per diluted share during the same period in 2009.
For the nine months ended September 30, 2010, Vantage reports a
net loss of $34.6 million or $(0.14) per share as compared to net
income of $13.1 million or $0.13 per share for the nine months
ended September 30, 2009.
On July 30, 2010, Vantage acquired the 55% interest in Mandarin
Drilling Corporation ("Mandarin"), a Marshall Islands corporation,
from F3 Capital an exempted company incorporated under the laws of
the Cayman Islands for $139.8 million. The sole asset of Mandarin
is the construction contract for the ultra-deepwater drillship
Platinum Explorer. F3 Capital is wholly owned by Hsin-Chi Su one of
the Company's directors and a significant shareholder of the
Company. The purchase price was funded by a $60.0 million
contingent convertible note and $79.8 million of cash of which
$64.2 million was paid directly to the shipyard.
In connection with the acquisition of Mandarin, Vantage issued
$1.0 billion of 11.5% Senior Secured First Lien Notes due 2015
(the, "Notes"). The Notes have a maturity of five years from the
date of issuance and were issued at a price equal to 96.361% of
their face value. The notes are fully and unconditionally
guaranteed on a senior secured basis by Vantage and certain of its
existing and future subsidiaries. In addition to using the proceeds
to fund the Mandarin acquisition, Vantage also retired certain of
its outstanding credit facilities and its 13.5% Senior Secured
Notes.
Vantage, a Cayman Islands exempted company, is an offshore
drilling contractor, with four Baker Marine Pacific Class 375
ultra-premium jackup drilling rigs operating, and an ultra
deepwater drillship, the Platinum Explorer. Vantage is also
providing management services for two other ultra-deepwater
drillships and two ultra-deepwater semi-submersibles.
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 Nine Months Ended
September 30, September 30,
2010 2009 2010 2009
--------- --------- --------- ---------
Revenues
Contract drilling services $ 44,864 $ 21,644 $ 132,632 $ 46,937
Management fees 4,516 5,688 13,391 15,129
Reimbursables 17,527 9,114 47,488 10,869
--------- --------- --------- ---------
Total revenues 66,907 36,446 193,511 72,935
--------- --------- --------- ---------
Operating costs and expenses
Operating costs 41,582 19,967 112,946 35,550
General and administrative 6,294 3,650 15,703 11,140
Depreciation 8,768 3,165 24,611 6,923
--------- --------- --------- ---------
Total operating expenses 56,644 26,782 153,260 53,613
--------- --------- --------- ---------
Income (loss) from operations 10,263 9,664 40,251 19,322
Other income (expense)
Interest income 381 4 396 13
Interest expense (14,292) (1,945) (35,608) (4,004)
Loss on debt extinguishment (24,006) - (24,006) -
Loss on acquisition of
subsidiary (3,780) - (3,780) -
Other income 618 143 1,568 316
--------- --------- --------- ---------
Total other income
(expense) (41,079) (1,798) (61,430) (3,675)
--------- --------- --------- ---------
Income (loss) before income
taxes (30,816) 7,866 (21,179) 15,647
Income tax provision (benefit) 2,765 1,063 13,435 2,534
--------- --------- --------- ---------
Net income (loss) $ (33,581) $ 6,803 $ (34,614) $ 13,113
========= ========= ========= =========
Earnings (loss) per share
Basic $ (0.12) $ 0.05 $ (0.14) $ 0.13
Diluted $ (0.12) $ 0.05 $ (0.14) $ 0.13
Vantage Drilling Company
Consolidated Balance Sheet
(In thousands, except par value information)
September 30, December 31,
2010 2009
------------ ------------
ASSETS (Unaudited)
Current assets
Cash and cash equivalents $ 116,544 $ 15,992
Restricted cash 537,835 28,863
Trade receivables 47,732 17,536
Inventory 18,902 10,789
Prepaid expenses and other current assets 2,317 8,040
------------ ------------
Total current assets 723,330 81,220
------------ ------------
Property and equipment
Property and equipment 1,207,114 899,541
Accumulated depreciation (35,940) (11,329)
------------ ------------
Property and equipment, net 1,171,174 888,212
------------ ------------
Other assets
Investment in joint venture - 120,306
Other assets 55,881 29,441
------------ ------------
Total other assets 55,881 149,747
------------ ------------
Total assets $ 1,950,385 $ 1,119,179
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable $ 30,996 $ 15,931
Accrued liabilities 37,037 14,285
Short-term debt 1,028 17,827
Current maturities of long-term debt - 16,000
------------ ------------
Total current liabilities 69,061 64,043
------------ ------------
Long-term debt, net of discount of $66,565 and
$4,021 1,099,039 378,078
Other long term liabilities 716 -
Commitments and contingencies - -
Shareholders' equity
Preferred shares, $0.001 par value, 10,000
shares authorized; none issued or
outstanding - -
Ordinary shares, $0.001 par value, 400,000
shares authorized; 289,117 and 187,277
shares issued and outstanding 289 187
Additional paid-in capital 853,011 714,486
Accumulated deficit (71,731) (37,117)
Accumulated other comprehensive loss - (498)
------------ ------------
Total shareholders' equity 781,569 677,058
------------ ------------
Total liabilities and shareholders' equity $ 1,950,385 $ 1,119,179
============ ============
Vantage Drilling Company
Consolidated Statement of Cash Flows
(In thousands)
(Unaudited)
Nine Months Ended
September 30,
------------------------
2010 2009
----------- -----------
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss) $ (34,614) $ 13,113
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Depreciation expense 24,611 6,923
Amortization of debt financing costs 3,515 872
Non-cash loss on debt extinguishment 12,280 -
Non-cash loss recognized related to acquisition
of subsidiary 3,780 -
Share-based compensation expense 4,594 3,636
Accretion of long-term debt 3,965 373
Amortization of note discounts 2,682 -
Deferred income tax expense 1,650 83
Changes in operating assets and liabilities:
Restricted cash 1,944 (23,216)
Trade receivables (38,333) (17,791)
Inventory (8,113) (12,190)
Prepaid expenses and other current assets 5,723 (147)
Other assets (12,084) (412)
Accounts payable 15,065 9,520
Accrued liabilities 24,039 12,384
Short-term debt 1,467 760
----------- -----------
Net cash provided by (used in) operating
activities 12,171 (6,092)
----------- -----------
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of assets (79,777) -
Additions to property and equipment (57,253) (200,102)
Escrowed funds for acquisition (510,916) -
Investment in joint venture - (104,001)
----------- -----------
Net cash used in investing activities (647,946) (304,103)
----------- -----------
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings under credit
agreements - 141,821
Proceeds from the issuance of senior secured
notes, net of original issue discount of
$36,390 963,610 -
Repayment of long-term debt (293,129) (13,605)
Proceeds from issuance of ordinary shares in
public offerings, net 101,889 80,291
Proceeds from issuance of ordinary shares in
private placement, net - 24,953
Proceeds from warrant exercise in connection
with joint venture - 104,100
Proceeds from short-term notes
payable-shareholders - 4,000
Repayment of short-term debt (4,267) (1,848)
Debt issuance costs (31,776) (5,404)
----------- -----------
Net cash provided by financing activities 736,327 334,308
----------- -----------
Net increase (decrease) in cash and cash
equivalents 100,552 24,113
Cash and cash equivalents--beginning of period 15,992 16,557
----------- -----------
Cash and cash equivalents--end of period $ 116,544 $ 40,670
=========== ===========
Contact: Public & Investor Relations Contact: Paul A. Bragg
Chairman & Chief Executive Officer Vantage Drilling Company
(281) 404-4700
Vantage Energy Services, (AMEX:VTG.U)
過去 株価チャート
から 10 2024 まで 11 2024
Vantage Energy Services, (AMEX:VTG.U)
過去 株価チャート
から 11 2023 まで 11 2024
