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Vantage Drilling Company Reports Second Quarter 2008 Results HOUSTON, TX--(MARKET WIRE)--Aug 15, 2008 -- Vantage Drilling Company ("Vantage") (VTGU - News) (VTG - News) (VTGWS - News) reports a net loss of $531,000 or $.01
per share for the three months ended June 30, 2008 as compared
to net
income of $648,000 or $.03 per share for the three months
ended June 30,
2007. Net income for the six month periods ended June 30,
2008 and 2007
were $640,000 or $.01 per diluted share and $648,000 or
$.04 per diluted
share, respectively. Paul Bragg, President and Chief Executive Officer, commented, "The second quarter has been a tremendous period of transformation for Vantage as we completed our acquisition of OGIL, established our operating base in Singapore and completed the build-up of our operations management team." Milestones completed during the second quarter:
-- Completed the acquisition of Offshore Group Investment Limited
("OGIL") which provided Vantage four Baker Marine Pacific Class 375 jackup
rigs that are currently under construction, a contract for the purchase of
a 12,000 ft. ultra-deepwater high-specification drillship that is currently
under development and an option to purchase a second 12,000 ft. ultra-
deepwater high-specification drillship.
-- Closed a $440.0 million credit facility to finance the completion of
the jackup rigs.
-- Established our operating base in Singapore to support our
construction oversight and regional operations.
-- Launched the Emerald Driller, the first of our jackup rigs scheduled
for delivery in December 2008, and commenced the commissioning process.
-- Keel laying on the Aquamarine Driller and Topaz Driller, which are
scheduled for delivery in September and December 2009, respectively,
bringing all of our jackup rigs into the construction phase.
Vantage will conduct a call at 11:00 AM EDT on Friday, August 15, 2008 to discuss results and developments for the second quarter 2008. To access the conference call, U.S. callers may dial toll free (877) 719-9796 and international callers may dial (719) 325-4801. Please call ten minutes ahead of time to ensure proper connection. A replay of the conference call will be available for two weeks following the call and can be accessed by dialing (888) 203-1112 for U.S. callers and (719) 457-0820 for international callers. The access code for the replay is 3685074. Vantage, a Cayman Islands exempted company, is an offshore drilling contractor, with four Baker Marine Pacific Class 375 jackup drilling rigs and one ultra-deepwater drillship currently under development. Vantage also has an option for the purchase of a second ultra-deepwater drillship that is currently under construction. 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
(A Corporation in the Development Stage)
CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
Three Months Ended June 30,
------------------------------
2008 2007
-------------- --------------
Revenue $ -- $ --
Operating expenses
General and administrative 1,975,656 143,868
Depreciation 6,117 1,423
-------------- --------------
Total operating expenses 1,981,773 145,291
-------------- --------------
Loss from operations (1,981,773) (145,291)
Other income (expense)
Interest income 1,326,367 1,128,805
Interest expense -- --
-------------- --------------
Total other income (expense) 1,326,367 1,128,805
-------------- --------------
Income (loss) before income taxes (655,406) 983,514
Income tax provision (benefit) (124,495) 335,366
-------------- --------------
Net income (loss) $ (530,911) $ 648,148
============== ==============
Earnings Per Share
Basic $ (0.01) $ 0.03
Diluted $ (0.01) $ 0.03
VANTAGE DRILLING COMPANY
(A Corporation in the Development Stage)
CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
For the Period
Six Months Ended June 30, September 8, 2006
---------------------------------- (inception) to
2008 2007 June 30, 2008
---------------- ---------------- ----------------
Revenue $ -- $ -- $ --
Operating expenses
General and
administrative 2,695,733 143,977 3,632,435
Depreciation 12,348 1,423 22,769
---------------- ---------------- ----------------
Total operating
expenses 2,708,081 145,400 3,655,204
---------------- ---------------- ----------------
Loss from operations (2,708,081) (145,400) (3,655,204)
Other income (expense)
Interest income 3,831,414 1,128,805 11,530,474
Interest expense -- -- --
---------------- ---------------- ----------------
Total other
income (expense) 3,831,414 1,128,805 11,530,474
---------------- ---------------- ----------------
Income before income
taxes 1,123,333 983,405 7,875,270
Income tax provision 483,368 335,366 2,781,932
---------------- ---------------- ----------------
Net income $ 639,965 $ 648,039 $ 5,093,338
================ ================ ================
Earnings Per Share
Basic $ 0.01 $ 0.05 $ 0.17
Diluted $ 0.01 $ 0.04 $ 0.15
VANTAGE DRILLING COMPANY
(A Corporation in the Development Stage)
CONSOLIDATED BALANCE SHEET
June 30, December 31,
2008 2007
-------------- --------------
(Unaudited)
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 77,314,358 $ 1,262,625
Restricted cash 600,000 --
Restricted cash held in trust account -- 273,109,051
Prepaid expenses and other assets 633,754 87,075
-------------- --------------
Total current assets 78,548,112 274,458,751
Deferred income taxes 1,125,432 311,607
Other assets 8,532,799 756,771
Property and equipment, net of accumulated
depreciation of $22,769 and $10,421 490,559,453 111,651
-------------- --------------
TOTAL ASSETS $ 578,765,796 $ 275,638,780
============== ==============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $ 1,001,749 $ 61,518
Accrued liabilities 1,674,549 578,618
Deferred underwriters fee -- 8,280,000
Income taxes payable (receivable) (142,652) 310,171
-------------- --------------
Total current liabilities 2,533,646 9,230,307
-------------- --------------
Long-term debt 34,000,000 --
Common stock, subject to possible redemption,
10,346,550 shares at redemption value -- 79,286,965
Commitments and contingencies -- --
STOCKHOLDERS' EQUITY
Preferred stock, $0.001 par value, 1,000,000
shares authorized, none issued or outstanding -- --
Common stock, $0.001 par value, 400,000,000
and 100,000,000 shares authorized, and
75,708,331 and 42,375,000 shares issued and
outstanding 75,708 42,375
Additional paid-in capital 540,093,953 185,159,318
Earnings accumulated during the development
stage 2,062,489 1,919,815
-------------- --------------
Total stockholders' equity 542,232,150 187,121,508
-------------- --------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 578,765,796 $ 275,638,780
============== ==============
VANTAGE DRILLING COMPANY
(A Corporation in the Development Stage)
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
For the
Period
September 8,
Six Months Ended June 30, 2006
-------------------------- (inception)
to June 30,
2008 2007 2008
------------ ------------ ------------
CASH FLOWS FROM
OPERATING ACTIVITIES
Net income $ 639,965 $ 648,039 $ 5,093,338
Adjustments to reconcile net
income to net cash provided by
(used in) operating activities:
Depreciation expense 12,348 1,423 22,769
Stock-based compensation
expense 183,728 -- 183,728
Deferred income tax expense (813,825) -- (1,125,432)
Changes in operating assets and
liabilities:
Restricted cash (600,000) -- (600,000)
Prepaid expenses and other
assets (606,098) (183,184) (693,173)
Accounts payable 940,231 626,087 1,001,749
Accrued liabilities 643,108 -- 1,531,897
------------ ------------ ------------
Net cash provided by
operating activities 399,457 1,092,365 5,414,876
------------ ------------ ------------
CASH FLOWS FROM INVESTING
ACTIVITIES
Acquisition of assets (213,396,605) -- (213,396,605)
Additions to property and
equipment (2,063,545) (79,689) (2,185,617)
Deferred acquisition costs 756,771 180,276 --
Restricted cash held in trust
account 273,109,051 (269,960,000) --
------------ ------------ ------------
Net cash provided by (used
in) investing activities 58,405,672 (269,859,413) (215,582,222)
------------ ------------ ------------
CASH FLOWS FROM FINANCING
ACTIVITIES
Proceeds from borrowings under
credit agreement 34,000,000 -- 34,000,000
Debt issuance costs (8,473,380) -- (8,473,380)
Advances from stockholders of
OGIL 3,300,000 -- 3,300,000
Repayments of advances from
stockholders of OGIL (3,300,000) -- (3,300,000)
Proceeds from issuance of common
stock to initial stockholders -- -- 25,000
Proceeds from issuance of common
stock and warrants in private
placement -- 6,000,000 6,000,000
Proceeds from issuance of common
stock and warrants to public
stockholders -- 255,930,000 255,930,000
Proceeds from issuance of option
to purchase common stock and
warrants to underwriters -- 100 100
Proceeds from notes
payable-stockholders -- 85,800 275,000
Repayment of notes
payable-stockholders -- (50,000) (275,000)
Proceeds from deferred
underwriters fee -- 8,280,000 8,280,000
Repayment of deferred
underwriters fee (8,280,000) -- (8,280,000)
Redemption of common stock (16) -- (16)
------------ ------------ ------------
Net cash provided by
financing activities 17,246,604 270,245,900 287,481,704
------------ ------------ ------------
Net increase (decrease) in
cash and cash equivalents 76,051,733 1,478,852 77,314,358
Cash and cash equivalents --
beginning of period 1,262,625 33,790 --
------------ ------------ ------------
Cash and cash equivalents -- end
of period $ 77,314,358 $ 1,512,642 $ 77,314,358
============ ============ ============
VANTAGE DRILLING COMPANY
(A Corporation in the Development Stage)
CONSOLIDATED STATEMENT OF CASH FLOWS
SUPPLEMENTAL INFORMATION
(Unaudited)
For the
Period
September 8,
Six Months Ended June 30, 2006
------------------------------- (inception)
to June 30,
2008 2007 2008
-------------- --------------- --------------
SUPPLEMENTAL CASH FLOW
INFORMATION
Cash paid for taxes $ 1,750,016 $ -- $ 4,050,016
Non-cash investing and
financing transactions
Issuance of common stock
and warrants for
acquisition $ (275,000,000) $ -- $ (275,000,000)
Increase in common stock,
subject to possible
redemption -- 76,753,407 --Contact: Public & Investor Relations Contact:
Paul A. Bragg
Chairman and Chief Executive Officer
Vantage Drilling Company
(281) 404-4700
Source: Vantage Drilling Company
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