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Vantage Drilling Company Reports Third Quarter 2008 Results HOUSTON, TX--(MARKET WIRE)--Nov 13, 2008 -- Vantage Drilling Company ("Vantage") (VTGU - News) (AMEX:VTG - News) (VTGWS - News) reports a net loss of $4.6 million or
($.06) per diluted share for the three months ended September
30, 2008 as
compared to net income of $2.1 million or $.04 per diluted
share for the
three months ended September 30, 2007. Net loss for the
nine month period
ended September 30, 2008 was $3.9 million or ($.07) per
diluted share as
compared to net income of $2.7 million or $.10 per diluted
share for the
nine month period ended September 30, 2007.
Paul Bragg, President and Chief Executive Officer, commented, "The third quarter has been a period of growth and accomplishment for Vantage as we have contracted and fully crewed our first Jackup Rig, the Emerald Driller, which will be delivered on budget and ahead of schedule." Vantage will conduct a call at 11:00 AM ET on Friday, November 14, 2008 to discuss results and developments for the third quarter 2008. To access the conference call, U.S. callers may dial toll free (866) 550-6338 and international callers may dial (347) 284-6930. The pass code will be 2544826. 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 2544826. 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 September 30,
--------------------------
2008 2007
------------ ------------
Revenue $ -- $ --
Operating costs and expenses
Operating costs 1,997,502 --
General and administrative 3,412,903 255,475
Depreciation 10,606 4,183
------------ ------------
Total operating costs and expenses 5,421,011 259,658
------------ ------------
Loss from operations (5,421,011) (259,658)
Other income (expense)
Interest income 257,477 3,376,287
Interest expense -- --
------------ ------------
Total other income (expense) 257,477 3,376,287
------------ ------------
Income (loss) before income taxes (5,163,534) 3,116,629
Income tax provision (benefit) (613,183) 1,062,046
------------ ------------
Net income (loss) $ (4,550,351) $ 2,054,583
============ ============
Earnings Per Share
Basic $ (0.06) $ 0.05
Diluted $ (0.06) $ 0.04
VANTAGE DRILLING COMPANY
(A Corporation in the Development Stage)
CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
For the
Period
Nine Months Ended September 8,
September 30, 2006
------------------------
(inception)
to
September
2008 2007 30, 2008
----------- ----------- -----------
Revenue $ -- $ -- $ --
Operating costs and expenses
Operating costs 2,242,733 -- 2,242,733
General and administrative 5,863,406 399,452 6,800,107
Depreciation 22,954 5,606 33,375
----------- ----------- -----------
Total operating costs and
expenses 8,129,093 405,058 9,076,215
----------- ----------- -----------
Loss from operations (8,129,093) (405,058) (9,076,215)
Other income (expense)
Interest income 4,088,891 4,505,092 11,787,951
Interest expense -- -- --
----------- ----------- -----------
Total other income (expense) 4,088,891 4,505,092 11,787,951
----------- ----------- -----------
Income (loss) before income taxes (4,040,202) 4,100,034 2,711,736
Income tax provision (benefit) (129,815) 1,397,412 2,168,749
----------- ----------- -----------
Net income (loss) $(3,910,387) $ 2,702,622 $ 542,987
=========== =========== ===========
Earnings Per Share
Basic $ (0.07) $ 0.12 $ 0.02
Diluted $ (0.07) $ 0.10 $ 0.01
VANTAGE DRILLING COMPANY
(A Corporation in the Development Stage)
CONSOLIDATED BALANCE SHEET
September 30, December 31,
2008 2007
------------- -------------
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 13,046,376 $ 1,262,625
Restricted cash 1,100,000 --
Restricted cash held in trust account -- 273,109,051
Prepaid expenses and other current assets 383,431 87,075
------------- -------------
Total current assets 14,529,807 274,458,751
------------- -------------
Property and Equipment:
Property and equipment 596,954,528 122,072
Accumulated depreciation (33,376) (10,421)
------------- -------------
Property and equipment, net 596,921,152 111,651
------------- -------------
Other Assets:
Deferred income taxes 1,831,830 311,607
Other assets 8,690,542 756,771
------------- -------------
Total other assets 10,522,372 1,068,378
------------- -------------
Total assets: $ 621,973,331 $ 275,638,780
============= =============
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 2,025,716 $ 61,518
Accrued liabilities 2,163,445 578,618
Deferred underwriters fee -- 8,280,000
Income taxes payable -- 310,171
------------- -------------
Total current liabilities 4,189,161 9,230,307
------------- -------------
79,000,000 --
Long-term debt
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 541,196,324 185,159,318
Earnings accumulated during the development
stage (2,487,862) 1,919,815
------------- -------------
Total stock holders’ equity 538,784,170 187,121,508
------------- -------------
Total liabilities and stockholders’ equity: $ 621,973,331 $ 275,638,780
============= =============
VANTAGE DRILLING COMPANY
(A Corporation in the Development Stage)
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
For the
Period
Nine Months Ended September 8,
September 30, 2006
---------------------------------
(inception)
to
September
2008 2007 30, 2008
--------------- --------------- ---------------
CASH FLOWS FROM OPERATING
ACTIVITIES
Net income (loss) $ (3,910,387) $ 2,702,622 $ 542,987
Adjustments to reconcile net
income to net cash provided
by (used in) operating
activities:
Depreciation expense 22,954 5,606 33,375
Amortization of debt
financing costs 256,529 -- 256,529
Stock-based
compensation expense 1,286,099 -- 1,286,099
Deferred income tax
expense (1,520,223) (134,319) (1,831,830)
Changes in operating assets
and liabilities:
Restricted cash (1,100,000) -- (1,100,000)
Prepaid expenses and
other assets (710,021) 47,484 (797,097)
Accounts payable 1,964,198 1,642,790 2,025,716
Accrued liabilities 1,274,657 -- 2,163,446
--------------- --------------- ---------------
Net cash provided by
operating activities (2,436,194) 4,264,183 2,579,225
--------------- --------------- ---------------
CASH FLOWS FROM INVESTING
ACTIVITIES
Acquisition of assets (213,396,605) -- (213,396,605)
Additions to property and
equipment (108,435,850) (99,477) (108,557,922)
Deferred acquisition costs 756,771 -- --
Restricted cash held in
trust account 273,109,051 (272,215,092) --
--------------- --------------- ---------------
Net cash provided by
(used in) investing
activities (47,966,633) (272,314,569) (321,954,527)
--------------- --------------- ---------------
CASH FLOWS FROM FINANCING
ACTIVITIES
Proceeds from borrowings
under credit agreement 79,000,000 -- 79,000,000
Debt issuance costs (8,533,406) -- (8,533,406)
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 -- (275,000) (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 62,186,578 270,020,900 332,421,678
--------------- --------------- ---------------
Net increase (decrease)
in cash and cash
equivalents 11,783,751 1,970,514 13,046,376
Cash and cash equivalents--
beginning of period 1,262,625 33,790 --
--------------- --------------- ---------------
Cash and cash equivalents--
end of period $ 13,046,376 $ 2,004,304 $ 13,046,376
=============== =============== ===============
VANTAGE DRILLING COMPANY
(A Corporation in the Development Stage)
CONSOLIDATED STATEMENT OF CASH FLOWS
SUPPLEMENTAL INFORMATION
(Unaudited)
Nine Months Ended For the Period
September 30, September 8,
2006
----------------------
(inception)
to
Sept. 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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