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Paul Bragg, President and Chief Executive Officer, commented, "The first quarter of 2009 was another period of milestone achievement for Vantage. Our first rig, the Emerald Driller, commenced operations in early February with outstanding start up performance. We were able to book significant additions to our contractual backlog and to increase the fleet of high-specification assets under our management and control. Summarizing several important accomplishments are the following:
-- Emerald Driller operating in Thailand achieved 99% plus productive
time in the quarter.
-- Launching of Aquamarine and Topaz Drillers.
-- Received notification of early June 2009 delivery of Sapphire Driller.
-- Signed $1.1 Billion 5-year contract for Platinum Explorer drillship.
-- Signed $1.6 Billion, 8-year contract for Titanium Explorer drillship.
-- Signed agreement to provide construction supervision, market and
operate deepwater semi-submersibles."
Vantage will conduct a call at 11:00 AM Eastern Time on Friday, May 08, 2009 to discuss results and developments for the first quarter 2009. To access the conference call, U.S. callers may dial toll free (877) 723-9502 and international callers may dial (719) 325-4765. The pass code will be 4798745. 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 4798745.
Vantage, a Cayman Islands exempted company, is an offshore drilling contractor, with one Baker Marine Pacific Class 375 ultra-premium jackup drilling rig operating, and three such jackups and an ultra deepwater drillship, the Platinum Explorer, currently under development. Vantage is also providing management services to an affiliate for two other ultra-deepwater drillships and to Sea Dragon Offshore Limited for an ultra-deepwater semi-submersible.
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
March 31,
------------------
2009 2008
-------- --------
Revenues
Contract drilling services $ 9,787 $ --
Management fees 4,142 --
Reimbursables 367 --
-------- --------
Total revenues 14,296 --
-------- --------
Operating costs and expenses
Operating costs 5,640 --
General and administrative 3,436 720
Depreciation 1,656 6
-------- --------
Total operating expenses 10,732 726
-------- --------
Income (loss) from operations 3,564 (726)
Other income (expense)
Interest income 8 2,505
Interest expense (748) --
Other income 86 --
-------- --------
Total other income (expense) (654) 2,505
-------- --------
Income before income taxes 2,910 1,779
Income tax provision 552 608
-------- --------
Net income $ 2,358 $ 1,171
======== ========
Earnings Per Share
Basic $ 0.03 $ 0.03
Diluted $ 0.03 $ 0.02
Vantage Drilling Company
Consolidated Balance Sheet
(In thousands, except par value information)
March 31, December 31,
2009 2008
----------- -----------
(Unaudited)
ASSETS
Current assets
Cash and cash equivalents $ 12,096 $ 16,557
Restricted cash 1,912 1,700
Trade receivables, net 12,872 3,186
Inventory 3,016 --
Prepaid expenses and other current assets 1,643 2,077
----------- -----------
Total current assets 31,539 23,520
----------- -----------
Property and equipment
Property and equipment 648,692 631,008
Accumulated depreciation (1,767) (112)
----------- -----------
Property and equipment, net 646,925 630,896
----------- -----------
Other assets 18,707 10,867
----------- -----------
Total assets $ 697,171 $ 665,283
=========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable $ 5,810 $ 3,827
Accrued liabilities 18,815 14,766
Short-term debt 14,775 11,239
Current maturities of long-term debt 13,410 6,000
----------- -----------
Total current liabilities 52,810 35,832
----------- -----------
Long-term debt 136,411 133,000
Commitments and contingencies -- --
Shareholders' equity
Preferred shares, $0.001 par value, 1,000
shares authorized; none issued or outstanding -- --
Ordinary shares, $0.001 par value, 400,000
shares authorized; 81,226 and 75,708 shares
issued and outstanding 81 76
Additional paid-in capital 551,467 542,331
Accumulated deficit (43,598) (45,956)
----------- -----------
Total shareholders' equity 507,950 496,451
----------- -----------
Total liabilities and shareholders' equity $ 697,171 $ 665,283
=========== ===========
Vantage Drilling Company
Consolidated Statement of Cash Flows
(In thousands)
(Unaudited)
Three Months Ended
March 31,
------------------
2009 2008
-------- --------
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 2,358 $ 1,171
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Depreciation expense 1,656 6
Amortization of debt financing costs 205 --
Share-based compensation expense 1,142 --
Deferred income tax benefit -- (245)
Changes in operating assets and liabilities:
Restricted cash (212) (500)
Trade receivables, net (9,686) --
Inventory (3,016) --
Prepaid expenses and other current assets 434 15
Other assets (45) --
Accounts payable 1,983 22
Accrued liabilities 4,049 524
-------- --------
Net cash provided by operating activities (1,132) 993
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to property and equipment (17,685) (7)
Deferred acquisition costs -- (92)
Restricted cash held in trust account -- (2,102)
-------- --------
Net cash provided by (used in) investing
activities (17,685) (2,201)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings under credit agreement 10,821 --
Proceeds from notes payable-affiliates 4,000 --
Repayment of notes payable (465) --
Advances from stockholders of OGIL -- 2,000
Repayments of advances from stockholders of OGIL -- (538)
-------- --------
Net cash provided by financing activities 14,356 1,462
-------- --------
Net increase (decrease) in cash and cash
equivalents (4,461) 254
Cash and cash equivalents--beginning of period 16,557 1,263
-------- --------
Cash and cash equivalents--end of period $ 12,096 $ 1,517
======== ========
Public & Investor Relations Contact: Paul A. Bragg Chairman & Chief Executive Officer Vantage Drilling Company (281) 404-4700
SOURCE: Vantage Drilling Company
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