351 0 Kommentare Vantage Drilling Company Reports Fourth Quarter and Record Annual Results for 2014

HOUSTON, TX--(Marketwired - March 06, 2015) - Vantage Drilling Company ("Vantage" or the "Company") (NYSE MKT: VTG) reports net income for the three months ended December 31, 2014 of $12.6 million or $0.04 per diluted share as compared to earnings of $30.3 million or $.09 per diluted share for the three months ended December 31, 2013. The three months ended December 31, 2014 includes a gain on the early retirement of debt of approximately $4.2 million.

The $4.2 million gain on the early retirement of debt represents the discount to the face value of debt that we purchased in the open market, net of writing off deferred financing costs. The total debt retirement for the quarter, including scheduled maturities and open market purchase of debt, totaled approximately $60.6 million at face value.

For the twelve months ended December 31, 2014, Vantage reports record net income of approximately $38.3 million or $.12 per diluted share, excluding net gains from the early retirement of debt of approximately $3.8 million as compared to net income of approximately $16.5 million or $.05 per diluted share, excluding approximately $98.3 million of charges for the early retirement of debt. Including the gains and losses associated with the early retirement of debt, for the twelve months ended December 31, 2014, Vantage reports net income of $42.0 million or $.14 per diluted as compared to a net loss of $81.8 million or ($.27) per diluted share for the same period in 2013.

During 2014, the total debt retirement, including scheduled maturities, discretionary Term Loan payments and open market purchases, was approximately $199.7 million at face value. In connection with our discretionary Term Loan payments and open market purchases, we recognized a net gain on the early retirement of debt of approximately $3.8 million.

Paul Bragg, Chairman and Chief Executive Officer, commented, "We are pleased to announce Vantage completed 2014 with record revenues, EBITDA and net income for the year. With strong cash flows, we were able to exceed our targeted debt retirement goal and strengthen the balance sheet."

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 an additional ultra-deepwater drillship, the Cobalt Explorer, now under construction, and 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 Company
Consolidated Statement of Operations
(In thousands, except per share amounts)

			Three Months Ended December 31,						Year Ended December 31,
			2014			2013			2014			2013
			(Unaudited)			(Unaudited)
Revenues
	Contract drilling services		$	204,305		$	216,775		$	807,164		$	666,129
	Management fees			1,922			5,111			14,396			14,622
	Reimbursables			9,633			16,651			54,001			51,309
		Total revenues		215,860			238,537			875,561			732,060
	Operating costs and expenses
	Operating costs			110,510			99,349			421,505			335,915
	General and administrative			7,645			9,240			34,106			32,612
	Depreciation			31,716			31,882			126,610			106,609
		Total operating costs and expenses		149,871			140,471			582,221			475,136
Income from operations				65,989			98,066			293,340			256,924
Other income (expense)
	Interest income			7			26			45			221
	Interest expense and other financing charges			(51,775	)		(55,853	)		(213,924	)		(214,149	)
	Gain (loss) on debt extinguishment			4,214			-			3,752			(98,327	)
	Other, net			(1,795	)		(574	)		(1,179	)		1,621
		Total other income (expense)		(49,349	)		(56,401	)		(211,306	)		(310,634	)
Income (loss) before income taxes				16,640			41,665			82,034			(53,710	)
Income tax provision				4,020			11,349			40,028			28,115
Net income (loss)			$	12,620		$	30,316		$	42,006		$	(81,825	)

Earnings (loss) per share
	Basic		$	0.04		$	0.10		$	0.14		$	(0.27	)
	Diluted		$	0.04		$	0.09		$	0.14		$	(0.27	)


Vantage Drilling Company
Supplemental Operating Data
(Unaudited, in thousands, except percentages)

		Three Months Ended December 31,						Year Ended December 31,
		2014			2013			2014			2013
Operating costs and expenses
	Jackups	$	24,192		$	21,288		$	94,754		$	89,253
	Deepwater		64,887			56,092			235,343			164,775
	Operations support		9,464			8,108			40,502			33,267
	Reimbursables		11,967			13,861			50,906			48,620
		$	110,510		$	99,349		$	421,505		$	335,915

Utilization
	Jackups		100.0	%		89.4	%		99.2	%		87.1	%
	Deepwater		86.5	%		90.3	%		85.1	%		93.3	%




Vantage Drilling Company
Consolidated Balance Sheet
(In thousands, except par value information)

			December 31,			December 31,
			2014			2013
ASSETS
Current assets
	Cash and cash equivalents		$	82,812		$	54,686
	Restricted cash			-			2,125
	Trade receivables			153,428			168,654
	Inventory			65,892			55,804
	Prepaid expenses and other current assets			28,618			23,717
		Total current assets		330,750			304,986
Property and equipment
	Property and equipment			3,524,566			3,472,407
	Accumulated depreciation			(406,674	)		(281,759	)
		Property and equipment, net		3,117,892			3,190,648
Other assets
	Investment in joint venture			1,318			32,482
	Other assets			79,897			100,027
		Total other assets		81,215			132,509
Total assets			$	3,529,857		$	3,628,143

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
	Accounts payable		$	59,139		$	65,115
	Accrued liabilities			101,537			96,382
	Current maturities of long-term debt and revolving credit agreement, net of discount of $1,181			95,378			63,500
		Total current liabilities		256,054			224,997
Long-term debt, net of discount of $25,875 and $39,325				2,632,802			2,852,050
Other long-term liabilities				85,327			45,640
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, 500,000 shares authorized; 307,808 and 304,101 shares issued and outstanding			308			304
	Additional paid-in capital			905,136			896,928
	Accumulated deficit			(349,770	)		(391,776	)
		Total shareholders' equity		555,674			505,456
Total liabilities and shareholders' equity			$	3,529,857		$	3,628,143



Vantage Drilling Company
Consolidated Statement of Cash Flows
(In thousands)
			Year Ended December 31,
			2014			2013
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)			$	42,006		$	(81,825	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
	Depreciation expense			126,610			106,609
	Amortization of debt financing costs			11,535			12,356
	Amortization of debt discount			11,266			7,523
	Non-cash (gain) loss on debt extinguishment			(3,752	)		6,070
	Share-based compensation expense			8,212			7,064
	Deferred income tax expense (benefit)			(305	)		997
	Equity in loss of joint venture			570			513
	Loss on disposal of assets			3,008			1,603
Changes in operating assets and liabilities:
	Restricted cash			2,125			1,390
	Trade receivables			15,226			(49,202	)
	Inventory			(10,088	)		(17,860	)
	Prepaid expenses and other current assets			(4,914	)		1,169
	Other assets			6,307			(12,654	)
	Accounts payable			(5,976	)		14,206
	Accrued liabilities and other long-term liabilities			45,794			(46,390	)
		Net cash provided by (used in) operating activities		247,624			(48,431	)
CASH FLOWS FROM INVESTING ACTIVITIES
	Additions to property and equipment			(51,746	)		(564,319	)
	Return of investment in joint venture			23,250			-
	Proceeds from sale of property and equipment			-			22
		Net cash used in investing activities		(28,496	)		(564,297	)
CASH FLOWS FROM FINANCING ACTIVITIES
	Proceeds from issuance of senior secured notes, net			-			775,000
	Proceeds from the issuance of term loan, net			-			344,750
	Proceeds from the issuance of senior convertible notes			-			100,000
	Repayment of long-term debt			(181,002	)		(1,033,874	)
	Proceeds from (repayment of) revolving credit agreement, net			(10,000	)		10,000
	Debt issuance costs			-			(31,188	)
	Net cash provided by (used in) financing activities			(191,002	)		164,688
		Net increase (decrease) in cash and cash equivalents		28,126			(448,040	)
	Cash and cash equivalents -- beginning of year			54,686			502,726
	Cash and cash equivalents -- end of year		$	82,812		$	54,686