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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Vantage Energy Services, | AMEX:VTG.U | AMEX | Ordinary Share |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.00 | - |
From Jun 2019 to Jun 2024
For the six months ended June 30, 2010, Vantage reports a net loss of $(1.0) million or $(0.00) per share as compared to net income of $6.3 million or $0.07 per share for the six months ended June 30, 2009.
Paul Bragg, President and Chief Executive Officer, commented, "While we are pleased with the progress and performance of the Company during the second quarter, more important developments have since occurred. In July, we completed the acquisition of the balance of Platinum Explorer, our first ultra-deepwater drillship. We also completed about $1.1 billion in debt and equity placements. With these transactions, we have nearly doubled our assets and increased forward EBITDA by about 2.25 times upon start up of Platinum Explorer. The foundation for our company is solid and we are poised for positive performance and results."
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, currently under development. Vantage is also providing management services to an affiliate for two other ultra-deepwater drillships and to Sea Dragon for 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.
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Vantage Drilling Company
Consolidated Statement of Operations
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended June 30,
-----------------------------------------
2010 2009
------------------- -------------------
Revenues
Contract drilling services $ 48,413 $ 15,506
Management fees 4,437 5,300
Reimbursables 15,504 1,387
------------------- -------------------
Total revenues 68,354 22,193
------------------- -------------------
Operating costs and expenses
Operating costs, excluding
impairment and termination
costs 40,705 9,942
General and administrative 4,934 4,055
Depreciation 8,366 2,102
------------------- -------------------
Total operating expenses 54,005 16,099
------------------- -------------------
Income (loss) from operations 14,349 6,094
Other income (expense)
Interest income 3 -
Interest expense (13,331) (1,310)
Other income 338 87
------------------- -------------------
Total other income (expense) (12,990) (1,223)
------------------- -------------------
Income before income taxes 1,359 4,871
Income tax provision 8,355 919
------------------- -------------------
Net income (loss) $ (6,996) $ 3,952
=================== ===================
Earnings per share
Basic $ (0.03) $ 0.04
Diluted $ (0.03) $ 0.04
Vantage Drilling Company
Consolidated Statement of Operations
(In thousands, except per share amounts)
(Unaudited)
Six Months Ended June 30,
-----------------------------------------
2010 2009
------------------- -------------------
Revenues
Contract drilling services $ 87,769 $ 25,293
Management fees 8,875 9,442
Reimbursables 29,960 1,754
------------------- -------------------
Total revenues 126,604 36,489
------------------- -------------------
Operating costs and expenses
Operating costs, excluding
impairment and termination
costs 71,364 15,582
General and administrative 9,409 7,491
Depreciation 15,843 3,758
------------------- -------------------
Total operating expenses 96,616 26,831
------------------- -------------------
Income (loss) from operations 29,988 9,658
Other income (expense)
Interest income 15 8
Interest expense (21,316) (2,058)
Other income 950 173
------------------- -------------------
Total other income (expense) (20,351) (1,877)
------------------- -------------------
Income before income taxes 9,637 7,781
Income tax provision 10,671 1,471
------------------- -------------------
Net income $ (1,034) $ 6,310
=================== ===================
Earnings per share
Basic $ 0.00 $ 0.07
Diluted $ 0.00 $ 0.07
Vantage Drilling Company
Consolidated Balance Sheet
(In thousands, except par value information)
June 30, December 31,
2010 2009
------------------- -------------------
ASSETS (Unaudited)
Current assets
Cash and cash equivalents $ 18,415 $ 15,992
Restricted cash 27,178 28,863
Trade receivables 59,242 17,536
Inventory 14,354 10,789
Prepaid expenses and other
current assets 3,895 8,040
------------------- -------------------
Total current assets 123,084 81,220
------------------- -------------------
Property and Equipment
Property and equipment 915,917 899,541
Accumulated depreciation (27,172) (11,329)
------------------- -------------------
Property and equipment, net 888,745 888,212
------------------- -------------------
Other Assets
Investment in joint venture 129,110 120,306
Other assets 27,628 29,441
------------------- -------------------
Total other assets 156,738 149,747
------------------- -------------------
Total assets $ 1,168,567 $ 1,119,179
=================== ===================
LIABILITIES AND SHAREHOLDERS'
EQUITY
Current liabilities
Accounts payable $ 26,910 $ 15,931
Accrued liabilities 18,223 14,285
Short-term debt 2,569 17,827
Current maturities of long-term
debt 16,000 16,000
------------------- -------------------
Total current liabilities 63,702 64,043
------------------- -------------------
Long-term debt, net of discount
of $3,433 and $4,021 364,207 378,078
Deferred income taxes 88 -
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; 236,810 and
187,277 shares issued and
outstanding 237 187
Additional paid-in capital 779,209 714,486
Accumulated deficit (38,151) (37,117)
Accumulated other comprehensive
loss (725) (498)
------------------- -------------------
Total shareholders' equity 740,570 677,058
------------------- -------------------
Total liabilities and
shareholders' equity $ 1,168,567 $ 1,119,179
=================== ===================
Vantage Drilling Company
Consolidated Statement of Cash Flows
(In thousands)
(Unaudited)
Six Months Ended June 30,
-----------------------------------------
2010 2009
------------------- -------------------
CASH FLOWS FROM OPERATING
ACTIVITIES
Net income (loss) $ (1,034) $ 6,310
Adjustments to reconcile net income
to net cash provided by (used in)
operating activities:
Depreciation expense 15,843 3,758
Amortization of debt financing
costs 1,952 464
Share-based compensation expense 3,050 2,391
Accretion of long-term debt 2,508 -
Amortization of senior notes
discount 588 -
Deferred income tax expense 1,712 -
Changes in operating assets and
liabilities:
Restricted cash 1,685 (14,005)
Trade receivables (41,706) (12,018)
Inventory (3,566) (6,934)
Prepaid expenses and other
current assets 4,145 (1,939)
Other assets (1,490) (170)
Accounts payable 10,979 1,139
Accrued liabilities 3,857 9,042
Short-term debt 1,467 760
------------------- -------------------
Net cash used in operating
activities (10) (11,202)
------------------- -------------------
CASH FLOWS FROM INVESTING
ACTIVITIES
Acquisition of assets - -
Additions to property and
equipment (16,375) (67,248)
Investment in joint venture (8,804) (15,574)
Deferred acquisition costs - -
------------------- -------------------
Net cash used in investing
activities (25,179) (82,822)
------------------- -------------------
CASH FLOWS FROM FINANCING
ACTIVITIES
Proceeds from borrowings under
credit agreements 41,821
Repayment of long-term debt (16,968) (3,353)
Proceeds from issuance of
ordinary shares in private
placement, net 24,954
Proceeds from issuance of
ordinary shares in public
offering, net 47,578 -
Proceeds from warrant exercise
in connection with joint
venture 15,600
Proceeds from short-term notes
payable-shareholders 4,000
Repayment of short-term debt (2,725) (930)
Debt issuance costs (273) -
------------------- -------------------
Net cash provided by financing
activities 27,612 82,092
------------------- -------------------
Net increase (decrease) in
cash and cash equivalents 2,423 (11,932)
Cash and cash equivalents--
beginning of period 15,992 16,557
------------------- -------------------
Cash and cash equivalents--end
of period $ 18,415 $ 4,625
=================== ===================
Contact: Public & Investor Relations Contact: Paul A. Bragg Chairman & Chief Executive Officer Vantage Drilling Company (281) 404-4700
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