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CST: 25/08/2019 04:42:05   

Vantage Drilling International Reports First Quarter Results for 2019

107 Days ago

HOUSTON, May 09, 2019 (GLOBE NEWSWIRE) -- Vantage Drilling International ("Vantage" or the “Company”) reported a net loss attributable to controlling interest of approximately $47.9 million or $9.58 per share for the three months ended March 31, 2019 as compared to a net loss attributable to controlling interest of $32.1 million or $6.43 per share for the three months ended March 31, 2018.

As of March 31, 2019, Vantage had approximately $226.2 million in cash, including $10.3 million of restricted cash, compared to $239.4 million in cash, including $14.4 million of restricted cash at December 31, 2018.   

Ihab Toma, CEO, commented. “I am pleased to report that with the completion of the Tungsten Explorer’s SPS and five-year maintenance and the award of the Dana Gas contract for this rig, we will have seven rigs on contract once the Tungsten Explorer commences its contract in the very near future.  Even with signs of an improved market, we continue to remain diligent and focused on managing our costs, operating efficiently and preserving our strong balance sheet position.”

Vantage, a Cayman Islands exempted company, is an offshore drilling contractor, with a fleet of three ultra-deepwater drillships and five 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 globally for major, national and independent oil and natural gas companies. Vantage also provides construction supervision services and preservation management services for, and will operate and manage, drilling units owned by others.

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 disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.

Public & Investor Relations Contact:

Thomas J. Cimino
Chief Financial Officer
Vantage Drilling International
(281) 404-4700

Vantage Drilling International
Consolidated Statement of Operations
(In thousands, except per share data)
(Unaudited)
    Three Months Ended March 31,
      2019       2018  
Revenue        
Contract drilling services   $   29,980     $   51,595  
Reimbursables and other       4,575         6,068  
Total revenue       34,555         57,663  
Operating costs and expenses        
Operating costs       38,542         40,985  
General and administrative       8,668         7,354  
Depreciation       18,533         17,868  
Total operating costs and expenses       65,743         66,207  
Loss from operations       (31,188 )       (8,544 )
Other income (expense)        
Interest income       1,064         221  
Interest expense and other financing charges       (15,815 )       (19,271 )
Other, net       182         (570 )
Total other expense       (14,569 )       (19,620 )
Loss before income taxes       (45,757 )       (28,164 )
Income tax provision       2,147         3,973  
Net loss       (47,904 )       (32,137 )
Net loss attributable to noncontrolling interests       (14 )       —  
Net loss attributable to shareholders   $   (47,890 )   $   (32,137 )
Net loss per share, basic and diluted   $   (9.58 )   $   (6.43 )
Weighted average ordinary shares outstanding, basic and diluted       5,000         5,000  
Vantage Drilling International
Supplemental Operating Data
(Unaudited, in thousands, except percentages)
    Three Months Ended March 31,
      2019       2018  
Operating costs and expenses        
Jackups   $   17,806     $   14,463  
Deepwater       15,815         19,812  
Operations support       3,099         3,127  
Reimbursables       1,822         3,583  
    $   38,542     $   40,985  
         
Utilization        
Jackups     98.4 %     86.2 %
Deepwater     32.5 %     53.9 %

 

Vantage Drilling International
Consolidated Balance Sheet
(In thousands, except share and par value information)
(Unaudited)
    March 31, 2019   December 31,
2018
         
ASSETS        
Current assets        
Cash and cash equivalents   $   215,856     $   224,967  
Restricted cash       1,862         10,362  
Trade receivables       27,233         28,431  
Inventory       44,910         45,195  
Prepaid expenses and other current assets       16,192         17,278  
Total current assets       306,053         326,233  
Property and equipment        
Property and equipment       1,001,590         996,139  
Accumulated depreciation       (226,980 )       (208,836 )
Property and equipment, net       774,610         787,303  
Operating lease right-of-use assets       8,269         -  
Other assets       18,920         16,026  
Total assets   $   1,107,852     $   1,129,562  
         
LIABILITIES AND SHAREHOLDERS' EQUITY        
Current liabilities        
Accounts payable   $   51,086     $   44,372  
Accrued liabilities       26,471         17,983  
Total current liabilities       77,557         62,355  
Long–term debt, net of discount and financing costs of $7,598 and $12,914       1,114,328         1,109,011  
Other long-term liabilities       28,442         22,889  
Commitments and contingencies        
Shareholders' equity        
Ordinary shares, $0.001 par value, 50 million shares authorized; 5,000,053 shares issued and outstanding       5         5  
Additional paid-in capital       373,972         373,972  
Accumulated deficit        (486,560 )       (438,670 )
Controlling interest shareholders' equity       (112,583 )       (64,693 )
Noncontrolling interests       108         -  
Total equity       (112,475 )       (64,693 )
Total liabilities and shareholders’ equity   $   1,107,852     $   1,129,562  
         

 

Vantage Drilling International
Consolidated Statement of Cash Flows
(In thousands)
(Unaudited)
    Three Months Ended March 31
      2019       2018  
CASH FLOWS FROM OPERATING ACTIVITIES        
Net loss   $   (47,904 )   $   (32,137 )
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:        
Depreciation expense       18,533         17,868  
Amortization of debt financing costs       400         117  
Amortization of debt discount       5,354         12,313  
Amortization of contract value       1,556         1,556  
PIK interest on the Convertible Notes       1,934         1,912  
Share-based compensation expense       1,029         1,745  
Deferred income tax (benefit) expense       (415 )       419  
Loss (gain) on disposal of assets       62         (2,682 )
Changes in operating assets and liabilities:        
Trade receivables       1,198         6,498  
Inventory       285         (189 )
Prepaid expenses and other current assets       1,086         120  
Other assets       1,252         (383 )
Accounts payable       2,995         2,051  
Accrued liabilities and other long-term liabilities       1,951         (6,292 )
Net cash (used in) provided by operating activities       (10,684 )       2,916  
CASH FLOWS FROM INVESTING ACTIVITIES        
Additions to property and equipment       (2,184 )       (19 )
Proceeds from sale of Vantage 260       —         4,845  
Net cash (used in) provided by investing activities       (2,184 )       4,826  
CASH FLOWS FROM FINANCING ACTIVITIES        
Repayment of long-term debt       —         (5,458 )
Contributions from holders of noncontrolling interest       122         —  
Debt issuance costs       (437 )       —  
Net cash used in financing activities       (315 )       (5,458 )
Net (decrease) increase in cash and cash equivalents       (13,183 )       2,284  
Unrestricted and restricted cash and cash equivalents—beginning of period       239,387         195,455  
Unrestricted and restricted cash and cash equivalents—end of period   $   226,204     $   197,739  

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