HOUSTON, May 04, 2018 (GLOBE NEWSWIRE) -- Vantage Drilling International ("Vantage" or the “Company”) reported a net loss of approximately $32.1 million or $6.43 per share for the three months ended March 31, 2018 as compared to a net loss of $36.5 million or $7.30 per share for the three months ended March 31, 2017.

As of March 31, 2018, Vantage had approximately $197.7 million of cash, including $5 million of restricted cash, compared to $195.5 million at December 31, 2017.

Ihab Toma, CEO, commented, “I am pleased to report our improved overall company performance, with revenues up 37% from the comparable quarter in the prior year.  This increase is a direct result of our industry leading utilization with six of our seven high specification assets being contracted during the quarter.  In addition, with the earlier announced follow on contract for the Topaz Driller in Gabon, we have added an additional $16.7 million in backlog.”

Vantage, a Cayman Islands exempted company, is an offshore drilling contractor, with a fleet of three ultra-deepwater drillships and four 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,
 
   2018   2017  
Revenue     
Contract drilling services $  51,595  $  38,056  
Management fees    301     401  
Reimbursables    5,767     3,592  
Total revenue    57,663     42,049  
Operating costs and expenses     
Operating costs    40,985     28,998  
General and administrative    7,354     11,479  
Depreciation    17,868     18,439  
Total operating costs and expenses    66,207     58,916  
Loss from operations    (8,544)    (16,867) 
Other income (expense)     
Interest income    221     141  
Interest expense and other financing charges    (19,271)    (18,899) 
Other, net    (570)    552  
Total other expense    (19,620)    (18,206) 
Loss before income taxes    (28,164)    (35,073) 
Income tax provision    3,973     1,426  
Net loss $  (32,137) $  (36,499) 
Net loss per share, basic and diluted $  (6.43) $  (7.30) 
Weighted average successor 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,
 
   2018   2017  
Operating costs and expenses     
Jackups $  14,463  $  12,862  
Deepwater    19,812     11,056  
Operations support    3,127     2,969  
Reimbursables    3,583     2,111  
  $  40,985  $  28,998  
      
Utilization     
Jackups  86.2%  50.0% 
Deepwater  53.9%  33.3% 
          

 

 
Vantage Drilling International
Consolidated Balance Sheet
(In thousands, except share and par value information)
(Unaudited)
     
  March 31,
2018
 December 31,
2017
     
ASSETS    
Current assets    
Cash and cash equivalents $  192,739  $  195,455 
Restricted cash    5,000     - 
Trade receivables    38,881     45,379 
Inventory    44,144     43,955 
Prepaid expenses and other current assets    11,036     13,207 
Total current assets    291,800     297,996 
Property and equipment    
Property and equipment    904,111     904,584 
Accumulated depreciation    (158,942)    (141,393)
Property and equipment, net    745,169     763,191 
Other assets    20,227     21,935 
Total assets $  1,057,196  $  1,083,122 
     
LIABILITIES AND SHAREHOLDERS' EQUITY    
Current liabilities    
Accounts payable $  41,717  $  39,666 
Accrued liabilities    21,363     25,117 
Current maturities of long-term debt    1,430     4,430 
Total current liabilities    64,510     69,213 
Long–term debt, net of discount and financing costs of $43,744 and $56,174    929,911     919,939 
Other long-term liabilities    18,137     17,195 
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     (329,339)    (297,202)
Total shareholders' equity    44,638     76,775 
Total liabilities and shareholders’ equity $  1,057,196  $  1,083,122 
     

 

 
Vantage Drilling International
Consolidated Statement of Cash Flows
(In thousands)
(Unaudited)
  Three Months Ended March 31,
   2018   2017 
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $  (32,137) $  (36,499)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation expense    17,868     18,439 
Amortization of debt financing costs    117     117 
Amortization of debt discount    12,313     12,191 
Amortization of contract value    1,556     — 
PIK interest on the Convertible Notes    1,912     1,890 
Share-based compensation expense    1,745     780 
Deferred income tax (expense) benefit    419     (1,789)
Gain on disposal of assets    (2,682)    — 
Changes in operating assets and liabilities:    
Trade receivables    6,498     1,207 
Inventory    (189)    293 
Prepaid expenses and other current assets    120     (951)
Other assets    (383)    1,434 
Accounts payable    2,051     1,668 
Accrued liabilities and other long-term liabilities    (6,292)    (401)
Net cash provided by (used in) operating activities    2,916     (1,621)
CASH FLOWS FROM INVESTING ACTIVITIES    
Additions to property and equipment    (19)    (2,156)
Proceeds from sale of Vantage 260    4,845     — 
Net cash provided by (used in) investing activities    4,826     (2,156)
CASH FLOWS FROM FINANCING ACTIVITIES    
Repayment of long-term debt    (5,458)    (358)
Net cash used in financing activities    (5,458)    (358)
Net (decrease) increase in cash and cash equivalents    2,284     (4,135)
Cash and cash equivalents—beginning of period    195,455     231,727 
Cash and cash equivalents—end of period $  197,739  $  227,592