EX-99.1 2 vdi-ex991_6.htm EX-99.1 vdi-ex991_6.htm

 

Exhibit 99.1

 

Vantage Drilling International Reports First Quarter Results for 2018

HOUSTON, May 4, 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