HOUSTON, TX--(Marketwire - November 13, 2008) - Vantage Drilling Company ("Vantage") (
Paul Bragg, President and Chief Executive Officer, commented, "The third quarter has been a period of growth and accomplishment for Vantage as we have contracted and fully crewed our first Jackup Rig, the Emerald Driller, which will be delivered on budget and ahead of schedule."
Vantage will conduct a call at 11:00 AM ET on Friday, November 14, 2008 to discuss results and developments for the third quarter 2008. To access the conference call, U.S. callers may dial toll free (866) 550-6338 and international callers may dial (347) 284-6930. The pass code will be 2544826. Please call ten minutes ahead of time to ensure proper connection. A replay of the conference call will be available for two weeks following the call and can be accessed by dialing (888) 203-1112 for U.S. callers and (719) 457-0820 for international callers. The access code for the replay is 2544826.
Vantage, a Cayman Islands exempted company, is an offshore drilling contractor, with four Baker Marine Pacific Class 375 jackup drilling rigs and one ultra-deepwater drillship currently under development. Vantage also has an option for the purchase of a second ultra-deepwater drillship that is currently under construction.
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 (A Corporation in the Development Stage) CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited) Three Months Ended September 30, -------------------------- 2008 2007 ------------ ------------ Revenue $ -- $ -- Operating costs and expenses Operating costs 1,997,502 -- General and administrative 3,412,903 255,475 Depreciation 10,606 4,183 ------------ ------------ Total operating costs and expenses 5,421,011 259,658 ------------ ------------ Loss from operations (5,421,011) (259,658) Other income (expense) Interest income 257,477 3,376,287 Interest expense -- -- ------------ ------------ Total other income (expense) 257,477 3,376,287 ------------ ------------ Income (loss) before income taxes (5,163,534) 3,116,629 Income tax provision (benefit) (613,183) 1,062,046 ------------ ------------ Net income (loss) $ (4,550,351) $ 2,054,583 ============ ============ Earnings Per Share Basic $ (0.06) $ 0.05 Diluted $ (0.06) $ 0.04 VANTAGE DRILLING COMPANY (A Corporation in the Development Stage) CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited) For the Period Nine Months Ended September 8, September 30, 2006 ------------------------ (inception) to September 2008 2007 30, 2008 ----------- ----------- ----------- Revenue $ -- $ -- $ -- Operating costs and expenses Operating costs 2,242,733 -- 2,242,733 General and administrative 5,863,406 399,452 6,800,107 Depreciation 22,954 5,606 33,375 ----------- ----------- ----------- Total operating costs and expenses 8,129,093 405,058 9,076,215 ----------- ----------- ----------- Loss from operations (8,129,093) (405,058) (9,076,215) Other income (expense) Interest income 4,088,891 4,505,092 11,787,951 Interest expense -- -- -- ----------- ----------- ----------- Total other income (expense) 4,088,891 4,505,092 11,787,951 ----------- ----------- ----------- Income (loss) before income taxes (4,040,202) 4,100,034 2,711,736 Income tax provision (benefit) (129,815) 1,397,412 2,168,749 ----------- ----------- ----------- Net income (loss) $(3,910,387) $ 2,702,622 $ 542,987 =========== =========== =========== Earnings Per Share Basic $ (0.07) $ 0.12 $ 0.02 Diluted $ (0.07) $ 0.10 $ 0.01 VANTAGE DRILLING COMPANY (A Corporation in the Development Stage) CONSOLIDATED BALANCE SHEET September 30, December 31, 2008 2007 ------------- ------------- (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 13,046,376 $ 1,262,625 Restricted cash 1,100,000 -- Restricted cash held in trust account -- 273,109,051 Prepaid expenses and other current assets 383,431 87,075 ------------- ------------- Total current assets 14,529,807 274,458,751 ------------- ------------- Property and Equipment: Property and equipment 596,954,528 122,072 Accumulated depreciation (33,376) (10,421) ------------- ------------- Property and equipment, net 596,921,152 111,651 ------------- ------------- Other Assets: Deferred income taxes 1,831,830 311,607 Other assets 8,690,542 756,771 ------------- ------------- Total other assets 10,522,372 1,068,378 ------------- ------------- Total assets: $ 621,973,331 $ 275,638,780 ============= ============= LIABILITIES AND STOCKHOLDERS EQUITY Current liabilities: Accounts payable $ 2,025,716 $ 61,518 Accrued liabilities 2,163,445 578,618 Deferred underwriters fee -- 8,280,000 Income taxes payable -- 310,171 ------------- ------------- Total current liabilities 4,189,161 9,230,307 ------------- ------------- 79,000,000 -- Long-term debt Common stock, subject to possible redemption, 10,346,550 shares at redemption value -- 79,286,965 Commitments and contingencies -- -- Stockholders equity: Preferred stock, $0.001 par value, 1,000,000 shares authorized, none issued or outstanding -- -- Common stock, $0.001 par value, 400,000,000 and 100,000,000 shares authorized, and 75,708,331 and 42,375,000 shares issued and outstanding 75,708 42,375 Additional paid-in capital 541,196,324 185,159,318 Earnings accumulated during the development stage (2,487,862) 1,919,815 ------------- ------------- Total stock holders equity 538,784,170 187,121,508 ------------- ------------- Total liabilities and stockholders equity: $ 621,973,331 $ 275,638,780 ============= ============= VANTAGE DRILLING COMPANY (A Corporation in the Development Stage) CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) For the Period Nine Months Ended September 8, September 30, 2006 --------------------------------- (inception) to September 2008 2007 30, 2008 --------------- --------------- --------------- CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss) $ (3,910,387) $ 2,702,622 $ 542,987 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation expense 22,954 5,606 33,375 Amortization of debt financing costs 256,529 -- 256,529 Stock-based compensation expense 1,286,099 -- 1,286,099 Deferred income tax expense (1,520,223) (134,319) (1,831,830) Changes in operating assets and liabilities: Restricted cash (1,100,000) -- (1,100,000) Prepaid expenses and other assets (710,021) 47,484 (797,097) Accounts payable 1,964,198 1,642,790 2,025,716 Accrued liabilities 1,274,657 -- 2,163,446 --------------- --------------- --------------- Net cash provided by operating activities (2,436,194) 4,264,183 2,579,225 --------------- --------------- --------------- CASH FLOWS FROM INVESTING ACTIVITIES Acquisition of assets (213,396,605) -- (213,396,605) Additions to property and equipment (108,435,850) (99,477) (108,557,922) Deferred acquisition costs 756,771 -- -- Restricted cash held in trust account 273,109,051 (272,215,092) -- --------------- --------------- --------------- Net cash provided by (used in) investing activities (47,966,633) (272,314,569) (321,954,527) --------------- --------------- --------------- CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from borrowings under credit agreement 79,000,000 -- 79,000,000 Debt issuance costs (8,533,406) -- (8,533,406) Advances from stockholders of OGIL 3,300,000 -- 3,300,000 Repayments of advances from stockholders of OGIL (3,300,000) -- (3,300,000) Proceeds from issuance of common stock to initial stockholders -- -- 25,000 Proceeds from issuance of common stock and warrants in private placement -- 6,000,000 6,000,000 Proceeds from issuance of common stock and warrants to public stockholders -- 255,930,000 255,930,000 Proceeds from issuance of option to purchase common stock and warrants to underwriters -- 100 100 Proceeds from notes payable-stockholders -- 85,800 275,000 Repayment of notes payable-stockholders -- (275,000) (275,000) Proceeds from deferred underwriters fee -- 8,280,000 8,280,000 Repayment of deferred underwriters fee (8,280,000) -- (8,280,000) Redemption of common stock (16) -- (16) --------------- --------------- --------------- Net cash provided by financing activities 62,186,578 270,020,900 332,421,678 --------------- --------------- --------------- Net increase (decrease) in cash and cash equivalents 11,783,751 1,970,514 13,046,376 Cash and cash equivalents-- beginning of period 1,262,625 33,790 -- --------------- --------------- --------------- Cash and cash equivalents-- end of period $ 13,046,376 $ 2,004,304 $ 13,046,376 =============== =============== =============== VANTAGE DRILLING COMPANY (A Corporation in the Development Stage) CONSOLIDATED STATEMENT OF CASH FLOWS SUPPLEMENTAL INFORMATION (Unaudited) Nine Months Ended For the Period September 30, September 8, 2006 ---------------------- (inception) to Sept. 30, 2008 2007 2008 ------------- ----------- ------------- SUPPLEMENTAL CASH FLOW INFORMATION Cash paid for taxes $ 1,750,016 $ -- $ 4,050,016 Non-cash investing and financing transactions Issuance of common stock and warrants for acquisition $(275,000,000) -- $(275,000,000) Increase in common stock, subject to possible redemption $ -- $76,753,407 --
Contact Information: Public & Investor Relations Contact: Paul A. Bragg Chairman and Chief Executive Officer Vantage Drilling Company (281) 404-4700