Vantage Drilling Company Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2011; Provides Earnings Guidance for the First Quarter of 2012 and CapEx Guidance for the Year 2012
March 15, 2012 at 03:30 pm IST
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Vantage Drilling Company reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2011. For the quarter, the company reported net loss of $9.3 million or $0.03 per diluted share as compared to net loss of $13.0 million or $0.05 per diluted share a year ago. Total revenues were $121.300 million against $84.892 million a year ago. Income from operations was $26.924 million against $6.662 million a year ago. Loss before income taxes was $10.567 million against $7.449 million a year ago. The EBITDA was $43.2 million reported, but $45.3 million adjusting for the settlement of a 2009 expense item, and that compares with $42.7 million in the previous quarter. The higher year-over-year performance for the quarter was driven by the effective debt rates on the jackup fleet and the Platinum Explorer commencing operations at the end of the prior year.
For the year, the company reported net loss of $54.8 million or $0.19 per share excluding approximately $25.2 million of charges for the early retirement of debt as compared to net loss of $19.8 million or $0.08 per share in the prior year period, excluding approximately $27.8 million of acquisition and refinancing charges. Including the acquisition and refinancing charges, the company reported net loss $80.0 million or $0.28 per diluted share as compared to net loss of $47.6 million or $0.19 per diluted share for the year ended December 31, 2010. Total revenues were $485.348 million against $278.403 million a year ago. Income from operations was $110.154 million against $46.913 million a year ago. The increase in revenue and income from operations was generated by -- primarily generated by the Platinum Explorer, which commenced operations on December 29, 2010, and operated throughout 2011. Loss before income taxes was $68.519 million against $28.628 million a year ago. Net cash provided by operating activities was $15.873 million against $9.585 million a year ago. Additions to property and equipment were $144.800 million against $565.759 million a year ago. CapEx for 2011 was $151 million, including $21 million of client-imbursed upgrades on the Aquamarine and Topaz Drillers, a total of $113 million for the Tungsten Explorer, including down payment, capitalized interests and project costs. EBITDA for the year, adjusted for the one-time charge, was approximately $176.7 million compared to $80.3 million in the prior year, an increase of 120%.
The company expects first quarter EBITDA of $55 million to $57 million and it is projecting earnings at either breakeven to a $0.01 loss per share.
The company expects CapEx for 2012 to be in the $25 million to $35 million range, excluding capitalized interest.
Vantage Drilling Company is a holding and offshore drilling company focused on operating a fleet of modern and specification drilling units. The Company's principal business is to contract drilling units, related equipment and work crews, primarily on a dayrate basis to drill oil and natural gas wells for its customers. It also provides construction supervision services for drilling units. Through its fleet of drilling units, it provides offshore contract drilling services. It provides contract drilling services with different types of modern, high-specification MODUs, including jackup rigs and drillships, and in different geographic regions. Its customers are primarily multinational oil and natural gas companies, Government owned oil and natural gas companies and independent oil and natural gas producers. A jackup rig is a mobile, self-elevating drilling platform equipped with legs and Drillships are self-propelled, positioned and suited for drilling in remote locations.
Vantage Drilling Company Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2011; Provides Earnings Guidance for the First Quarter of 2012 and CapEx Guidance for the Year 2012