USA: Vantage Drilling Reports 4Q 2010 Net Loss of USD 13 Million

 

Vantage Drilling Company reports a net loss of $13.0 million or $0.05 per diluted share for the three months ended December 31, 2010 as compared to net loss of $4.3 million or ($0.02) per diluted share for the three months ended December 31, 2009.

Net loss for the fiscal year ended December 31, 2010 was ($19.8) million or ($0.08) per share, excluding $3.8 million ($.01 per share) of charges associated with the acquisition of the Platinum Explorer and $24.0 million ($.09 per share) of charges associated with refinancing of debt in July 2011. Including the acquisition charges and refinancing charges, the Company reported a net loss of ($47.6) million or ($0.19) per diluted share for the three year ended December 31, 2010 as compared to a net income of $8.8 million or $0.07 per share for the year ended December 31, 2009.

Paul Bragg, Chairman and Chief Executive Officer, commented, “During 2010, we completed construction and deployment of the final unit of our initial five-rig owned fleet. All of the units were delivered on time and within budget and each was contracted prior to completion. Since the start up of initial rig operations almost 26 months ago, we have experienced operational excellence across the fleet, providing safe and efficient drilling services to our customers. Today, Vantage rigs are employed on some of the industry’s most challenging projects.”

On July 30, 2010, Vantage acquired the 55% interest in Mandarin Drilling Corporation (“Mandarin”), from F3 Capital for $139.7 million. The sole asset of Mandarin was the ultra-deepwater drillship Platinum Explorer which was then still under construction. F3 Capital was wholly owned by Hsin-Chi Su, one of the Company’s directors and a significant shareholder of the Company.

In connection with the acquisition of Mandarin, Vantage issued $1.0 billion of 11.5% Senior Secured First Lien Notes due 2015. The notes have a maturity of five years from the date of issuance and are fully and unconditionally guaranteed by Vantage and certain of its subsidiaries. In addition to using the proceeds to fund the Mandarin acquisition, Vantage also retired certain of its outstanding credit facilities and its 13.5% Senior Secured Notes.

Construction of Platinum Explorer Drillship Completed

The construction of the Platinum Explorer (photo) was completed and the Company took delivery of the drillship on November 15, 2010. The Platinum Explorer mobilized to India and commenced its five year drilling contract with Oil & Natural Gas Company on December 29, 2010.

Vantage, a Cayman Islands exempted company, is an offshore drilling contractor, with four Baker Marine Pacific Class 375 ultra-premium jackup drilling rigs operating, and an ultra deepwater drillship, the Platinum Explorer. Vantage is also providing management services for four other ultra-deepwater drillships.

 

Source: Vantage Drilling, March 16,, 2011;

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