Vantage Drilling Company Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2012; Provides Earnings Guidance for the Second, Third and Fourth Quarters of 2012
May 10, 2012 at 06:00 am EDT
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Vantage Drilling Company reported unaudited consolidated earnings results for the first quarter ended March 31, 2012. For the quarter, the company reported total revenues of $131,849,000 compared to $124,631,000 a year ago. Income from operations was $40,693,000 compared to $24,279,000 a year ago. Income before income taxes was $4,587,000 compared to loss before taxes of $15,745,000 a year ago. Net loss was $1,179,000 compared to $18,654,000 a year ago. Net cash used in operating activities was $50,190,000 compared to $49,642,000 a year ago. Additions to property and equipment were $3,328,000 compared to $19,083,000 a year ago. EBITDA for the quarter was a record high $57.3 million as compared to $43.3 million in the prior quarter and $40.4 million in the first quarter of 2011.
For the second quarter of 2012, the company expects EBITDA of $47 million to $52 million. The company is projecting earnings at a $0.02 to $0.04 per share loss.
For the third quarter of 2012, the company anticipates achieving results comparable to the first quarter, with EBITDA arranging from approximately $55 million to $57 million.
For the fourth quarter of 2012, with the addition of the Titanium Explorer, the company is estimating EBITDA of approximately $81 million to $85 million. These estimates are dependent upon the timing and completion of the mobilization and client acceptance of the Titanium Explorer. CapEx for the remainder of the year, excluding the Titanium Explorer and capitalized interest, is estimated to be approximately $20 million.
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 First Quarter Ended March 31, 2012; Provides Earnings Guidance for the Second, Third and Fourth Quarters of 2012