Vantage Reports Financial Results

Vantage Drilling Company reports a net loss of ($43.5) million or ($0.57) per diluted share for the three months ended December 31, 2008 as compared to net income of $1.8 million or $.04 per diluted share for the three months ended December 31, 2007. Net loss for the fiscal year ended December 31, 2008 was ($47.4) million or ($.78) per diluted share as compared to net income of $4.5 million or $0.14 per diluted share for the fiscal year ended December 31, 2007. The three months ended and year ended December 31, 2008 includes impairment and termination costs of $38.3 million associated with the termination of an option to acquire the Titanium Explorer drillship. The loss for the three months and year ended December 31, 2008 adjusted for the impairment and termination costs are ($5.2) million or ($0.07) per share and ($9.1) million or ($.15) per share.

Paul Bragg, President and Chief Executive Officer, commented, "The fourth quarter 2008 concludes our history in development stage. With the start up of operation of the Emerald Driller in February 2009 and commencement of construction management contracts for several deepwater rigs, we are now generating substantial revenues and cashflows. Recent contracts secured on two drillships are outstanding achievements for us and position us with a stable base of business for many years to come. Summarizing several important accomplishments are the following:

  • Emerald Driller commenced a 2-year contract in Thailand.
  • Current operating cash flow run-rate is approximately $70 million annually (1 jackup + construction management contracts).
  • Awarded $1.1 Billion 5-year contract for Platinum Explorer drillship
  • Awarded $1.6 Billion, 8-year contract for Titanium Explorer drillship
  • Agreement to provide construction supervision, market and operate one deepwater, 6th generation semi-submersible (unit has $1.0 Billion, 5-year contract). Client has the option to extend Vantage's management services agreement to include a second semi-submersible."

Vantage will conduct a call at 10:00 AM Eastern Time on Friday, March 13, 2009 to discuss results and developments for the fourth quarter 2008. To access the conference call, U.S. callers may dial toll free (877) 723-9509 and international callers may dial (719) 325-4797. The pass code will be 1411288. 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 1411288.

Vantage, a Cayman Islands exempted company, is an offshore drilling contractor, with one Baker Marine Pacific Class 375 ultra-premium jackup drilling rig operating, and three such jackups and an ultra deepwater drillship, the Platinum Explorer, currently under development. Vantage is also providing management services to an affiliate for two other ultra-deepwater drillships and to Sea Dragon Offshore Limited for an ultra-deepwater semi-submersible.
 

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