Vantage Drilling Company Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Provides Earnings Guidance for the Third Quarter of 2015 and Tax Rate Guidance for the Full Year of 2015
August 04, 2015 at 02:28 pm EDT
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Vantage Drilling Company announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported total revenue of $212,261,000 compared to $219,718,000 a year ago. Income from operations was $77,165,000 compared to $81,720,000 a year ago. Income before income taxes was $36,107,000 compared to $25,499,000 a year ago. Net income was $24,964,000 or $0.07 per diluted share compared to $10,178,000 or $0.03 per diluted share for the same quarter a year ago. The sequential decrease in revenue was primarily due to the Aquamarine Driller remaining idle throughout the quarter. EBITDA for the quarter was $108.9 million as compared to $112.7 million in the prior quarter. CapEx for the second quarter consisted of $14.3 million for operating fleet, which was made up of $13.6 million of fleet capital spares and maintenance CapEx had approximately $763,000 for software upgrade.
For the six months, the company reported total revenue of $429,910,000 compared to $452,183,000 a year ago. Income from operations was $158,218,000 compared to $172,723,000 a year ago. Income before income taxes was $86,880,000 compared to $62,701,000 a year ago. Net income was $46,394,000 or $0.15 per diluted share compared to $35,002,000 or $0.11 per diluted share a year ago. Net cash provided by operating activities was $85,046,000 compared to $139,813,000 a year ago.
The company is currently projecting EBITDA for the third quarter of $88 million to $95 million. Depreciation for the third quarter will be approximately $32 million, and the company estimate interest expense of $47.8 million. The company is estimating profit for the third quarter in the range of $3 million to $10 million or $0.01 to $0.03 per basic share.
For all of 2015, the company continue to estimate income taxes will be approximately 5% to 6% of total revenue.
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 Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Provides Earnings Guidance for the Third Quarter of 2015 and Tax Rate Guidance for the Full Year of 2015