Vantage Drilling Company Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2014; Provides Earnings Guidance for the First Quarter 2015
March 06, 2015 at 06:00 am EST
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Vantage Drilling Company reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2014. For the quarter, the company reported net income of $12.6 million or $0.04 per diluted share as compared to earnings of $30.3 million or $0.09 per diluted share for the three months ended December 31, 2013. Total revenues were $215.86 million compared to $238.54 million reported a year ago. Income from operations was $65.99 million compared to $98.07 million reported a year ago. Income before income taxes was $16.64 million compared to $41.66 million reported a year ago. CapEx was consisted of $11.3 million for the operating fleet, which consisted primarily of $9.2 million for fleet spares and maintenance CapEx and $2.1 million associated with the software upgrade project.
For the year, the company reported record net income of approximately $38.3 million or $0.12 per diluted share, excluding net gains from the early retirement of debt of approximately $3.8 million as compared to net income of approximately $16.5 million or $0.05 per diluted share, excluding approximately $98.3 million of charges for the early retirement of debt. Including the gains and losses associated with the early retirement of debt, for the twelve months ended December 31, 2014, the company reported net income of $42.0 million or $0.14 per diluted as compared to a net loss of $81.8 million or $0.27 per diluted share for the same period in 2013. Total revenues were $875.56 million compared to $732.06 million reported a year ago. Income from operations was $293.34 million compared to $256.92 million reported a year ago. Income before income taxes was $82.03 million compared to loss before income taxes of $53.71 million reported a year ago. Net cash provided by operating activities was $247.62 million compared to net cash used in operating activities of $48.43 million reported a year ago. Additions to property and equipment was $51.75 million compared to $564.32 million reported a year ago.
For the first quarter 2015, the company projects EBITDA for the first quarter of $98 million to $105 million. Depreciation for the first quarter will be approximately $32 million. Interest expense is estimated to be approximately $51 million, including approximately $5 million of noncash 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, 2014; Provides Earnings Guidance for the First Quarter 2015