Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - Vantage Drilling CO | d397296d8k.htm |
| EX-25.1 - STATEMENT OF ELIGIBILITY ON FORM T-1 OF WELLS FARGO BANK, NATIONAL ASSOCIATION - Vantage Drilling CO | d397296dex251.htm |
| EX-4.1 - FIRST AMENDMENT TO CREDIT AGREEMENT DATED AS OF AUGUST 13, 2012 - Vantage Drilling CO | d397296dex41.htm |
Exhibit 12.1
| Six Months Ended June 30, 2012 |
Years Ended December 31, | |||||||||||||||||||||||
| 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||||
| Earnings (Loss) |
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| Earnings (loss) before provision for income taxes and minority interest |
$ | (671 | ) | $ | (68,520 | ) | $ | (28,627 | ) | $ | 10,811 | $ | (48,049 | ) | $ | 6,752 | ||||||||
| Fixed charges |
100,703 | 164,090 | 97,680 | 32,343 | 4,033 | 21 | ||||||||||||||||||
| Amortization of capitalized interest |
1,588 | 2,621 | 1,712 | 528 | 66 | — | ||||||||||||||||||
| Capitalized interest |
(25,957 | ) | (7,311 | ) | (47,225 | ) | (23,813 | ) | (3,942 | ) | — | |||||||||||||
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| Earnings (loss) as adjusted |
$ | 75,662 | $ | 90,880 | $ | 23,540 | $ | 19,870 | $ | (47,891 | ) | $ | 6,773 | |||||||||||
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| Fixed Charges |
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| Interest expense |
$ | 72,935 | $ | 154,897 | $ | 49,827 | $ | 8,178 | $ | 56 | $ | — | ||||||||||||
| Capitalized interest |
25,957 | 7,311 | 47,225 | 23,813 | 3,942 | — | ||||||||||||||||||
| Amortization of debt financing costs |
— | — | — | — | — | — | ||||||||||||||||||
| Portion of rental expense representative of the interest factor |
1,811 | 1,882 | 627 | 353 | 35 | 21 | ||||||||||||||||||
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| Total fixed charges |
$ | 100,703 | $ | 164,090 | $ | 97,680 | $ | 32,343 | $ | 4,033 | $ | 21 | ||||||||||||
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| Ratio of earnings to fixed charges (a) |
— | — | — | — | — | 322.53 | ||||||||||||||||||
| (a) | For the six months ended June 30, 2012, and for the years ended December 31, 2011, 2010, 2009 and 2008, earnings were not sufficient to cover fixed charges by approximately $25.0 million, $73.2 million, $74.5 million, $12.5 million and $51.9 million, respectively. For the year ended December 31, 2007, we had earnings, as defined, of approximately $6.8 million and essentially no fixed charges. |