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Vantage Drilling Company (NYSEMKT:VTG)

Q4 2012 Earnings Call

February 15, 2013 11:00 am ET

Executives

Mark Howell – Legal Director and Associate General Counsel

Paul A. Bragg – Chief Executive Officer

Douglas G. Smith – Chief Financial Officer

Analysts

Eduardo Royes – Jefferies & Company, Inc.

Ryan Fitzgibbon – Global Hunter Securities

Shawn Schniven – Oppenheimer

Mona Yee – Schroder Investment Management

Operator

Good day, everyone, and welcome to the Vantage Drilling Company Announces Fourth Quarter 2012 Results Conference Call. Today’s conference is being recorded.

At this time, I would like to turn the conference to Mark Howell, Associate General Counsel. Please go ahead, sir.

Mark Howell

Thank you. Good morning, everyone. Welcome to the Vantage Drilling Company’s fourth quarter 2012 conference call. We appreciate you joining us. I am Mark Howell, Legal Director and Associate General Counsel for Vantage. With us today on the call we have, Paul Bragg, our Chairman and Chief Executive Officer, and Douglas Smith, our Chief Financial Officer.

I’ll open with a few brief remarks. This morning, we released our earnings announcement for the period ended December 31, 2012. This afternoon we intend to file our 10-K. The earnings release is available on our website at www.vantagedrilling.com.

Please note that any comments we make today about our expectations of future events and projections are forward-looking statements pursuant to the Private Securities Litigation Reform Act. Forward-looking statements made in today’s call are subject to a number of risks and uncertainties, many of which are beyond our control and could cause actual results to differ materially from the projections made in today’s conference call. We refer you to our earnings release and SEC filings available on our website.

Vantage does not undertake the updating of any such statement or risk factor that could cause actual results to differ materially from our expectations. At the end of our prepared remarks, we will entertain some questions.

With that, I would like to turn things over to Mr. Paul Bragg.

Paul A. Bragg

Thanks Mark. The year 2012 was a coming of age here for Vantage. In December, we put our sixth newly constructed rig, the Titanium Explorer into service, and in about four more months from now, our seventh rig, Tungsten Explorer will be completed and joining the fleet.

In 2012, we had another year of operational excellence, and we did so within a culture of safety, health, and environmental protection. For the year, we had zero, not even one last time entity. In Q4 2012, we refinanced half of our expensive debt, thereby cutting significantly our ongoing interest cost, and we also just financed the remaining CapEx on Tungsten Explorer.

Recently, we announced the order of another drillship Platinum Explorer through our 42% investment in Sigma. And we’ve been awarded a two plus two-year contract for Tungsten Explorer as well.

Now filtering out the refinancing charges, our Q4 results were a loss of $0.04 per share versus a break-even in the prior quarter. EBITDA was $57 million in Q4, up about 7% from the previous quarter. Doug Smith will review the financial results in detail in just a few moments.

As I mentioned, the year-end impact Q4 was another solid operational quarter for Vantage, our jackups once again work at productive level of 99% during Q4. Platinum Explorer now in almost 9,400 feet of water achieved productivity of essentially 100% during the quarter.

The Titanium Explorer commenced operations in December and has been drilling its first well in the U.S. Gulf of Mexico in about 8,800 feet of water. The ship has generally functioned well with a few teething problems here and there that have already been addressed.

However, the customers will have presented some technical challenges down hole. We currently expect that some of our work in Q1 of 2013 will be less than full dayrate, probably less than 70% drilling efficiency with little or no bonus earned during the first quarter. We are encouraged that the current ongoing performance of Titanium is good, and we see no reason that we cannot be back to the target efficiency in Q2 and beyond.

Just to address construction projects, our third ultra deepwater drillship Tungsten Explorer is progressing on schedule. Naming ceremony will occur in Korea on the 11 of April and delivery remains May 31 of 2013. The managed unit volume developer is progressing at the COSCO facility in China with the delivery planned later this year and additionally our team is providing construction oversight for three jackup rigs under construction in Singapore, our fourth unit recently completed and is in transit for arrival in Mexico next week.

With that, I will turn it back over to Doug Smith.

Douglas G. Smith

Thank you, Paul. Our fourth quarter revenues were approximately $123 million as compared to $111.5 million in the prior quarter and $121.5 million in the fourth quarter of 2011. Revenue from the contract drilling business for the fourth quarter was a record $113.7 million, as compared to contract drilling revenue of $105.5 million in the prior quarter and $92.2 million in the prior year, representing a sequential increase 7.8% and year-over-year increase of 23.3%.

The sequential increase in revenue due to the Titanium Explorer commencing operations on December 7, partially offset by the Topaz Driller, mobilizing from Malaysia to Indonesia, resulting in 43 days of contract; income from operations for the fourth quarter was $37.6 million, as compared to $36.3 million in the prior quarter and $26.9 million achieved in the fourth quarter of the prior year.

Turning to the jackup operations, for the fourth quarter, we had revenue of $51.7 million, compared to $55.3 million in the prior quarter. The decrease in revenue was due to the mobilization of Topaz Driller in Indonesia.

Turning to mobilization, we deferred approximately $9 million of revenue and $4 million of costs, which will be recognized over the initial one-year term of the contract. Productive time for the jackup fleet while on contract was in excess of 99% in the fourth quarter consistent with first three quarters of the year.

The average contract revenue per day for our jackup rigs was approximately $159,000 for the fourth quarter, as compared to $144,900 in the prior quarter to $147,000 in the fourth quarter of the prior year. The direct operating cost for the jackups was approximately $24.8 million for the fourth quarter, as compared to $22.9 million in the prior quarter.

For the quarter, the operating costs per day for the fleet, net of reimbursable expenses was approximately $61,300 per day, as compared to $58,600 per day in the prior quarter.

For the deepwater operation, the Platinum Explorer achieved in excess of 99% productive time for the fourth quarter, resulting in revenues of $53.8 million, as compared to 98% productive time and revenues of $52.8 million in the prior quarter.

Direct operating expense for the fourth quarter were approximately $17.1 million, as compared to $18.2 million in the prior quarter. The Titanium Explorer commenced operations on December 7 and generated approximately $11.6 million of revenue, the direct operating costs $6.7 million. Our management business for the quarter had revenue of approximately $5.8 million, consisting of $2 million of management fees and $3.8 million of revenue from reimbursable cost. The fourth quarter revenue compares to revenue in the prior quarter of $3.4 million, consisting of less than $1 million of management fees and revenue from reimbursable of $2.5 million.

During the fourth quarter, we added the contracts managed for jackups for a newly formed drilling contractor in Mexico that signed agreements to manage the shipyard construction of the drills that are being built by Sigma, the venture we own approximately 42% equity interest.

Costs for our operation support was approximately $5.7 million for the quarter as compared to $5.8 million in the prior quarter. Corporate G&A was $7.4 million and depreciation for the quarter was $19.2 million as compared to $6.6 million and $16.6 million respectively in the prior quarter. EBITDA for the quarter was $56.8 million, as compared to $52.9 million in the prior quarter and $43.2 million in the fourth quarter of 2011.

Debt interest expense of $44.6 million, a loss on the early retirement of debt of $122.1 million and tax expense of $4.4 million for the fourth quarter, which resulted in a loss of approximately $133.6 million, or $0.45 per share; this compares to interest expense of $31.6 million, a loss early retirement of debt is $2.5 million and tax expense is $2.7 million in the prior quarter, which resulted in a loss of $138,000 or break-even on a cents per share basis.

The loss on the early retirement of debt during the fourth quarter was that Paul mentioned we refinanced approximately $1 billion for 11.5% senior notes, so I will discuss more detail in a minute. The loss on the early retirement of debt during the third quarter was due to our free capital converting $6.5 million of an outstanding note into our 7.875% convertible notes issued in August.

Excluding the loss on the early retirement of debt, the net loss for the fourth quarter was approximately $11.5 million or $0.04 per share, as compared to income of approximately $2 million, or $0.01 per share in the prior quarter. As of September 30, we had approximately $506.2 million of cash on hand, including $3.5 million of restricted cash and outstanding borrowings of approximately $2.7 billion.

In October, we issued $500 million of a five-year term loan and $1.15 billion of 7.5% senior notes, which will occur in 2019. The proceeds were used to retire $1 billion of the company’s existing 11.5% senior notes for total consideration of $1.1 billion, including fees paid for early redemption and consent at all related deal expenses of approximately $43.4 million, including a 2% issue discount on the term loan.

Balance of the proceeds is available for general corporate purposes which we intend to fund the $415 million final shipyard payment for the Tungsten Explorer we delivered in the second quarter. The term loan bears interest at LIBOR plus 5% with a LIBOR floor of 1.25%.

Looking at the future, the Titanium Explorer which commenced operations in December 2012 of a full quarter of operations during the first quarter, the rig is still in its initial jackup period would often results in a lower utilization. Additionally, we have encountered technical problems downhole that will reduce our actual efficiency.

We expect to be working in more normal efficiency by the second quarter. However, we project that the Titanium will receive only about 65% to 70% of the base dayrate during the first quarter, thereby not receiving the bonus potential. Accordingly, we have an EBITDA expectation of $62 million to $72 million for the first quarter.

Depreciation for the quarter is forecast to be $25 million, interest expense is estimated to be approximately $59 million, and income taxes are estimated to be approximately $6.4 million. This results in an estimated loss of $18 million to $28 million, or $0.70 per share for the first quarter.

CapEx for the fourth quarter consisted of $1.7 million for the operating fleet, $16.8 million related to this Titanium Explorers by all deployment, a $6.7 million for the Tungsten Explorer, and $19 million of interest capitalization. Now, that the Titanium Explorer has commenced operations, we will anticipate that interest capitalization will decrease significantly over the next several quarters.

CapEx for 2013 including the final shipyard payment on the Tungsten Explorer, but excluding capitalized interest is estimated to be $524 million. We’ll be filing our 10-K later today.

And with that, I’ll turn it back over to Paul.

Paul A. Bragg

All right, thanks, Doug. Just to update on our view of the markets starting with jackups. As we’ve seen for quite sometime now, the modern high-spec jackups continue to be full utilized. We have long-term continuity on our jackup fleet with existing customers. In the latter part of 2012, we added two additional years of contract duration on the Emerald Driller. One additional year on Aquamarine Driller, and our customer on the Topaz Driller moved the units from Malaysia to Indonesia under a New Year one-year agreement as well. The contract rates are in the mid-150s on those there units.

The Sapphire Driller is completing its final well currently wrapping up this week, I believe at a rate of $120,000, but moving to a new rate with the same customer of $165,000. Our current bids for modern jackups are moving up really from the $150 to $160 range and through the $170s. We now believe that rates may rise even higher than $170s this year.

On Ultra Deepwater side, international ultra deepwater rates are holding firm from the high 500s to the low 600s. Tungsten Explorer has been contracted in West Africa for our development project commencing in 2014; the initial term of two years maybe extended by up to two additional years subject to auctions.

We anticipate contracting approximately nine months of work to be conducted prior to that project and we’re now in discussion of contract with multiple parties. We’ve identified approximately 40 projects that fit this window, so our confidence level was quite high that an attractive job will be obtained to commence at the delivery of the ship. We continue to believe that there will be very strong market conditions for Ultra deepwater drilling for years to come, particularly the next several years.

Concluding my prepared remarks, market conditions are valid and Vantage is executing well. Our recently obtained contracts of Adage to strong backlog positioned and improved our financial performance. The debt markets are quite attractive and we just reached the initial call date on the remaining high cost debt. We expect to take advantage of this opportunity to further reduce our interest cost and lengthen our debt maturities.

We now have the ability to amortize debt without penalty and we have recently made our first such installment under the new debt facilities as we entered into in October. The delivery of Tungsten Explorer is just around the corner. The terms that we received for Palladium Explorer are extremely attractive requiring a very low capital exposure. So we believe we’re well poised for the future.

With that, we’re happy to take some questions.

Question-and-Answer-Session

Operator

Thank you. (Operator Instructions) Our first question will come from Eduardo Royes from Jefferies.

Eduardo Royes – Jefferies & Company, Inc.

Hey, good morning, guys.

Paul A. Bragg

Good morning.

Eduardo Royes – Jefferies & Company, Inc.

Couple of things, just a couple of housekeeping items and not going away first, the EBITDA guidance what was that again for the first quarter $62 million?

Douglas G. Smith

$62 million to $72 million.

Eduardo Royes – Jefferies & Company, Inc.

$62 million to $72 million, thanks, Doug. I was hoping for a little bit more color on the Tungsten Explorer contract, I know there is not so much can give. I am assuming that sort of standard $20 million or $25 million Mobil included in that; is that correct?

Douglas G. Smith

Well, the terms of that are actually confidential and…

Eduardo Royes – Jefferies & Company, Inc.

Okay.

Douglas G. Smith

The customer agreed to allow us to disclose it in total, but we’re not providing a specific break-down on that.

Eduardo Royes – Jefferies & Company, Inc.

Okay. Can you talk a little bit about the cost, the daily OpEx cost environment in that sort of market for you guys.

Douglas G. Smith

It’s in West Africa. We think that operating cost will be $185 million to $200 million.

Eduardo Royes – Jefferies & Company, Inc.

Okay, that’s helpful. And then when you are thinking about the contract, filling those nine months or so before hand, are you guys targeting sort of Southeast Asia and West Africa in other words somewhere along throughout the wriggle will need to take or you guys sort of considering other regions that may require another Mobil in that?

Paul A. Bragg

Well, there seem to be a number of jobs that are going around to project in West Africa are in the general region. So those are the ones that we will be more competitive for and would be the most likely to occur.

Eduardo Royes – Jefferies & Company, Inc.

Okay. So you should be able to get something sort of ongoing. I guess another sort of housekeeping item on the net interest expense guidance. I think our $59 million is that before and even it will be capitalized. I would expect some capitalization still, because the Tungsten is still under construction this quarter or how should I think about that?

Paul A. Bragg

Yes, that would be after a small capitalization to the Tungsten. The current investment in the Tungsten, over $100 million now would be relative to our total capital is not that huge, and since our operated interest capitalization will be significantly less than what we’ve had on recent quarters.

Eduardo Royes – Jefferies & Company, Inc.

Okay. So the $59 million or so is after interest capitalized?

Douglas G. Smith

Yes.

Eduardo Royes – Jefferies & Company, Inc.

Okay. I’ll turn it back over and I’m finish. That does conclude. That’s it from me, thanks.

Douglas G. Smith

Okay.

Operator

We’ll go next to Ryan Fitzgibbon of Global Hunter Securities.

Ryan Fitzgibbon – Global Hunter Securities

Hey, good morning. I’m hoping to touch first on the Titanium Explorer. Could you discuss a little bit more on what’s going on that hole, that rig specific, I’m assuming that’s because of the revenue utilization guidance you gave?

Douglas G. Smith

Well specific I would say. But the revenue efficiency on the rig will suffer and particular in that, we’re not going to get through the bonus level for these first three months – for January, February, and March.

Ryan Fitzgibbon – Global Hunter Securities

Okay. And then thereafter is it safe to assume modern purposes maybe back to call 90% revenue utilization as you finish your second half period?

Paul A. Bragg

That would be the – we’re targeting of that 90% in the second and third quarter and then hopefully a little bit better than that towards the end of the year. So – but that’s the expectations and get back to the results.

Ryan Fitzgibbon – Global Hunter Securities

Okay, fair enough. And then as far as the jackups, is your expectation with customers going to exercise the option for the Sapphire and is that a fixed price option and Dough, can you disclose the rate?

Paul A. Bragg

The Sapphire – the customer has recently let the options expire. And that had to do more with – we did do anything with rig or their programs. They’re trying to playing out their wells and they weren’t able to – we already extended the option once. And so it’s just a planning. So we suspect that all things going well that they’ll come back to us and again ask for those wells. The option had been at $183,000 a day. But it wasn’t a rate issue. It was more of a planning out the wells issue.

Ryan Fitzgibbon – Global Hunter Securities

Okay. And then Paul, I guess with the Aquamarine and with Sapphire, with the UN availability and your commentary for rigs not in $170,000 range. Is that something that we can expect and what kind of term are you currently receiving in short-term for those rigs?

Paul A. Bragg

In general, you’re not seeing a lot of change in duration for international jackups. A lot of jobs in the one year range, and here in the two year range and every now and then you’ll find one of longer duration. We generally, if the job is for longer than two years will require the later years to either be higher or provide escalation or price reset. We don’t like to really price out beyond the initial two years.

Douglas G. Smith

You mentioned the Aquamarine and just as a point of clarification, the Aquamarine does have an option on it or fleet status because it’s an unpriced option. But we anticipate that the customer is going to exercise that option and we’ll have to negotiate a market rate. So we’ll if the spread happens. The expectation for Aquamarine is that it’s favorable to its current customer.

Ryan Fitzgibbon – Global Hunter Securities

Okay. And should we expect any planned downtime for rig upgrades for those rigs, let’s say relative to your contract?

Paul A. Bragg

The only one potentially that we would expect something of that nature for it might be in the Sapphire. But that would be all compensated by the customer and we haven’t had any commitments or embedded that way at this point.

Ryan Fitzgibbon – Global Hunter Securities

Okay. And then last one from me as with CapEx guidance for the year was $524 million. Can you give a breakdown as to how much is the final payment for Tungsten and then what maintenance CapEx is protected to be for the year?

Paul A. Bragg

The final shipyard payment on the Tungsten is $415 million. Now, we have about $50 million of potential additional capital spare equipment associated with that rig. We are also looking at doing some additional investment and fleet spares. I think with respect to how the regulatory environment where customers are expecting today. We’re going to add to our fleet spares and including making down payments on a spare BOP this year.

And so, beyond that we are not providing anymore detailed guidance. The expectation is still that the jackups would be about $1 million a year of normal maintenance CapEx, and $2 million to $4 million on the quarters balance that being the fleet spares and the investments in the Tungsten.

Ryan Fitzgibbon – Global Hunter Securities

All right; thanks, guys.

Operator

We’ll go next to Shawn Schniven of Oppenheimer.

Shawn Schniven – Oppenheimer

Hi, good morning. Thank you for taking the question. Can you discuss what your current thoughts are on the Dalian, I think previously you indicated that you guys in particular had no plans there, but just a – update or thoughts would be helpful?

Paul A. Bragg

Okay, I’m not sure I got all the question which you asked about the – our thoughts around the Dalian Developer. As we mentioned on the last couple of calls, we went through a period where we look at a particular project in a particular use for the rig if that has happened we had an interest in possibly acquiring the unit. We’re not interested at this point in time and our engagement is really limited to the construction period. We don’t expect to be involved with the unit post construction.

Shawn Schniven – Oppenheimer

Okay, that’s helpful. And then, I guess you said you kind of addressed this in your prepared remarks. But can you just discuss what you are seeing in the current acquisition market right now? I think you generally outlined in previous calls that you felt demand will keep up with the supply. But is it still consistent with your thought right now?

Paul A. Bragg

I’m not sure we can hear your question on the phone.

Shawn Schniven – Oppenheimer

Sorry. Can you hear me now?

Paul A. Bragg

Yeah, that’s better. Yes.

Shawn Schniven – Oppenheimer

Okay, perfect. Can you discuss the current acquisition market? I mean I think you said a little bit in your prepared remarks and then you kind of touched upon it previously. But I think you generally felt that demand would keep in pace with supplies. Is that still how you feel today?

Paul A. Bragg

In terms of the acquisition Mark, I don’t see them very active. There is not a lot of attractive high-end targets. We’ve seen some high-spec jackups change hands over the last three or four quarters. From our perspective, I mean we do look at things from time-to-time. But we’ve laid out our priorities, from this point would be to complete the refinancing of our debt and our capital structure well situated and start to utilize some of our contracted cash flow toward debt retirement.

And to the extent that we look at activities that would expand our fleet, they’re more likely to be with the co-investors or joint ventures, managed projects, then stepping up and acquiring an additional asset.

Shawn Schniven – Oppenheimer

Okay, perfect. Thank you very much.

Operator

Our next question comes from (inaudible) of Nomura.

Unidentified Analyst

Hi, good morning. Just one follow-up on the refinancing; I was just curious given that you are all currently in the call widow for the non-refinanced portion. Was the decision related more to just the contract that was signed for Tungsten, or is there any other specific element that you guys are kind of exploring with regards to refinancing given that the refinanced notes were already creating above par, so it seem like you had the window?

Paul A. Bragg

I mean that, obviously everyday that we wait the call premium diminishes. So that’s the factor and as long as the market conditions are good or improving then there is not necessarily a rush to do so. At the same time, it’s a good market. It’s hard to say that we would expect it to be a lot better and so we’re evaluating a lot of different things in terms of timing and what the opportunity will be.

There is a lot of considerations around the length of maturity, pushing that maturities given a good [lettered] repayment whether we want to do more amortizing debt or more of just longer-term bullet and the additional is whether we want to couple this with increasing the size of revolver. So there is a quite bit of things that factor into the timing.

Unidentified Analyst

Understood, thank you. The other question I had was with regards to your growth strategy, you mentioned that, your focus would be kind of more on JVs. Does your current CapEx include the JV payments that for the new JV that you’ve signed and what are the potential future commitments in terms of equity for that joint venture?

Douglas G. Smith

The joint venture for providing them has an exceptionally good payment terms. There was a requirement for $67 million down payment. We were 42% of that. So that was $31 million, that’s already been funded. There are no other capital requirements until the delivery of the unit in November 2015.

Unidentified Analyst

Okay, got it. And then the last question I had was, I just wanted to understand with regards to Titanium and the downhole issue, is it just because that the rig is in a start up period that it is affecting your dayrate collection, or is that kind of a general feature in the contracts where I mean even if it’s a downhole issue, it impacts your utilization and revenue realization?

Paul A. Bragg

I think we sometimes overlook that in addition to the mechanical performance of the rig that – the process of drilling itself and ultra deepwater 8,800 feet and then the heavy casing program and everything that you have big diameter wells that you have issues downhole from time-to-time as well.

So the unit is performing pretty well. It’s [repeating] problems here and there that have given us a day off hired or half a day off hire here and there. But all-in-all, I’d say it’s performing at or above expectation. And we expect to have it back up at least by the end of this quarter, and going into next quarter at a higher rate where hopefully, we’ll start to earn more of the bonus, which will really impact the financial performance on the rig.

Unidentified Analyst

All right, wonderful. Thank you so much.

Operator

Our next question will come from Mona Yee of Schroder Investment.

Mona Yee – Schroder Investment Management

Yes, hi. I just want to know that if you guys are still in the process of finalizing the terms of the Tungsten contract or are you already done with that?

Paul A. Bragg

I would say that we have a letter of award and we are deep into the swapping of contract drafts and working out any issues and put it at 95% complete. So there's no laming issues that I’m aware of around that contract.

Mona Yee – Schroder Investment Management

Okay. All right, thanks.

Operator

And we have no other questions in the queue at this time. I would like to turn it back to our presenters for any additional or closing remarks.

Paul A. Bragg

We have no other remarks. We appreciate you joining us today.

Operator

Thank you. That does conclude today’s conference. Thank you all for you participation.

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