EX-12.1 11 d350440dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

Vantage Drilling International

Ratio of Earnings to Fixed Charges

(In thousands, except Ratio of Earnings to Fixed Charges)

 

     Successor     Predecessor                            
     Period from
February 10, 2016
to December 31,
2016		     Period from
January 1, 2016
to February 10,
2016		                            
         Years Ended December 31,  
         2015      2014      2013     2012  

Earnings (Loss)

               

Earnings (loss) before provision for income taxes and minority interest

    $ (136,469 )    $ (469,644 )    $ 62,124      $ 132,930      $ (19,696 )    $ (101,081 ) 

Fixed charges

      67,349       1,728       174,612        197,291        214,894       216,068  

Amortization of capitalized interest

      —         616       5,602        5,602        5,352       3,857  

Capitalized interest

      —         —         —          —          (14,995 )      (74,718 ) 
  

 

 

    

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Earnings (loss) as adjusted

    $ (69,119 )    $ (467,300 )    $ 242,338      $ 335,823      $ 185,556     $ 44,126  
  

 

 

    

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Fixed Charges

               

Interest expense

    $ 67,023     $ 1,728     $ 173,634      $ 196,159      $ 198,779     $ 139,662  

Capitalized interest

      —         —         —          —          14,995       74,718  

Amortization of debt financing costs

      —         —         —          —          —         —    

Portion of rental expense representative of the interest factor

      326       —         979        1,131        1,121       1,688  
  

 

 

    

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Total fixed charges

    $ 67,349     $ 1,728     $ 174,612      $ 197,291      $ 214,894     $ 216,068  
  

 

 

    

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Ratio of earnings to fixed charges (a)

      —         —         1.39        1.70        —         —    

 

(a) For the period from February 10, 2016 to December 31, 2016, the period January 1, 2016 to February 10, 2016 and the years ended December 31, 2013 and 2012, earnings were not sufficient to cover fixed charges by approximately $136.5 million, $469.0 million, $29.3 million and $171.9 million, respectively.