EX-12.1 13 d358453dex121.htm STATEMENT SHOWING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Statement showing computation of ratio of earnings to fixed charges

EXHIBIT 12.1

Vantage Drilling Company

Ratio of Earnings to Fixed Charges

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

 

     Three Months
Ended
March 31,		     Years Ended December 31,  
     2012     2011     2010     2009     2008     2007  

Earnings (Loss)

             

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

    $ 4,587      $ (68,520 )    $ (28,627 )    $ 10,811      $ (48,049 )    $ 6,752   

Fixed charges

      40,876        164,090        97,680        32,343        4,033        21   

Amortization of capitalized interest

      701        2,621        1,712        528        66        —     

Capitalized interest

      (3,627 )      (7,311 )      (47,225 )      (23,813 )      (3,942 )      —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings (loss) as adjusted

    $ 42,536      $ 90,880      $ 23,540      $ 19,870      $ (47,891 )    $ 6,773   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed Charges

             

Interest expense

    $ 36,763      $ 154,897      $ 49,827      $ 8,178      $ 56      $ —   

Capitalized interest

      3,627        7,311        47,225        23,813        3,942        —     

Amortization of debt financing costs

      —          —          —          —          —          —     

Portion of rental expense representative of the interest factor

      485        1,882        627        353        35        21   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total fixed charges

    $ 40,876      $ 164,090      $ 97,680      $ 32,343      $ 4,033      $ 21   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings to fixed charges (a)

      1.04        —          —          —          —          322.53   

 

(a) For the years ended December 31, 2011, 2010, 2009 and 2008, earnings were not sufficient to cover fixed charges by approximately $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.