EX-12.1 11 d526943dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

Vantage Drilling Company

Ratio of Earnings to Fixed Charges

 

     Years Ended December 31,  
     2012     2011     2010     2009      2008     2007  

Earnings (Loss)

              

Add: (a)

              

Earnings (loss) before income taxes and minority interest

      (126,398,163 )      (68,519,643 )      (28,627,198 )      10,811,312         (48,048,658 )      6,752,071   

Fixed Charges

      225,900,642        164,089,683        97,679,698        32,342,787         4,033,444        21,000   

Amortization of capitalized interest

      3,994,448        2,621,146        1,712,219        528,262         65,694        —   
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  
     103,496,927        98,191,186        70,764,718        43,682,361         (43,949,521 )      6,773,071   
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Subtract: (b)

              

Capitalized interest

      75,087,351        7,310,772        47,224,870        23,812,505         3,941,617        —   

Minority interest in pre-tax income of subsidiaries with no fixed charges

      —        —        —        —         —        —   
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  
     75,087,351        7,310,772        47,224,870        23,812,505         3,941,617        —   
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Earnings (loss) as adjusted

      28,409,576        90,880,414        23,539,848        19,869,856         (47,891,138 )      6,773,071   
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Fixed Charges

              

Interest expense, net (d)

      149,118,358        154,896,789        49,827,383        8,177,650         56,485        —   

Capitalized interest

      75,087,351        7,310,772        47,224,870        23,812,505         3,941,617        —   

Amortization of debt financing costs (c)

      —        —        —        —         —        —   

Portion of rental expense representative of the interest factor

      1,694,933        1,882,122        627,445        352,632         35,342        21,000   
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Total fixed charges

      225,900,642        164,089,683        97,679,698        32,342,787         4,033,444        21,000   
  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Ratio of Earnings to Fixed Charges

      0.13        0.55        0.24        0.61         (11.87 )      322.53   

Earnings required to cover deficiency of fixed charges to earnings

      197,491,066        73,209,269        74,139,849        12,472,931         51,924,581        (6,752,071 ) 

 

(a) there were no (d) distributed income of equity investees or (e) pre-tax losses of equity investees for which charges arising from guarantees are included in fixed charges as specified in instruction (C) to Item 503(d) of Reg S-K for any of the reported periods

 

(b) there was no minority interest in pre-tax income of subsidiaries that have not incurred fixed charges as specified in instruction (C) to Item 503(d) of Reg S-K for any of the reported periods

 

(c) when debt financing costs are amortized, the charge is to interest expense; thus the amortization of the debt financing costs is included in the interest expense, net and capitalized interest amounts

 

(d) the loss on debt extinguishments recorded in Q4 2012, Q3 2012, Q2 2011 & Q3 2010 of $122.1 million, $2.5 million, $25.2 million and $24.0 million respectively are not included in the calculation of interest expense