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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K/A

(Amendment No.1)

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 11, 2022

 

 

Vantage Drilling International

(Exact name of Registrant as Specified in Its Charter)

 

 

Cayman Islands

333-159299

98-1372204

(State or Other Jurisdiction
of Incorporation)

(Commission File Number)

(IRS Employer
Identification No.)

 

 

 

 

 

c/o Vantage Energy Services, Inc.

777 Post Oak Boulevard

Suite 440

 

Houston, Texas

 

77056

(Address of Principal Executive Offices)

 

(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: (281) 404-4700

 

(Not applicable)

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class

 

Trading
Symbol(s)

 


Name of each exchange on which registered

N/A

 

N/A

 

N/A

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

Explanatory Note

On August 11, 2022, Vantage Drilling International (the "Company") issued an earnings release announcing its financial results for the three and six months ended June 30, 2022 and its financial condition as of June 30, 2022. A copy of the earnings release was furnished with a Current Report on Form 8-K filed on August 11, 2022 (the “Original 8-K”). This Amendment No. 1 on Form 8-K/A is being filed to amend Item 2.02 of the Original 8-K, solely for the purpose of correcting certain immaterial errors in the Statement of Cash Flows for the six months ended June 30, 2022, as described below (the "Corrected Items").

Item 2.02 Results of Operations and Financial Condition.

On August 11, 2022, the Company issued an earnings release announcing its financial results for the three and six months ended June 30, 2022 and its financial condition as of June 30, 2022 (the "Original Earnings Release"). The Corrected Items are presented in the statement below (with original reported items struck and the Corrected Items in bold type and underlined).

 

Vantage Drilling International (1)

 

Consolidated Statement of Cash Flows

 

(In thousands)

 

(Unaudited)

 

 

 

 

Six Months Ended June 30,

 

 

 

 

2022

 

 

2021

 

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

 

 

Net income (loss)

 

 

$

34,139

 

 

$

(64,980

)

Adjustments to reconcile net income (loss) to net cash used in operating activities

 

 

 

 

 

 

 

Depreciation expense

 

 

 

22,382

 

 

 

28,286

 

Amortization of debt financing costs

 

 

 

820

 

 

 

819

 

Share-based compensation expense

 

 

 

44

 

 

 

337

 

Deferred income tax expense

 

 

 

410

 

 

 

236

 

Gain on disposal of assets

 

 

 

(1,630

)

 

 

(2,715

)

Gain on EDC Sale

 

 

 

(60,781

)

 

 

—

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

Trade receivables, net

 

 

 

(58,864

)

 

 

(6,888

)

Materials and supplies

 

 

 

(1,811

)

 

 

(1,481

)

Prepaid expenses and other current assets

 

3,369

 

 

2,918

 

 

 

(1,440

)

Other assets

 

 

 

(25,043

)

 

 

(1,821

)

Accounts payable

 

 

 

29,564

 

 

 

2,798

 

Other current liabilities and other long-term liabilities

 

 

 

17,696

 

 

 

5,905

 

Net cash used in operating activities

 

(39,705

)

 

(40,156

)

 

 

(40,944

)

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

 

 

 

 

Additions to property and equipment

 

(7,736

)

 

(7,285

)

 

 

(2,711

)

Net proceeds from EDC Sale

 

 

 

200,000

 

 

 

—

 

Net proceeds from sale of assets

 

 

 

3,100

 

 

 

—

 

Net proceeds from sale of Titanium Explorer

 

 

 

—

 

 

 

13,557

 

Net cash provided by investing activities

 

195,364

 

 

195,815

 

 

 

10,846

 

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

 

 

 

Net cash provided by financing activities

 

 

 

—

 

 

 

—

 

Net increase (decrease) in unrestricted and restricted cash and cash equivalents

 

 

 

155,659

 

 

 

(30,098

)

Unrestricted and restricted cash and cash equivalents—beginning of period

 

 

 

90,608

 

 

 

154,487

 

Unrestricted and restricted cash and cash equivalents—end of period

 

 

$

246,267

 

 

$

124,389

 

 

 

 

 

 

 

 

 

(1) From page 5 of the Original Earnings Release

 

 

 

 

 

 

 

 

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

 

 

VANTAGE DRILLING INTERNATIONAL

 

 

 

 

Date:

August 12, 2022

By:

/s/ Douglas E. Stewart

 

 

 

Douglas E. Stewart
Chief Financial Officer, General Counsel and Corporate Secretary