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Vantage Drilling Company Common Shares (VTGDF)

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http://vantagedrilling.com/
Publicly traded VTGDF OWNS 13.10% OF Privately held VDI:
As of June 10, 2016, we (VDI) had 4,344,959 Units of Stapled Securities and 5,000,053 Ordinary Shares outstanding. The amounts and percentages of Stapled Securities and Ordinary Shares beneficially owned are reported on the basis of regulations of the SEC governing the determination of beneficial ownership of securities....(One unit of stapled security may be converted to one ordinary share at a price of $95.60)...
 
                                         

Name of
beneficial owner (1)
   Number of
Stapled
Securities
beneficially
owned
     Percent of
Class
    Units of
Stapled
Securities That
May Be
Offered For
Resale (2)
     Number of
Ordinary
Shares
Beneficially
Owned
     Percent
of Class
 
5% Shareholders                                            
York Funds(3)(4)      798,724         18.38     798,724         798,724         15.97
Vantage Drilling Company [VTGDF](5)      —           —          —           655,094         13.10
Anchorage Funds(3)(6)      472,188         10.87     472,188         472,188         9.44
GoldenTree Funds(3)(7)      365,963         8.42     365,963         365,963         7.32
Knighthead Funds(3)(8)      348,764         8.03     348,764         348,764         6.98
Q Funds(3)(9)      252,799         5.82     252,799         252,799         5.06
Other Shareholders:                                            
Whitebox Funds(3)(10)      161,083         3.71     161,083         161,083         3.22
Wingspan Funds(3)(11)      133,076         3.06     133,076         133,076         2.66
AllianceBernstein L.P.(3)(12)      132,861         3.06     132,861         132,861         2.66
                                      [p93, https://www.sec.gov/Archives/edgar/data/1380565/000119312516623667/d207238ds1.htm#tx207238_12, accessed july 19 2016]
 
Reorganization Value = $1.285 billion: Reorganization value represents the fair value of the Successor’s total assets and is intended to approximate the amount a willing buyer would pay for the assets immediately after restructuring. Under fresh-start accounting, we allocated the reorganization value to our individual assets based on their estimated fair values.
Our reorganization value is derived from an estimate of enterprise value. Enterprise value represents the estimated fair value of an entity’s long term debt and shareholders’ equity. The estimated enterprise value of the Company of approximately $954.2 million represents management’s best estimate of fair value on the Effective Date and the value contemplated by the Bankruptcy Court in confirmation of the Reorganization Plan after extensive negotiations among the Company and its creditors. The estimated enterprise value, after adding cash plus the estimated fair values of all of the Company’s non-debt liabilities, is intended to approximate the reorganization value. A reconciliation of the reorganization value is provided in the table below:

 
         
(in thousands)       
Enterprise value    $ 954,242   
Plus: Cash, cash equivalents and restricted cash      250,046   
Plus: Working capital surplus      712   
Plus: Current liabilities      80,284   
    
 
 
 
Reorganization value of Successor assets    $ 1,285,284   
    
 
 
 
 
Reorganization value and enterprise value were estimated using numerous projections and assumptions that are inherently subject to significant uncertainties and resolution of contingencies that are beyond our control. Accordingly, the estimates set forth herein are not necessarily indicative of actual outcomes, and there can be no assurance that the estimates, projections or assumption will be realized.
In order to estimate the enterprise value of the Company, we used a discounted cash flow methodology. The discounted cash flow analysis estimates the value of a business by calculating the present value of expected future unlevered after-tax free cash flows to be generated by such business. This analysis is supported through a comparison of indicated values resulting from the use of other valuation techniques including: (i) a comparison of financial multiples implied by the estimated enterprise value to a range of multiples of publicly held companies with similar characteristics, and (ii) an analysis of comparable valuations indicated by precedent mergers or acquisitions of such companies.
The financial projections used to estimate the expected future unlevered after-tax free cash flows were based on our 5-year forecast. The projections were prepared by management and are based on a number of estimates including various assumptions regarding the anticipated future performance of the Company, industry performance, general business and economic conditions and other matters, many of which are beyond our control. The discounted cash flow method also includes assumptions of the weighted average cost of capital (the “Discount Rate”) as well as an estimate of a residual growth rate used to determine the enterprise value represented by the time period beyond the 5-year plan. The Discount Rate was calculated using the capital asset pricing model and resulted in a Discount Rate of 15.2%. The estimated residual growth rate was developed considering the long-term economic outlook of the industry and geographical regions that the Company operates in and resulted in an estimated rate of 2.0%.

                                      [p f10, https://www.sec.gov/Archives/edgar/data/1380565/000119312516623667/d207238ds1.htm#tx207238_12, accessed july 19 2016]

                                                        
 
US Securities and Exchange commission filings_Enter cik# into the Fast Search fieldhttps://www.sec.gov/edgar/searchedgar/companysearch.html      

VANTAGE DRILLING COMPANY CIK#: 0001419428 (see all company filings)
…Above gives VDC aka VTGDF filings…
 
VANTAGE DRILLING INTERNATIONAL CIK#: 0001465872 (see all company filings)
…Above gives VDI filings…

Stock Analysis
Barchart (barchart.com):  http://www.barchart.com/quotes/stocks/VTGDF

Company News
Barchart (barchart.com):  http://www.barchart.com/news/VTGDF

Naked Short Sells
OTC Short Report (otcshortreport.com): http://otcshortreport.com/?index=VTGDF&action=view

Major Shareholders
Equities detail:  http://finra-markets.morningstar.com/MarketData/EquityOptions/detail.jsp?query=22.1.VTGDF
 
       
                                                                                 
                               






Vantage Drilling site pictures some of VTGDF (13.10%) owned modern assets:  http://vantagedrilling.com/
 


Tungsten Explorer

                           Vantage Drilling had Q2-2016 revenues of $533,087 PER DAY.

                                                                                                                                Vantage Drilling International

Consolidated Statement of Operations

(In thousands, except per share amounts)

(Unaudited)

 

 

 

Successor (VDI)

 

 

 

Predecessor (VDC)

 

 

 

Three Months Ended June 30, 2016

 

 

Period from February 10, 2016 to June 30, 2016

 

 

 

Period from January 1, 2016 to February 10, 2016

 

 

Three Months Ended June 30, 2015

 

 

Six Months Ended June 30, 2015

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contract drilling services

 

$

40,901

 

 

$

64,960

 

 

 

$

20,891

 

 

 

202,888

 

 

 

410,869

 

Management fees

 

 

1,712

 

 

 

2,671

 

 

 

 

752

 

 

 

1,902

 

 

 

3,783

 

Reimbursables

 

 

5,898

 

 

 

10,666

 

 

 

 

1,897

 

 

 

9,593

 

 

 

20,252

 

Total revenue

 

 

48,511

 

 

 

78,297

 

 

 

 

23,540

 

 

 

214,383

 

 

 

434,904

 

Operating costs and expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating costs

 

 

34,965

 

 

 

62,404

 

 

 

 

25,213

 

 

 

94,709

 

 

 

190,059

 

General and administrative

 

 

8,695

 

 

 

17,863

 

 

 

 

2,558

 

 

 

6,701

 

 

 

12,691

 

Depreciation

 

 

18,381

 

 

 

30,457

 

 

 

 

10,696

 

 

 

31,781

 

 

 

63,404

 

Total operating costs and expenses

 

 

62,041

 

 

 

110,724

 

 

 

 

38,467

 

 

 

133,191

 

 

 

266,154

 

Income (loss) from operations

 

 

(13,530

)

 

 

(32,427

)

 

 

 

(14,927

)

 

 

81,192

 

 

 

168,750

 

Other income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

9

 

 

 

15

 

 

 

 

3

 

 

 

13

 

 

 

25

 

Interest expense and other financing charges (contractual interest of $23,219 for the period from January 1, 2016 to February 10, 2016)

 

 

(18,772

)

 

 

(29,422

)

 

 

 

(1,728

)

 

 

(45,908

)

 

 

(92,027

)

Gain (loss) on debt extinguishment

 

 

 

 

 

 

 

 

 

 

 

 

(2

)

 

 

10,823

 

Other, net

 

 

(1,516

)

 

 

318

 

 

 

 

(69

)

 

 

1,971

 

 

 

1,820

 

Reorganization items

 

 

(487

)

 

 

(641

)

 

 

 

(452,923

)

 

 

 

 

 

 

Total other income (expense)

 

 

(20,766

)

 

 

(29,730

)

 

 

 

(454,717

)

 

 

(43,926

)

 

 

(79,359

)

Income (loss) before income taxes

 

 

(34,296

)

 

 

(62,157

)

 

 

 

(469,644

)

 

 

37,266

 

 

 

89,391

 

Income tax provision

 

 

1,438

 

 

 

2,605

 

 

 

 

2,371

 

 

 

8,862

 

 

 

38,151

 

Net income (loss)

 

 

(35,734

)

 

 

(64,762

)

 

 

 

(472,015

)

 

 

28,404

 

 

 

51,240

 

Net income (loss) attributable to noncontrolling interests

 

 

 

 

 

 

 

 

 

(969

)

 

 

477

 

 

 

667

 

Net income (loss) attributable to VDI

 

$

(35,734

)

 

$

(64,762

)

 

 

$

(471,046

)

 

$

27,927

 

 

$

50,573

 

[https://www.sec.gov/Archives/edgar/data/1465872/000156459016024035/vdi-10q_20160630.htm, accessed Aug 11 2016.]  Q2-2016 Quarterly report issued Aug 11 2016


                                                                                                                               Vantage Drilling International

Consolidated Statement of Operations

(In thousands, except per share amounts)

(Unaudited)

 

 

 

Successor

 

 

 

Predecessor

 

 

 

 

Period from February 10, 2016 to March 31, 2016

 

 

 

Period from January 1, 2016 to February 10, 2016

 

 

Three Months Ended March 31, 2015

 

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contract drilling services

 

$

24,059

 

 

 

$

20,891

 

 

 

207,981

 

 

Management fees

 

 

959

 

 

 

 

752

 

 

 

1,881

 

 

Reimbursables

 

 

4,768

 

 

 

 

1,897

 

 

 

10,659

 

 

Total revenue

 

 

29,786

 

 

 

 

23,540

 

 

 

220,521

 

 

Operating costs and expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating costs

 

 

27,439

 

 

 

 

25,213

 

 

 

95,350

 

 

General and administrative

 

 

9,168

 

 

 

 

2,558

 

 

 

5,990

 

 

Depreciation

 

 

12,076

 

 

 

 

10,696

 

 

 

31,623

 

 

Total operating costs and expenses

 

 

48,683

 

 

 

 

38,467

 

 

 

132,963

 

 

Income (loss) from operations

 

 

(18,897

)

 

 

 

(14,927

)

 

 

87,558

 

 

Other income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

6

 

 

 

 

3

 

 

 

12

 

 

Interest expense and other financing charges (contractual interest of $23,219 for the period from January 1, 2016 to February 10, 2016)

 

 

(10,650

)

 

 

 

(1,728

)

 

 

(46,119

)

 

Gain on debt extinguishment

 

 

 

 

 

 

 

 

 

10,825

 

 

Other, net

 

 

1,834

 

 

 

 

(69

)

 

 

(151

)

 

Reorganization items

 

 

(154

)

 

 

 

(452,923

)

 

 

 

 

Total other income (expense)

 

 

(8,964

)

 

 

 

(454,717

)

 

 

(35,433

)

 

Income (loss) before income taxes

 

 

(27,861

)

 

 

 

(469,644

)

 

 

52,125

 

 

Income tax provision

 

 

1,167

 

 

 

 

2,371

 

 

 

29,289

 

 

Net income (loss)

 

 

(29,028

)

 

 

 

(472,015

)

 

 

22,836

 

 

Net income (loss) attributable to noncontrolling interests

 

 

 

 

 

 

(969

)

 

 

190

 

 

Net income (loss) attributable to VDI

 

$

(29,028

)

 

 

$

(471,046

)

 

$

22,646

 

 

[https://www.sec.gov/Archives/edgar/data/1465872/000156459016019377/vdi-10q_20160331.htm, accessed Aug 4 2016]  Q1-2016  quarterly report issued May 13 2016 for Vantage Drilling.

Two of the Billionaires currently Invested in Vantage Drilling: 


A) Mr. Kevin Michael Ulrich co-founded at Anchorage Capital Group, L.L.C in 2003 and serves as its Chief Executive Officer and Portfolio Manager. He serves as a Managing Member at Anchorage Advisors Management L.L.C. He ran the proprietary debt-trading operation at The Goldman Sachs Group, Inc. Mr. Ulrich serves as a Director at MGM Holdings Inc. Mr. Ulrich has been a Board Observer of US Oil Sands Inc. since October 2013.
[http://www.bloomberg.com/research/stocks/private/person.asp?personId=27482846&privcapId=6707475, accessed July 25 2016]

Mr. Ulrich controls 22% of VDI + 1,381,475 shares of  of VTGDF at a cost of $2.39 per share.

[https://nyppagesix.files.wordpress.com/2015/07/470940511kc00020_86th_annua.jpg?quality=90&strip=all&w=1200, accessed July 25,2016.]

B)
James G. Dinan is the chairman and controls York Capital Management Global Advisors...#906 (Ranked List of global billionaires)  Real Time Net Worth As of 7/25/16  $2 Billion.  Founder, York Capital Management.  Education:  Bachelor of Arts / Science, University of Pennsylvania Wharton School; Master of Business Administration, Harvard University.

Mr. Dinan controls 19% of VDI
[http://www.forbes.com/profile/james-dinan/, accessed July 25 2016]

[http://stockcharts.com/h-sc/ui, accessed Aug 13 2016]
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VTGDF News: Termination of Registration of a Class of Security Under Section 13 and 15(d) (15-15d) 03/30/2016 12:53:05 PM
VTGDF News: Termination of Registration of a Class of Security Under Section 13 and 15(d) (15-15d) 03/30/2016 12:52:37 PM
VTGDF News: Termination of Registration of a Class of Security Under Section 12(b) (15-12b) 03/30/2016 12:51:33 PM
VTGDF News: Notice of Effectiveness (effect) 03/29/2016 06:01:42 AM
VTGDF News: Notice of Effectiveness (effect) 03/29/2016 06:01:42 AM
PostSubject
#1028  Sticky Note VANTAGE DRILLING COMPANY (In Official Liquidation) seven-up 04/10/17 05:15:27 PM
#1279   Ah ok, fair enough l_winthorpe 12/14/17 03:13:04 PM
#1278   Yes, that has been the way it has Alpha1974 12/14/17 05:16:06 AM
#1277   Ah ok. I could see that. The thing l_winthorpe 12/13/17 05:18:01 PM
#1276   If they consider little to no value: Alpha1974 12/12/17 07:11:16 PM
#1275   seven-up Wednesday, 01/20/16 03:39:45 PM seven-up 12/12/17 04:41:51 PM
#1274   Possibly a few reasons, trying to wait until Alpha1974 12/12/17 03:32:27 PM
#1273   I mean why wouldn't they? Not trying to l_winthorpe 12/12/17 12:24:45 PM
#1272   Not sure but that is literally a million Alpha1974 12/12/17 04:34:44 AM
#1271   Would the 43.8% be the shares held by l_winthorpe 12/12/17 01:37:44 AM
#1270   I also have never heard any information about Alpha1974 12/11/17 07:24:32 AM
#1269   To be honest, I am not sure. I've l_winthorpe 12/10/17 09:12:01 PM
#1268   Just wondering who are the creditors your talking about? Alpha1974 12/08/17 06:47:56 AM
#1267   LOL and a "Ha,Ha,Ha", somebody didn't read that Alpha1974 12/07/17 09:45:34 PM
#1266   Actually due to the restructuring agreement, VTGDF signed Alpha1974 12/07/17 09:38:41 PM
#1265   LOL one holds $121.50 worth of share and seven-up 12/07/17 06:39:07 PM
#1264   NOTHING They are being liquidated and closing down. seven-up 12/07/17 06:27:52 PM
#1263   So what about VTGDF's creditors? Aren't they just l_winthorpe 12/07/17 05:34:32 PM
#1262   Ah ok. So VTGDF shares in VDI were l_winthorpe 12/07/17 05:33:12 PM
#1261   So according to that article, the stock is l_winthorpe 12/07/17 05:32:07 PM
#1260   FYI Vantage Drilling Company still has institutional investors: Alpha1974 12/05/17 11:38:26 PM
#1259   VTGDF have no creditors, during the restructuring process Alpha1974 12/05/17 04:57:28 PM
#1258   Maybe this will help you in your DD seven-up 12/05/17 12:40:47 PM
#1257   VTGDF does not own VDI, they were given seven-up 12/05/17 12:17:02 PM
#1256   Well, I have been covering this company for Alpha1974 12/04/17 11:01:56 PM
#1255   That is the impression I am getting, except Alpha1974 12/04/17 10:58:32 PM
#1254   Yeah, just trying to get a handle on l_winthorpe 12/04/17 09:17:37 PM
#1253   Just to be clear, VTGDF owns VDI, and l_winthorpe 12/04/17 09:06:42 PM
#1252   So the company isn't worthless, just trying to l_winthorpe 12/04/17 09:04:01 PM
#1251   The interesting thing about VTGDF is even if Alpha1974 12/04/17 06:12:55 PM
#1250   You are confusing VTGDF with VDI. They are seven-up 12/04/17 01:52:42 PM
#1249   Yes, I doubled my position this year at Alpha1974 12/03/17 03:51:50 AM
#1248   yes, more than a year. how about you, Alpha1974 12/03/17 03:43:20 AM
#1247   So you long on VTGDF? Am I interpreting l_winthorpe 12/02/17 06:20:47 PM
#1246   But if you know a pattern, can't you l_winthorpe 12/02/17 06:18:07 PM
#1245   So if there is nothing left for shareholders, l_winthorpe 12/02/17 05:22:42 PM
#1244   You should read this to understand the Cayman seven-up 12/01/17 06:30:29 PM
#1243   Forgot to mention the Market Maker, the reason Alpha1974 11/30/17 10:05:23 PM
#1242   For all practical sense, Seeking Alpha does not Alpha1974 11/30/17 09:44:32 PM
#1241   Ok, thank you for clearing that up. I l_winthorpe 11/30/17 08:46:50 PM
#1240   All reporting done by Seeking Alpha is typically Alpha1974 11/30/17 04:58:55 AM
#1239   I am confused. Some reports say that the l_winthorpe 11/29/17 10:04:52 PM
#1238   You mean you don't think they will receive l_winthorpe 11/29/17 09:59:12 PM
#1237   WOW! I didn't realize it was that bad. l_winthorpe 11/29/17 09:55:41 PM
#1236   Nothing but equity assets! And 13.1% of the Alpha1974 11/29/17 04:18:13 PM
#1235   https://seekingalpha.com/article/3963667-vantage-drilling-international-vantage- seven-up 11/29/17 03:23:04 PM
#1234   There is nothing there no company or employees, seven-up 11/29/17 03:19:52 PM
#1233   The position is good right now and getting Alpha1974 11/29/17 05:20:31 AM
#1232   Ah ok, that makes sense. So almost 22% l_winthorpe 11/28/17 10:22:37 PM
#1231   Wasn't the liquidation part of the bankruptcy? Maybe l_winthorpe 11/28/17 10:09:05 PM
#1230   Who is in BK???? VTGDF was liquidated thru seven-up 11/28/17 09:57:25 AM
PostSubject