Vantage Drilling Company Common Shares (VTGDF) Stock Message Board

Moderator:

Search This Board:

Last Post: 5/18/2019 12:36:26 PM - Followers: 24 - Board type: Free - Posts Today: 0

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 field: https://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

Current Rig fleet status: http://vantagedrilling.com/rig-fleet/rig-fleet-status/

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

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]

VTGDF
Current Price
Volume:

Bid	Ask	Day's Range


VTGDF Detailed Quote

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

Vantage Drilling Company Common Shares (VTGDF)

Two of the Billionaires currently Invested in Vantage Drilling:

About

Help

Educational

More

Partners