EX-12.1 7 dex121.htm RATIO OF EARNINGS Ratio of Earnings

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,
2011		     Years Ended December 31,  
     2010     2009     2008     2007  

Earnings (Loss)

           

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

    $ (15,745 )    $ (28,627 )    $ 10,811      $ (48,049 )    $ 6,752   

Fixed charges

      41,962        97,052        32,343        4,033        21   

Amortization of capitalized interest

      625        1,712        528        66        —     

Distributed income of equity investees

      —          —          —          —          —     

Company’s share of pre-tax losses of equity investees

      —          —          —          —          —     

Capitalized interest

      —          (47,225 )      (23,813 )      (3,942 )      —     

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

      0        0        0        0        0   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings (loss) as adjusted

    $ 26,842      $ 22,912      $ 19,870      $ (47,891 )    $ 6,773   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed Charges

           

Interest expense

    $ 41,542      $ 49,827      $ 8,178      $ 56      $ —     

Capitalized interest

      —          47,225        23,813        3,942        —     

Amortization of debt financing costs

      —          —          —          —          —     

Portion of rental expense representative of the interest factor

      420        —          353        35        21   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total fixed charges

    $ 41,962      $ 97,052      $ 32,343      $ 4,033      $ 21   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings to fixed charges (a)

      —          —          —          —          322.5   

 

(a) For the three months ended March 31, 2011, and for the years ended December 31, 2010, 2009 and 2008, earnings were not sufficient to cover fixed charges by approximately $15.1 million, $74.1 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.