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. |