Exhibit 12.1
Vantage Drilling Company
Ratio of Earnings to Fixed Charges
(In thousands, except Ratio of Earnings to Fixed Charges)
Nine Months Ended September 30, | Years Ended December 31, | |||||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||||||
Earnings (Loss) | ||||||||||||||||||||||||
Earnings (loss) before provision for income taxes and minority interest | $ | 2,848 | $ | (68,520 | ) | $ | (28,627 | ) | $ | 10,811 | $ | (48,049 | ) | $ | 6,752 | |||||||||
Fixed charges | 161,688 | 164,090 | 97,680 | 32,343 | 4,033 | 21 | ||||||||||||||||||
Amortization of capitalized interest | 1,836 | 2,621 | 1,712 | 528 | 66 | — | ||||||||||||||||||
Capitalized interest | (55,731 | ) | (7,311 | ) | (47,225 | ) | (23,813 | ) | (3,942 | ) | — | |||||||||||||
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Earnings (loss) as adjusted | $ | 110,641 | $ | 90,880 | $ | 23,540 | $ | 19,870 | $ | (47,891 | ) | $ | 6,773 | |||||||||||
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Fixed Charges | ||||||||||||||||||||||||
Interest expense | $ | 104,518 | $ | 154,897 | $ | 49,827 | $ | 8,178 | $ | 56 | $ | — | ||||||||||||
Capitalized interest | 55,731 | 7,311 | 47,225 | 23,813 | 3,942 | — | ||||||||||||||||||
Amortization of debt financing costs | — | — | — | — | — | — | ||||||||||||||||||
Portion of rental expense representative of the interest factor | 1,439 | 1,882 | 627 | 353 | 35 | 21 | ||||||||||||||||||
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Total fixed charges | $ | 161,688 | $ | 164,090 | $ | 97,680 | $ | 32,343 | $ | 4,033 | $ | 21 | ||||||||||||
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Ratio of earnings to fixed charges (a) | — | — | — | — | — | 322.53 |
(a) | For the nine months ended September 30, 2012, and for the years ended December 31, 2011, 2010, 2009 and 2008, earnings were not sufficient to cover fixed charges by approximately $51.0 million, $73.2 million, $74.5 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. |