Exhibit 12.1
Vantage Drilling Company
Ratio of Earnings to Fixed Charges
Years Ended December 31, | ||||||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||||||
Earnings (Loss) | ||||||||||||||||||||||||
Add: (a) | ||||||||||||||||||||||||
Earnings (loss) before income taxes and minority interest | (126,398,163 | ) | (68,519,643 | ) | (28,627,198 | ) | 10,811,312 | (48,048,658 | ) | 6,752,071 | ||||||||||||||
Fixed Charges | 225,900,642 | 164,089,683 | 97,679,698 | 32,342,787 | 4,033,444 | 21,000 | ||||||||||||||||||
Amortization of capitalized interest | 3,994,448 | 2,621,146 | 1,712,219 | 528,262 | 65,694 | — | ||||||||||||||||||
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103,496,927 | 98,191,186 | 70,764,718 | 43,682,361 | (43,949,521 | ) | 6,773,071 | ||||||||||||||||||
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Subtract: (b) | ||||||||||||||||||||||||
Capitalized interest | 75,087,351 | 7,310,772 | 47,224,870 | 23,812,505 | 3,941,617 | — | ||||||||||||||||||
Minority interest in pre-tax income of subsidiaries with no fixed charges | — | — | — | — | — | — | ||||||||||||||||||
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75,087,351 | 7,310,772 | 47,224,870 | 23,812,505 | 3,941,617 | — | |||||||||||||||||||
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Earnings (loss) as adjusted | 28,409,576 | 90,880,414 | 23,539,848 | 19,869,856 | (47,891,138 | ) | 6,773,071 | |||||||||||||||||
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Fixed Charges | ||||||||||||||||||||||||
Interest expense, net (d) | 149,118,358 | 154,896,789 | 49,827,383 | 8,177,650 | 56,485 | — | ||||||||||||||||||
Capitalized interest | 75,087,351 | 7,310,772 | 47,224,870 | 23,812,505 | 3,941,617 | — | ||||||||||||||||||
Amortization of debt financing costs (c) | — | — | — | — | — | — | ||||||||||||||||||
Portion of rental expense representative of the interest factor | 1,694,933 | 1,882,122 | 627,445 | 352,632 | 35,342 | 21,000 | ||||||||||||||||||
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Total fixed charges | 225,900,642 | 164,089,683 | 97,679,698 | 32,342,787 | 4,033,444 | 21,000 | ||||||||||||||||||
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Ratio of Earnings to Fixed Charges | 0.13 | 0.55 | 0.24 | 0.61 | (11.87 | ) | 322.53 | |||||||||||||||||
Earnings required to cover deficiency of fixed charges to earnings | 197,491,066 | 73,209,269 | 74,139,849 | 12,472,931 | 51,924,581 | (6,752,071 | ) |
(a) | there were no (d) distributed income of equity investees or (e) pre-tax losses of equity investees for which charges arising from guarantees are included in fixed charges as specified in instruction (C) to Item 503(d) of Reg S-K for any of the reported periods |
(b) | there was no minority interest in pre-tax income of subsidiaries that have not incurred fixed charges as specified in instruction (C) to Item 503(d) of Reg S-K for any of the reported periods |
(c) | when debt financing costs are amortized, the charge is to interest expense; thus the amortization of the debt financing costs is included in the interest expense, net and capitalized interest amounts |
(d) | the loss on debt extinguishments recorded in Q4 2012, Q3 2012, Q2 2011 & Q3 2010 of $122.1 million, $2.5 million, $25.2 million and $24.0 million respectively are not included in the calculation of interest expense |