Exhibit 12.1
Vantage Drilling International
Ratio of Earnings to Fixed Charges
(In thousands, except Ratio of Earnings to Fixed Charges)
| Successor | Predecessor | |||||||||||||||||||||||
| Period from February 10, 2016 to December 31, 2016 | Period from January 1, 2016 to February 10, 2016 | |||||||||||||||||||||||
| Years Ended December 31, | ||||||||||||||||||||||||
| 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||||
Earnings (Loss) | ||||||||||||||||||||||||
Earnings (loss) before provision for income taxes and minority interest | $ | (136,469 | ) | $ | (469,644 | ) | $ | 62,124 | $ | 132,930 | $ | (19,696 | ) | $ | (101,081 | ) | ||||||||
Fixed charges | 67,349 | 1,728 | 174,612 | 197,291 | 214,894 | 216,068 | ||||||||||||||||||
Amortization of capitalized interest | — | 616 | 5,602 | 5,602 | 5,352 | 3,857 | ||||||||||||||||||
Capitalized interest | — | — | — | — | (14,995 | ) | (74,718 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Earnings (loss) as adjusted | $ | (69,119 | ) | $ | (467,300 | ) | $ | 242,338 | $ | 335,823 | $ | 185,556 | $ | 44,126 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Fixed Charges | ||||||||||||||||||||||||
Interest expense | $ | 67,023 | $ | 1,728 | $ | 173,634 | $ | 196,159 | $ | 198,779 | $ | 139,662 | ||||||||||||
Capitalized interest | — | — | — | — | 14,995 | 74,718 | ||||||||||||||||||
Amortization of debt financing costs | — | — | — | — | — | — | ||||||||||||||||||
Portion of rental expense representative of the interest factor | 326 | — | 979 | 1,131 | 1,121 | 1,688 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total fixed charges | $ | 67,349 | $ | 1,728 | $ | 174,612 | $ | 197,291 | $ | 214,894 | $ | 216,068 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratio of earnings to fixed charges (a) | — | — | 1.39 | 1.70 | — | — | ||||||||||||||||||
| (a) | For the period from February 10, 2016 to December 31, 2016, the period January 1, 2016 to February 10, 2016 and the years ended December 31, 2013 and 2012, earnings were not sufficient to cover fixed charges by approximately $136.5 million, $469.0 million, $29.3 million and $171.9 million, respectively. |