29 Sept 2023listing compliance notice▼ BadMajor
VANTAGE DRILLING INTERNATIONAL suspended its duty to file periodic reports with the SEC.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
20 July 2023production update● Neutral
The company filed another fleet status report with updates on its drilling contracts. The report's contents are not included in the filing text provided, so no contract details can be stated.
7 Mar 2023debt financing▲ GoodMajor
On March 1, 2023 the company issued $200 million of 9.500% senior secured first lien notes due February 15, 2028, and used the proceeds to repay and redeem all of its 9.250% first lien notes due 2023. This replaces the notes that were due in November 2023, at a slightly higher stated interest rate, and any leftover proceeds go to general corporate purposes. The new notes are guaranteed by subsidiaries and secured by a first lien on substantially all assets.
8 Nov 2022production update● Neutral
The company filed an updated fleet status report on its drilling contracts. The report's contents are not included in the filing text provided, so no contract details can be stated.
31 May 2022material agreement▲ GoodMajor
The sale of Emerald Driller Company to ADES Arabia, agreed in December 2021, closed on May 27, 2022 for $170 million in cash plus a further $34 million for contract preparation cost reimbursements, with $4 million held in escrow against possible price adjustments. EDC holds the Emerald Driller, Sapphire Driller and Aquamarine Driller jack-up rigs in Qatar. Vantage will provide support services on the three rigs for three years, and the company says it is still evaluating uses for the proceeds.
21 Dec 2021material agreement▲ GoodMajor
The company agreed (effective December 20, 2021) to sell Emerald Driller Company to ADES Arabia Holding for $170 million in cash, subject to adjustments, plus reimbursement of certain Qatar contract preparation and mobilization costs. The company will own the Emerald Driller and, before closing, the Sapphire Driller and Aquamarine Driller jack-up rigs, all for Qatar, and will provide support services to ADES for three years after closing, which is expected in the second quarter of 2022. ADES is already the 49% partner in the company's Egypt joint venture, and the company said it is still evaluating uses for the proceeds.
2 June 2020production update● Neutral
On June 2, 2020 the company filed another updated fleet status report on its drilling contracts. The filing text shown contains no contract details (the exhibit is cut off), so no specifics can be given.
12 May 2020production update● Neutral
On May 12, 2020 the company filed an updated fleet status report on its drilling contracts. The filing text shown contains no contract details (the exhibit is cut off), so no specifics can be given.
5 Dec 2019material agreement termination● NeutralMajor
On December 4, 2019 all of the 1%/12% third lien convertible notes issued in the 2016 restructuring were converted into ordinary shares at about one share per $95.60 of notes, ending the stapled securities. The company issued 8,114,977 additional shares and now has 13,115,026 shares outstanding, and the notes' indenture is discharged.
24 June 2019material agreement▲ GoodMajor
On June 20, 2019 the company's subsidiaries settled the Petrobras arbitration award with Petrobras parties, receiving $690.8 million (from PVIS) and $10.1 million (from PAI) on June 21, 2019 in full satisfaction of the award and the related U.S. court judgment. This resolves the long-running Titanium Explorer wrongful termination claim in cash, but Petrobras kept its right to appeal and could claim repayment if the judgment is overturned. The payments will also be reduced by legal fees (including a 10% contingency fee) and taxes.
4 Dec 2018debt financing● NeutralMajor
On November 30, 2018 the company closed the $350 million 9.25% senior secured first lien notes due November 15, 2023, with interest paid in cash twice a year from May 15, 2019 and secured by a first lien on substantially all assets. This completes the offering priced on November 15; the stated plan is to use proceeds to repay the first lien credit agreement, redeem the 10% second lien notes, and fund a new jack-up rig purchase.
15 Nov 2018capital raising announcement● NeutralMajor
On November 15, 2018 the company announced it priced $350 million of 9.25% senior secured first lien notes due 2023 at par in a private placement, expected to close November 30, 2018. Proceeds are planned to repay and terminate the existing first lien credit agreement, redeem all of the 10% second lien notes due 2020, fund the remaining payments for the purchase of a new jack-up rig (if that purchase completes), and pay fees, with any remainder for general corporate purposes.
17 Feb 2016bankruptcy or receivership● NeutralMajor
On February 10, 2016 the company (formerly Offshore Group Investment Limited) emerged under its restructuring plan with new debt: a Second Amended and Restated Credit Agreement (revolving loans converted into $143 million of senior secured term loans, plus a $32 million letter of credit facility, maturing December 31, 2019), up to $76.125 million of 10% second lien notes due 2020, and third lien 1%/12% step-up convertible notes due 2030 issued stapled to new ordinary shares. The third lien notes convert at an initial $95.60 per share, only under set conditions such as majority noteholder instruction or resolution of the Petrobras-related Investigation Claims. A Management Incentive Plan (initial grants valued at $44.5 million) and new executive employment agreements were also adopted, with future awards tied to 3.25% of net proceeds of the Petrobras arbitration. The filing text is truncated, so other items (share issuance, board changes) are not covered here.