UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
(Amendment No.1)
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): |
(Exact name of Registrant as Specified in Its Charter)
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(Commission File Number) |
(IRS Employer |
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(Address of Principal Executive Offices) |
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Registrant’s Telephone Number, Including Area Code: |
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Trading |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Explanatory Note
Item 2.02 Results of Operations and Financial Condition.
On August 11, 2022, the Company issued an earnings release announcing its financial results for the three and six months ended June 30, 2022 and its financial condition as of June 30, 2022 (the "Original Earnings Release"). The Corrected Items are presented in the statement below (with original reported items struck and the Corrected Items in bold type and underlined).
Vantage Drilling International (1) |
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Consolidated Statement of Cash Flows |
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(In thousands) |
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(Unaudited) |
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Six Months Ended June 30, |
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2022 |
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2021 |
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CASH FLOWS FROM OPERATING ACTIVITIES |
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Net income (loss) |
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$ |
34,139 |
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$ |
(64,980 |
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Adjustments to reconcile net income (loss) to net cash used in operating activities |
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Depreciation expense |
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22,382 |
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28,286 |
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Amortization of debt financing costs |
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820 |
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819 |
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Share-based compensation expense |
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44 |
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337 |
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Deferred income tax expense |
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410 |
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236 |
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Gain on disposal of assets |
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(1,630 |
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(2,715 |
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Gain on EDC Sale |
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(60,781 |
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— |
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Changes in operating assets and liabilities: |
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Trade receivables, net |
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(58,864 |
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(6,888 |
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Materials and supplies |
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(1,811 |
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(1,481 |
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Prepaid expenses and other current assets |
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3,369 |
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2,918 |
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(1,440 |
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Other assets |
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(25,043 |
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(1,821 |
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Accounts payable |
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29,564 |
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2,798 |
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Other current liabilities and other long-term liabilities |
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17,696 |
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5,905 |
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Net cash used in operating activities |
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(39,705 |
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(40,156 |
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(40,944 |
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CASH FLOWS FROM INVESTING ACTIVITIES |
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Additions to property and equipment |
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(7,736 |
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(7,285 |
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(2,711 |
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Net proceeds from EDC Sale |
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200,000 |
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— |
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Net proceeds from sale of assets |
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3,100 |
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Net proceeds from sale of Titanium Explorer |
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— |
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13,557 |
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Net cash provided by investing activities |
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195,364 |
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195,815 |
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10,846 |
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CASH FLOWS FROM FINANCING ACTIVITIES |
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Net cash provided by financing activities |
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— |
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— |
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Net increase (decrease) in unrestricted and restricted cash and cash equivalents |
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155,659 |
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(30,098 |
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Unrestricted and restricted cash and cash equivalents—beginning of period |
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90,608 |
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154,487 |
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Unrestricted and restricted cash and cash equivalents—end of period |
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$ |
246,267 |
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$ |
124,389 |
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(1) From page 5 of the Original Earnings Release |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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VANTAGE DRILLING INTERNATIONAL |
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Date: |
August 12, 2022 |
By: |
/s/ Douglas E. Stewart |
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Douglas E. Stewart |