Exhibit 12.1
Vantage Drilling International
Ratio of Earnings to Fixed Charges
(In thousands, except Ratio of Earnings to Fixed Charges)
| Successor | Predecessor | |||||||||||||||||||||||||||
| Three Months | Period from | Period from | ||||||||||||||||||||||||||
| ended | Year Ended | February 10, | January 1, 2016 | |||||||||||||||||||||||||
| March 31 | December 31, | 2016 to December 31, | to February 10, | Years Ended December 31, | ||||||||||||||||||||||||
| 2018 | 2017 | 2016 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||
| Earnings (Loss) |
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| Earnings (loss) before provision for income taxes and minority interest |
$ | (28,165 | ) | $ | (135,618 | ) | $ | (136,469 | ) | $ | (469,644 | ) | $ | 62,124 | $ | 132,930 | $ | (19,696 | ) | |||||||||
| Fixed charges |
19,300 | 76,807 | 67,349 | 1,728 | 174,612 | 197,291 | 214,894 | |||||||||||||||||||||
| Amortization of capitalized interest |
— | — | — | 616 | 5,602 | 5,602 | 5,352 | |||||||||||||||||||||
| Capitalized interest |
— | — | — | — | — | (14,995 | ) | |||||||||||||||||||||
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| Earnings (loss) as adjusted |
$ | (8,865 | ) | $ | (58,811 | ) | $ | (69,119 | ) | $ | (467,300 | ) | $ | 242,338 | $ | 335,823 | $ | 185,556 | ||||||||||
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| Fixed Charges |
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| Interest expense |
$ | 19,271 | $ | 76,441 | $ | 67,023 | $ | 1,728 | $ | 173,634 | $ | 196,159 | $ | 198,779 | ||||||||||||||
| Capitalized interest |
— | — | — | — | — | 14,995 | ||||||||||||||||||||||
| Amortization of debt financing costs |
— | — | — | — | — | — | ||||||||||||||||||||||
| Portion of rental expense representative of the interest factor |
29 | 366 | 326 | — | 979 | 1,131 | 1,121 | |||||||||||||||||||||
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| Total fixed charges |
$ | 19,300 | $ | 76,807 | $ | 67,349 | $ | 1,728 | $ | 174,612 | $ | 197,291 | $ | 214,894 | ||||||||||||||
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| Ratio of earnings to fixed charges (a) |
— | — | — | — | 1.39 | 1.70 | — | |||||||||||||||||||||
| (a) | For the three months ended March 31, 2018, the year ended December 31, 2017, the period from February 10, 2016 to December 31, 2016, the period from January 1, 2016 to February 10, 2016 and the year ended December 31, 2013, earnings were not sufficient to cover fixed charges by approximately $28.2 million, $135.6 million, $136.5 million, $469.0 million and $29.3 million, respectively. |