Attached files
Exhibit 99.6
Selected Historical Consolidated Financial Data
The data below as of and for the years ended December 31, 2007 and 2008 have been derived from our audited consolidated financial statements for such years, which are included elsewhere in this offering memorandum. The data as of and for the nine months ended September 30, 2008 and 2009 have been derived from our consolidated financial statements as of such dates and for such periods, which are unaudited but which, in management’s opinion, include all adjustments, consisting only of normal, recurring adjustments, necessary for a fair presentation of the data, and which are included elsewhere in this offering memorandum. Our unaudited consolidated results of operations for the nine months ended September 30, 2009 may not be indicative of the results that may be expected for the full year.
We have not included any financial or operating data for any periods prior to those listed above because we did not generate revenue or have significant operations prior to February 2009, when we deployed the first jackup rig. Prior to June 2008, when we completed the acquisition of Offshore Group Investment Limited and our merger with our predecessor, Vantage Energy, we had no operating assets or revenue. For these periods, the issuer had no assets or operations and, as a result, we have not presented any financial or operating data for the issuer.
The information presented below should be read in conjunction with “Use of Proceeds,” “Capitalization,” “Selected Historical Consolidated Financial Data,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our parent’s audited and unaudited financial statements and related notes thereto included elsewhere in this offering memorandum.
| Fiscal Year Ended December 31, |
Nine Months Ended September 30, |
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| 2007 | 2008 | 2008 | 2009 | |||||||||||||
| Statement of Operations Data: |
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| Revenue |
$ | — | $ | 913 | $ | — | $ | 72,935 | ||||||||
| Operating costs and expenses |
||||||||||||||||
| Operating costs |
— | 5,365 | 2,243 | 35,550 | ||||||||||||
| General and administrative |
937 | 9,333 | 5,863 | 11,140 | ||||||||||||
| Impairment and termination costs |
— | 38,286 | — | — | ||||||||||||
| Depreciation |
10 | 101 | 23 | 6,923 | ||||||||||||
| Total operating expenses |
947 | 53,086 | 8,129 | 53,613 | ||||||||||||
| Operating income (loss) |
(947 | ) | (52,173 | ) | (8,129 | ) | 19,322 | |||||||||
| Other income (expense) |
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| Interest income |
7,699 | 4,095 | 4,089 | 13 | ||||||||||||
| Interest expense |
— | (56 | ) | — | (4,004 | ) | ||||||||||
| Other income |
— | 86 | — | 316 | ||||||||||||
| Total other income (expense) |
7,699 | 4,125 | 4,089 | (3,675 | ) | |||||||||||
| Income (loss) before income taxes |
6,752 | (48,048 | ) | (4,040 | ) | 15,647 | ||||||||||
| Income tax provision (benefit) |
2,299 | (670 | ) | (130 | ) | 2,534 | ||||||||||
| Net income (loss) |
$ | 4,454 | $ | (47,378 | ) | $ | (3,910 | ) | $ | 13,113 | ||||||
| Statement of Cash Flow Data: |
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| Net cash provided by (used in) operating activities |
$ | 5,196 | $ | (5,829 | ) | $ | (2,436 | ) | $ | (6,092 | ) | |||||
| Net cash used in investing activities |
(273,988 | ) | (111,063 | ) | (47,967 | ) | (304,103 | ) | ||||||||
| Net cash provided by (used in) financing activities |
270,021 | 132,187 | 62,187 | 334,308 | ||||||||||||
| Balance Sheet Data: |
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| Cash and cash equivalents |
$ | 274,372 | $ | 18,257 | $ | 14,146 | $ | 65,586 | ||||||||
| Property and equipment, net |
112 | 630,896 | 596,921 | 752,583 | ||||||||||||
| Total assets |
275,639 | 665,284 | 621,973 | 979,180 | ||||||||||||
| Total debt |
— | 150,240 | 79,000 | 281,741 | ||||||||||||
| Total shareholders’ equity |
187,122 | 496,451 | 538,784 | 666,308 | ||||||||||||
(Dollars in thousands)
38