Tektronix Announces New Multi-Vendor Service Available in Bangalore

Bangalore Lab Awarded Accreditation for Calibration of Electrical and RF Instruments

 BANGALORE, INDIA--(Marketwire - July 31, 2012) - Tektronix (service-solutions.tektronix.com), the industry's leading multi-vendor service (MVS) provider of instrument calibration, repair and related services, today announced that the National Accreditation Board for Testing and Calibration Laboratories (NABL) in India has accredited Tektronix to calibrate electrical and RF instruments at its Bangalore service facility.

The NABL accreditation means that Tektronix can now calibrate thousands of electrical and RF instruments, including oscilloscopes, multi-meters, signal generators spectrum analyzers, RF power meters, frequency counters, arbitrary waveform generators, and more from hundreds of manufacturers. In addition, the company can also calibrate instruments to the demanding ISO 17025 accreditation standard, which is increasingly required by international companies.

"We are delighted that we have been awarded this accreditation by NABL. It represents the culmination of many years of hard work and is the result of a multi-million dollar investment that Tektronix has made in new equipment, site infrastructure, and people in India," said Naresh Narasimhan, Marketing Manager of Tektronix India. "We can now address all of the electrical and RF calibration needs that a company may have. This means our customers will only need one supplier to manage their calibration program, reducing management costs and increasing the quality of the calibration itself."

The Bangalore lab is now accredited to calibrate instruments with the following parameters: AC/DC, resistance, capacitance, frequency, and oscilloscope amplitude, bandwidth, Time Marker, RF Power, attenuation, and VSWR. With the accreditation, the facility is the only one in India to be accredited to calibrate frequencies up to 18 GHz.

Bruce Bolliger, Vice President for Tektronix Service in Asia added, "There is a high concentration of electronic equipment, semi-conductor and defence manufacturing companies in Bangalore, and maintaining the highest level of quality is a top priority for these businesses. With this accreditation, customers now know there is a local supplier that can provide the quality and the swift turnaround time that is needed. Tektronix is committed to expanding its first-class global service business and this announcement is the first in a series we will be making as we grow our capabilities in India and throughout Asia."

About Tektronix 
Tektronix is the world's leading provider of multi-vendor calibration, repair and related services. Supporting more than 140,000 products from 9,000-plus manufacturers, the company provides services through more than 1,000 experienced associates across 100 plus points of service worldwide. Visit us at service-solutions.tektronix.com.

Press Contacts:
Naresh Narasimhan
Marketing Manager
Tektronix India
+91-80-30792653

Kristen Andon
Marketing Communications Manager
Tektronix
+ 1 503-627-1667

© 2012 Marketwire, Incorporated. All rights reserved.

Vantage Drilling Company Reports Second Quarter 2012 Results

 

HOUSTON, TX--(Marketwire - July 30, 2012) -  Vantage Drilling Company ("Vantage") (NYSE MKT: VTG) reports a net loss of $10.0 million or ($0.03) per diluted share for the three months ended June 30, 2012 as compared to a net loss of $40.1 million or ($0.14) per diluted share for the three months ended June 30, 2011.

For the six months ended June 30, 2012, Vantage reports a net loss of $11.2 million or ($0.04) per diluted shares as compared to a net loss of $58.7 million or ($0.20) per diluted shares for the six months ended June 30, 2011.

In April 2012, we acquired the Titanium Explorer and have mobilized the vessel to the United States Gulf of Mexico where it is currently undergoing customer acceptance testing. The acquisition has been financed with the proceeds from the $775.0 million senior notes offering. The notes were priced at 108% of par, resulting in total proceeds to the Company in excess of $820.0 million, net of offering fees and expenses. In connection with certain pre-commencement activities of the Titanium Explorer, we recorded approximately $2.4 million of project costs as operating expenses for the three months ended June 30, 2012. 

Paul Bragg, Chairman and Chief Executive Officer, commented, "We are pleased to announce another strong quarter from operations, with the jackups achieving in excess of 99% productive time and the Platinum Explorer, while out of service for the scheduled 10 days of equipment upgrades, otherwise achieved productive time in excess of 99%. Following the acquisition of the Titanium Explorer, the drillship mobilized to the US Gulf of Mexico on-time, completed coast guard inspections, and continues to progress customer acceptance." 

Vantage, a Cayman Islands exempted company, is an offshore drilling contractor, with an owned fleet of four Baker Marine Pacific Class 375 ultra-premium jackup drilling rigs and two ultra-deepwater drillships, the Platinum Explorer and the Titanium Explorer, as well as an additional ultra-deepwater drillship, the Tungsten Explorer, now under construction. Vantage's primary business is to contract drilling units, related equipment and work crews primarily on a dayrate basis to drill oil and natural gas wells. Vantage also provides construction supervision services for, and will operate and manage, drilling units owned by others. Through its fleet of seven owned and managed drilling units, Vantage is a provider of offshore contract drilling services globally to major, national and large independent oil and natural gas companies.

The information above includes forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. These forward-looking statements are subject to certain risks, uncertainties and assumptions identified above or as disclosed from time to time in the company's filings with the Securities and Exchange Commission. As a result of these factors, actual results may differ materially from those indicated or implied by such forward-looking statements.

 

Vantage Drilling Company
Consolidated Statement of Operations
(In thousands, except per share amounts)
(Unaudited)
						Three Months Ended June 30,										Six Months Ended June 30,
						2012				2011						2012								2011
Revenues
	Contract drilling services					$	99,683			$	97,977					$	204,681							$	184,731
	Management fees						956				3,171						3,678								7,214
	Reimbursables						4,486				19,946						28,615								53,780
			Total revenues				105,125				121,094						236,974								245,725
Operating costs and expenses
	Operating costs						50,030				65,433						119,354								142,826
	General and administrative						6,704				7,402						11,964								14,249
	Depreciation						16,372				16,025						32,944								32,137
			Total operating costs and expenses				73,106				88,860						164,262								189,212
Income from operations							32,019				32,234						72,712								56,513
Other income (expense)
	Interest income						21				22						33								60
	Interest expense and other financing charges						(36,172	)			(39,350			)			(72,935				)				(80,892	)
	Loss on debt extinguishment						-				(25,196			)			-								(25,196	)
	Other income, net						216				(22			)			861								1,458
			Total other income (expense)				(35,935	)			(64,546			)			(72,041				)				(104,570	)
Income (loss) before income taxes							(3,916	)			(32,312			)			671								(48,057	)
Income tax provision							6,061				7,758						11,827								10,667
Net loss						$	(9,977	)		$	(40,070			)		$	(11,156				)			$	(58,724	)
Loss per share
	Basic					$	(0.03	)		$	(0.14			)		$	(0.04				)			$	(0.20	)
	Diluted					$	(0.03	)		$	(0.14			)		$	(0.04				)			$	(0.20	)
Vantage Drilling Company
Consolidated Balance Sheet
(In thousands, except par value information)
												June 30,								December 31,
												2012								2011
												(Unaudited)
ASSETS
Current assets
		Cash and cash equivalents										$	123,709							$		110,031
		Restricted cash											5,878									7,028
		Trade receivables											78,221									100,908
		Inventory											33,631									24,376
		Prepaid expenses and other current assets											13,044									16,909
				Total current assets									254,483									259,252
Property and equipment
		Property and equipment											2,789,126									1,913,596
		Accumulated depreciation											(140,900					)				(108,521				)
				Property and equipment, net									2,648,226									1,805,075
Other assets
		Other assets											86,375									58,173
				Total other assets									86,375									58,173
Total assets												$	2,989,084							$		2,122,500
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
		Accounts payable										$	56,843							$		46,362
		Accrued liabilities											140,111									103,809
				Total current liabilities									196,954									150,171
Long-term debt, net of premium (discount) of $22,666 and ($38,572)													2,082,666									1,246,428
Other long-term liabilities													20,054									29,755
Commitments and contingencies
Shareholders' equity
		Preferred shares, $0.001 par value, 10,000 shares authorized; none issued or outstanding											-									-
		Ordinary shares, $0.001 par value, 400,000 shares authorized; 292,350 and 291,241 shares issued and outstanding											292									291
		Additional paid-in capital											864,921									860,502
		Accumulated deficit											(175,803					)				(164,647				)
				Total shareholders' equity									689,410									696,146
Total liabilities and shareholders' equity												$	2,989,084							$		2,122,500

 

 

 

Vantage Drilling Company
Consolidated Statement of Cash Flows
(In thousands)
(Unaudited)
			Six Months Ended June 30,
			2012				2011
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss			$	(11,156	)		$	(58,724	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
	Depreciation expense			32,944				32,137
	Amortization of debt financing costs			7,438				3,888
	Non-cash loss on debt extinguishment			-				3,532
	Share-based compensation expense			4,420				2,415
	Accretion of long-term debt			-				2,582
	Amortization of debt discount (premium)			(762	)			5,415
	Deferred income tax expense (benefit)			1,860				(128	)
	Loss on disposal of assets			249				-
Changes in operating assets and liabilities:
	Restricted cash			1,150				22,801
	Trade receivables			(10,977	)			(36,303	)
	Inventory			(9,256	)			(2,396	)
	Prepaid expenses and other current assets			1,476				4,130
	Other assets			1,357				897
	Accounts payable			10,481				9,394
	Accrued liabilities			644				2,948
		Net cash provided by (used in) operating activities		29,868				(7,412	)
CASH FLOWS FROM INVESTING ACTIVITIES
	Additions to property and equipment			(816,722	)			(116,876	)
		Net cash used in investing activities		(816,722	)			(116,876	)
CASH FLOWS FROM FINANCING ACTIVITIES
	Proceeds from issuance of senior secured notes, including issue premiums of $62,000 and $15,750			837,000				240,750
	Repayment of long-term debt			-				(109,716	)
	Debt issuance costs			(36,468	)			(12,693	)
		Net cash provided by financing activities		800,532				118,341
		Net increase (decrease) in cash and cash equivalents		13,678				(5,947	)
	Cash and cash equivalents -- beginning of period			110,031				120,443
	Cash and cash equivalents -- end of period		$	123,709			$	114,496

 

 

Contact Information

 

Public & Investor Relations Contact:
Paul A. Bragg
Chairman & Chief Executive Officer
Vantage Drilling Company
(281) 404-4700

 

© 2012 Marketwire, Incorporated. All rights reserved.