UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) April7, 1997
TRITON ENERGY LIMITED
(Exact name of registrant as specified in its charter)
Cayman Islands 1-11675 None
(State or other jurisdiction of (Commission (IRS Employer
incorporation) File Number) Identification No.)
Caledonian House, Mary Street
P.O.Box 1043
George Town
Grand Cayman, Cayman Islands NA
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (345)949-0050
N/A
(Former name or former address, if changed since last report)
ITEM 5. OTHER EVENTS.
Filed as an exhibit to this Current Report on Form 8-K is the Computation
of Pro Forma Earnings to Fixed Charges for the year ended December 31, 1996
assuming that the issuance by Triton Energy Limited and Triton Energy
Corporation, on a joint and several basis, of their 8 3/4% Senior Notes due
2002 and 9 1/4% Senior Notes due 2005 was completed on January 1, 1996.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
Exhibit No. Description
99.1 Computation of Pro Forma Earnings to Fixed Charges.
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 hereunto duly authorized.
TRITON ENERGY LIMITED
Date: April 8, 1997 By: /s/
Robert B. Holland, III, Senior Vice
President and General Counsel
EXHIBIT 99.1
TRITON ENERGY LIMITED AND SUBSIDIARIES
COMPUTATION OF PRO FORMA RATIO OF EARNINGS TO FIXED CHARGES
(IN THOUSANDS, EXCEPT RATIOS)
(UNAUDITED)
The computation of pro forma ratio of earnings to fixed charges has been
prepared assuming the consumation on January 1, 1996, of (i) the issuance, on
a joint and several basis, by Triton Energy Limited and Triton Energy
Corporation (the "Issuers") of $200 million face amount of 8 3/4% Senior Notes
due 2002, at 99.942% of the principal amount (resulting in $199.9 million
aggregate net proceeds to the Issuers), and $200 million face amount of 9 1/4%
Senior Notes due 2005 at 100% of the principal amount (resulting in $200
million aggregate net proceeds to the Issuers), and (ii) the application of
the net proceeds therefrom after deducting expenses payable by the Issuers
estimated at $.3 million, to redeem and/or repurchase 100% of Triton Energy
Corporation's Senior Subordinated Discount Notes due 1997 and 9 3/4% Senior
Subordinated Discount Notes due 2000, and to repay other indebtedness.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
PRO FORMA
YEAR ENDED PRO FORMA YEAR ENDED
DECEMBER 31, 1996 ADJUSTMENTS (3) DECEMBER 31, 1996
------------------- ---------------- -------------------
Fixed charges $ 43,884 $ (3,987) $ 39,897
------------------- ---------------- -------------------
Earnings:
Earnings from continuing operations
before income taxes and extraordinary item $ 20,945 $ 3,987 $ 24,932
Fixed charges, above 43,884 (3,987) 39,897
Less interest capitalized (27,102) --- (27,102)
Plus undistributed earnings of affiliates (118) --- (118)
------------------- ---------------- -------------------
$ 37,609 $ --- $ 37,609
------------------- ---------------- -------------------
RATIO OF EARNINGS TO FIXED CHARGES (1)(2) 0.9 0.9
------------------- -------------------
</TABLE>
(1) Earnings were inadequate to cover fixed charges for the year ended
December 31, 1996 by $6.3 million. Pro forma earnings were inadequate to
cover pro forma fixed charges for the year ended December 31, 1996 by $2.3
million.
(2) Earnings reflect nonrecurring writedowns and loss provisions of $46.2
million and nonrecurring gains from the sale of assets and other gains of
$22.2 million for the year ended December 31, 1996. The ratios of earnings to
fixed charges and pro forma earnings to fixed charges, if adjusted to remove
nonrecurring items, would have been 1.4 and 1.5, respectively.
(3) Pro forma adjustments are made to reflect the reduction in interest
expense and the related increase in earnings from continuing operations before
income taxes and extraordinary item resulting from the application of net
proceeds from the issuance of $400 million aggregate face value of senior
indebtedness to redeem and/or repay the 1997 Notes and the 9 3/4% Notes and to
use remaining proceeds to repay other indebtedness.
