Vantage Drilling International Ltd. Reports Third Quarter 2024 Results

Dubai, Nov. 07, 2024 (GLOBE NEWSWIRE) -- DUBAI, November 7, 2024 (GLOBE NEWSWIRE) -- Vantage Drilling International Ltd. ("Vantage" or the "Company”) reported a net loss attributable to shareholders of approximately $10.6 million or $0.80 per diluted share for the three months ended September 30, 2024, based on weighted average shares outstanding, as compared to a near breakeven net income attributable to shareholders for the three months ended September 30, 2023.

As of September 30, 2024, Vantage had approximately $57.6 million in cash. This total includes $6.4 million of restricted cash and $12.4 million pre-funded by our Managed Services customers for near-term obligations. In comparison, on December 31, 2023, Vantage had $84.0 million in cash, including $10.8 million of restricted cash and $11.6 million pre-funded by our Managed Services customers.

Ihab Toma, CEO, commented: "The third quarter marked important progress for the company. We successfully placed the Topaz Driller on contract, delivering it on time and within budget. We also continued the upgrades to the Platinum Explorer to improve its marketability. Additionally, we announced the sale of both the Topaz Driller and Soehanah for $190 million, along with three 3-year management and support agreements, further reinforcing our commitment to the managed services segment and strengthening the company's balance sheet.”

Mr. Toma continued, "The $6.4 million in EBITDA generated this quarter, along with our key milestones achieved, reflects the efficiency of our operations and our organization's ability to navigate through this transitional period”

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Vantage, a Bermuda exempted company, is an offshore drilling contractor, with a fleet of two ultra-deepwater drillships, and two premium jackup drilling rigs. 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 globally for major, national and independent oil and gas companies. Vantage also markets, operates and provides management services in respect of, third party-owned drilling units. www.vantagedrilling.com. 

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 reports or filings posted to its website or otherwise made available to its investors or creditors. As a result of these factors, actual results may differ materially from those indicated or implied by such forward-looking statements. Vantage disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.

Non-GAAP Measures

We report our financial results in accordance with generally accepted accounting principles (GAAP) in the United States. However, in our earnings release and during our earnings calls we may reference company information that does not conform to GAAP. Generally, a non-GAAP financial measure is a numerical measure of a company's performance, financial position, or cash flows that excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. Management believes that an analysis of this data is meaningful to investors because it provides insight with respect to ongoing operating results of the Company and allows investors to better evaluate the financial results of the Company. However, these measures should not be viewed as an alternative to or substitute for GAAP measures of performance, and these non-GAAP measures may not be consistent with previously published Company reports on Forms 10-K, 10-Q and 8-K. Non-GAAP measures we may reference have been reconciled to the nearest GAAP measure in the tables entitled Reconciliation of GAAP to Non-GAAP Financial Measures below.

Public & Investor Relations Contact:

     Rafael Blattner

     Chief Financial Officer

     Vantage Drilling International Ltd.

     +971 4 449 34 28

               

                   

Vantage Drilling International Ltd.

  
Condensed Consolidated Statements of Operations  
(In thousands, except per share data)  
(Unaudited)  
           
  Three Months Ended September 30, Nine Months Ended September 30,  
  2024 2023 2024 2023  
Revenue          
Contract drilling services $35,264  $76,190  $129,593  $191,780   
Management fees  2,973   6,086   14,196   13,775   
Reimbursables and other  10,717   21,426   31,125   83,059   
Total revenue  48,954   103,702   174,914   288,614   
Operating costs and expenses          
Operating costs  38,012   73,988   130,296   214,926   
General and administrative  5,716   5,561   18,195   15,553   
Depreciation  11,247   11,065   33,739   33,159   
(Gain) loss on EDC Sale  -

   -

   -

   3   
Total operating costs and expenses  54,975   90,614   182,230   263,641   
Income (loss) from operations       (6,021)         13,088         (7,316)      24,973   
Other (expense) income          
Interest income            212              251              706           441   
Interest expense and other financing charges       (6,358)          (5,343)       (17,358)    (16,247)   
Other, net         1,222              115              244           (20)   
Total other expense       (4,924)          (4,977)       (16,408)    (15,826)   
Income (loss) before income taxes     (10,945)           8,111       (23,724)        9,147   
Income tax provision (benefit)          (342)           8,097           4,280      10,703   
Net income (loss)     (10,603)                14       (28,004)      (1,556)   
Net income (loss) attributable to non-controlling interests              (5)                10            (314)         (736)   
Net income (loss) attributable to shareholders $   (10,598)  $               4  $    (27,690)  $      (820)   
           
EBITDA(1) $6,448  $24,268  $26,667  $58,112   
           
Earnings (loss) per share          
Basic and Diluted $(0.80)  $0.00  $(2.09)  $(0.06)   
Weighted average ordinary shares outstanding,          
Basic  13,295   13,229   13,276   Advertisement