Vantage Drilling Company Reports Second Quarter 2011 Results
(firmenpresse) - HOUSTON, TX -- (Marketwire) -- 08/03/11 -- Vantage Drilling Company ("Vantage") (NYSE Amex: VTG) reports a net loss of $14.9 million or ($0.05) per share, excluding $25.2 million ($0.09 per share) of charges associated with refinancing of debt. Including the refinancing charges, the Company reported a net loss of $40.1 million or ($0.14) per diluted share for the three months ended June 30, 2011.This compares to a net loss of $(7.0) million or $(0.03) per diluted share for the three months ended June 30, 2010.
For the six months ended June 30, 2011, Vantage reports a net loss of $33.5 million or ($0.11) per share, excluding $25.2 million ($0.09 per share) of charges associated with refinancing of debt. Including the refinancing charges the Company reported a net loss of $58.7 million or ($0.20) per share as compared to a net loss of $(1.0) million or $(0.00) per share for the six months ended June 30, 2010.
Paul Bragg, Chairman and Chief Executive Officer, commented, "We had a solid quarter with high productive time across the fleet. The Platinum Explorer achieved over 95% productive time and the jackup fleet achieved over 99% productive time for the quarter. We are also extremely pleased to add to our fleet, the Tungsten Explorer, which is being built at the DSME shipyard."
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 the ultra-deepwater drillship, the Platinum 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.
Paul A. Bragg
Chairman & Chief Executive Officer
Vantage Drilling Company
(281) 404-4700
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Datum: 03.08.2011 - 04:00 Uhr
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