Vantage Drilling International Reports Second Quarter Results for 2016
(firmenpresse) - HOUSTON, TX -- (Marketwired) -- 08/11/16 -- Vantage Drilling International ("Vantage" or the "Company") reported a net loss of approximately $35.7 million or ($7.15) per share for the three months ended June 30, 2016 as compared to the Predecessor reporting net income of approximately $27.9 million for the three months ended June 30, 2015. The weighted-average shares outstanding for the three months ended June 30, 2016 was 5,000,053 whereas in the prior year, as a wholly-owned subsidiary, the Predecessor did not have a comparable outstanding ordinary shares.
Upon emergence from Chapter 11 bankruptcy on February 10, 2016, Vantage adopted fresh-start accounting, which resulted in the Company becoming a new entity for financial reporting purposes. References to "Successor" relate to the financial position and results of operations of the reorganized Vantage as of and subsequent to February 10, 2016. References to "Predecessor" refer to the financial position of Vantage as of and prior to February 10, 2016 and the results of operations prior to February 10, 2016. As a result of the application of fresh-start accounting and the effects of the implementation of our Plan of Reorganization, the financial statements on or after February 10, 2016 are not comparable with the financial statements prior to that date.
For the period from February 10, 2016 to June 30, 2016, Vantage reported a net loss of approximately $64.8 million or ($12.95) per share and the Predecessor for the period January 1, 2016 to February 10, 2016 reported a net loss of approximately $471.0 million. For the six months ended June 30, 2015, the Predecessor reported net income of approximately $50.6 million.
Douglas Smith, Chief Financial Officer, commented, "While market conditions continue to pressure contract utilization during the second quarter, we continued our very strong operating performance with 99% up-time across our operating fleet."
As of June 30, 2016, Vantage had approximately $240.5 million of available cash as compared to $249.2 million as of March 31, 2016. Mr. Smith continued, "We remain focused on maintaining a strong balance sheet and reducing our cash outflow. During the quarter, we incurred expenses associated with preparing the rigs for warm stacking and cost associated with the headcount reductions. We believe the cash on hand provides us adequate liquidity to ultimately put our rigs back to work."
Vantage, a Cayman Islands exempted company, is an offshore drilling contractor, with a fleet of three ultra-deepwater drillships and four ultra-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. Vantage also provides construction supervision services for, and will operate and manage, drilling units owned by others. Through its fleet of seven owned 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.
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Datum: 11.08.2016 - 05:00 Uhr
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News-ID 1452044
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