Vantage Drilling International Reports Second Quarter Results for 2017
(firmenpresse) - HOUSTON, TX -- (Marketwired) -- 08/01/17 -- Vantage Drilling International ("Vantage" or the "Company") reported a net loss of approximately $36.6 million or $7.32 per share for the three months ended June 30, 2017 as compared to a net loss of $35.7 million or $7.15 per share for the three months ended June 30, 2016.
Vantage continued to deliver solid operating results with rig uptime of 98% and revenue efficiency of 99%. We added the recently acquired Vantage 260 to our fleet during the quarter and the related drilling service contract was amended to provide that the Sapphire Driller is subject to the contract. Both rigs operated concurrently during the quarter and plan to operate until the removal of the Vantage 260 later this year.
As of June 30, 2017, Vantage had approximately $200.9 million of available cash. Uses of cash during the quarter included, among other things, the funding of the aforementioned acquisition, debt service costs, and the re-activation of two rigs. The startup of operations for new customers and the corresponding higher level of receivables impacted the quarter end cash balance. Vantage had $12.5 million available for issuance of letters of credit under its revolving letter of credit facility at the end of the quarter.
Ihab Toma, CEO, commented. "We are happy to report another impressive operational quarter maximizing uptime for our customers. During the second quarter we completed the acquisition of the Vantage 260, and successfully reactivated and deployed both the Sapphire Driller and the Topaz Driller on time and under budget. Additionally, with the recently announced letter of award for the Platinum Explorer and a new six month contract for the Topaz Driller, we continue to build backlog and put our fleet to work."
Vantage, a Cayman Islands exempted company, is an offshore drilling contractor, with a fleet of three ultra-deepwater drillships, four premium jackup drilling rigs, and one standard jackup drilling rig. 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 large independent oil and natural gas companies. Vantage also provides construction supervision services for, and will operate and manage, drilling units owned by others.
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 disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.
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Datum: 01.08.2017 - 14:00 Uhr
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