Vantage Drilling International Ltd. reports a net loss in the third quarter of 2024.

From GlobeNewswire: 2024-11-07 03:19:00

Vantage Drilling International Ltd. reported a net loss of $10.6 million for the third quarter of 2024, compared to a near breakeven in 2023. The company had $57.6 million in cash as of September 30, 2024, down from $84.0 million on December 31, 2023. CEO Ihab Toma highlighted key milestones achieved during the quarter.

The third quarter saw Vantage successfully place the Topaz Driller on contract, continued upgrades to the Platinum Explorer, and announced the sale of the Topaz Driller and Soehanah for $190 million. These actions aim to strengthen the company’s balance sheet and commitment to the managed services segment. CEO Toma noted $6.4 million in EBITDA generated, reflecting operational efficiency.

Vantage Drilling International Ltd. is an offshore drilling contractor with a fleet of two ultra-deepwater drillships and two premium jackup drilling rigs. The company primarily contracts drilling units, related equipment, and work crews to drill oil and natural gas wells globally. Non-GAAP financial measures were provided to supplement GAAP results for investor insight.

The company’s financial statements for the three months ended September 30, 2024, show a revenue of $48.954 million, operating costs of $38.012 million, and a net loss attributable to shareholders of $10.598 million. EBITDA for the quarter was $6.448 million. Vantage continues to navigate through a transitional period with operational milestones achieved.



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