Vantage Drilling Reports First Quarter Results for 2020

Source: www.gulfoilandgas.com 5/12/2020, Location: North America

Vantage Drilling International reported a net loss attributable to controlling interest of approximately $30.6 million or $2.33 per diluted share for the three months ended March 31, 2020, based on the weighted average shares outstanding after the conversion of our convertible notes in December 2019, as compared to a net loss attributable to controlling interest of $47.9 million or $9.58 per diluted share for the three months ended March 31, 2019.

As of March 31, 2020, Vantage had approximately $210.5 million in cash, including $14.1 million of restricted cash, compared to $242.9 million in cash, including $11.0 million of restricted cash at December 31, 2019. Cash flows used in operating activities include $15.0 million paid in accordance with a settlement reached with Vantage Drilling Company, the Company's former parent company. The Company previously accrued $17.3 million as a potential liability and, therefore, recorded a gain of $2.3 million related to the settlement agreement included in “Other Income” in the Consolidated Statement of Operations during the three months ended March 31, 2020.

Ihab Toma, CEO, commented. “Despite the challenges presented by COVID-19 and the resulting global economic crisis, I am very proud to report another quarter of excellent operational results, with seven of our eight assets working during the quarter and producing a revenue efficiency of 99%. During the quarter we successfully took redelivery of the Soehanah jack up rig after completion of its bareboat charter contract, completed project work required to achieve Vantage’s operational standards on the rig, and redeployed the rig under a drilling contract in Indonesia. Unfortunately, we also recognize that uncertainties surrounding the containment of COVID-19, the resulting economic crisis and the oversupply of oil worldwide will present significant challenges to our industry. However, with our healthy balance sheet and our proven agility in managing costs, we are well-positioned to navigate through these unprecedented times. Vantage remains focused on delivering stellar safety and operational excellence to our customers.”

Vantage, a Cayman Islands exempted company, is an offshore drilling contractor, with a fleet of three ultra-deepwater drillships and five 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 natural gas companies. Vantage also provides construction supervision services and preservation management services for, and will operate and manage, drilling units owned by others.


Italy >>  5/19/2022 - Prospex Energy plc, the AIM quoted investment company, is pleased to announce its audited Final Results for the year ended 31 December 2021.

...

Tanzania >>  5/19/2022 - Orca Energy Group Inc. has filed its condensed consolidated interim financial statements and management’s discussion and analysis for the three month ...

United Kingdom >>  5/19/2022 - The Getech Group announces its Final Results for the 12 months ended 31 December 2021.

Highlights
A transformational year, investing ...

Singapore >>  5/18/2022 - ? Completion of multiple key projects with successful deliveries to customers
? Landmark win in renewable energy sector with newbuild contract f...


South Africa >>  5/16/2022 - Africa Energy Corp., an oil and gas company with exploration assets offshore South Africa and Namibia, announces financial and operating results for t...
Norway >>  5/9/2022 - - High order intake in 1Q 2022, with signed new contracts worth approximately NOK 2.6 billion. The market outlook for the Company’s services continue ...




Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.