Vantage Drilling International Reports Third Quarter Results for 2020

Source: www.gulfoilandgas.com 11/16/2020, Location: North America

Vantage Drilling Internationalreported a net loss attributable to controlling interest of approximately $169.3 million or $12.91 per diluted share for the three months ended September 30, 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 $25.7 million or $5.14 per diluted share for the three months ended September 30, 2019.

The three months ended September 30, 2020 included a non-cash loss on impairment charge of $128.9 million on the carrying amount of our longer-term warm stacked drillship, the Titanium Explorer.

As of September 30, 2020, Vantage had approximately $179.2 million in cash, including $13.5 million of restricted cash, compared to $188.4 million in cash, including $13.1 million of restricted cash, as of June 30, 2020, and $242.9 million in cash, including $11.0 million of restricted cash at December 31, 2019.

Ihab Toma, CEO, commented. “I continue to be very proud of the Company’s performance during these challenging times. While the COVID-19 pandemic and the related global economic crisis continue to weigh on activity in the industry, I am pleased that we have been successful in adding backlog, namely on the Emerald Driller and the Soehanah. Our focus remains on operating safely and efficiently, delivering excellence for our esteemed clients, managing costs and conserving cash.”


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