Vantage Reports Fourth Quarter and Full-Year 2020 Results

Source: www.gulfoilandgas.com 3/18/2021, Location: North America

Vantage Drilling International reported a net loss attributable to controlling interest of approximately $44.9 million or $3.42 per diluted share for the three months ended December 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 $61.4 million or $8.22 per diluted share for the three months ended December 31, 2019.

For the year ended December 31, 2020, Vantage reported net loss attributable to controlling interest of approximately $276.7 million or $21.10 per diluted share, as compared to a net income attributable to controlling interest of $455.7 million or $80.27 per diluted share for the year ended December 31, 2019.

As of December 31, 2020, Vantage had approximately $154.5 million in cash, including $12.5 million of restricted cash, compared to $242.9 million in cash, including $11.0 million of restricted cash at December 31, 2019. The Company used $85.3 million in cash from operations in 2020 compared to $535.6 million generated, including cash collected in the Petrobras settlement in 2019.

Ihab Toma, CEO, commented: “2020 was unlike any year that preceded it. The arrival of COVID-19 caused, and its spread continues to cause, widespread illness and significant loss of life, leading governments across the world to impose and maintain severely stringent limitations on movement and human interaction - essentially shutting down economies. In this difficult environment, it was inevitable that our industry would contract just as it appeared that the previous downturn that began in 2014 finally was showing signs of easing. Notwithstanding these challenges, the Company recorded its safest year ever and operated with high levels of efficiency, a true testament of the excellence and commitment of the Vantage team.”

Mr. Toma continued: “As 2021 further unfolds, crude prices have improved and industry sentiment appears more hopeful. Three of our previously stacked rigs, the Topaz Driller, the Sapphire Driller and the Aquamarine Driller, are expected to begin campaigns for clients during the first half of the year. While, as previously announced, the Platinum Explorer has secured a follow-on two-year contract with ONGC that will begin later this year. As has been the case, our focus remains on putting our rigs back to work, operating safely and efficiently, managing costs and conserving cash while continuing to deliver high quality service to our esteemed clients.”

Vantage, a Cayman Islands exempted company, is an offshore drilling contractor, with a fleet of two 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.


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