Vantage Drilling International reported a net loss attributable to controlling interest of approximately $36.0 million or $2.74 per diluted share for the three months ended March 31, 2021, based on the weighted average shares outstanding, as compared to a net loss attributable to controlling interest of $30.6 million or $2.33 per diluted share for the three months ended March 31, 2020.
As of March 31, 2021, Vantage had approximately $152.2 million in cash, including $11.9 million of restricted cash, compared to $154.5 million in cash, including $12.5 million of restricted cash at December 31, 2020. The Company used $15.4 million in cash from operations in 2021 compared to $31.3 million used during the same period of 2020.
Ihab Toma, CEO, commented: “The first quarter appeared to mark the early stages of a recovery for the industry with signs of improving tendering and contract activity. Indeed, we added approximately $127 million of backlog during the quarter. We were able to build off of the momentum that began early this year and, in March, we successfully reactivated the Topaz Driller to begin its campaign in Montenegro. As previously indicated, we expect to reactivate the Sapphire Driller and Aquamarine Driller later in the second quarter 2021 to begin their drilling campaigns in West Africa and Southeast Asia, respectively.”
Mr. Toma continued, “At current levels of Brent prices, we believe that shallow water activity is stabilizing and we remain optimistic that deepwater could begin to recover later this year. As always, we continue to focus on leveraging our efficient management platform, to put our rigs back to work while also managing rigs for others, operate safely and efficiently and preserve cash while delivering high caliber service to our 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 gas companies. Vantage also markets, operates and provides management services in respect of, drilling units owned by others.