Vantage Drilling International Reports Third Quarter Results for 2021

Source: 11/9/2021, Location: North America

Vantage Drilling International reported a net loss attributable to controlling interest of approximately $21.7 million or $1.66 per diluted share for the three months ended September 30, 2021, based on the weighted average shares outstanding, as compared to a net loss attributable to controlling interest of $169.3 million or $12.91 per diluted share for the three months ended September 30, 2020, which included a non-cash loss on impairment charge of $128.9 million on the carrying amount of the Titanium Explorer.

As of September 30, 2021, Vantage had approximately $120.3 million in cash, including $14.9 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 $44.5 million in cash from operations in 2021 compared to $61.1 million used during the same period of 2020 and used $3.5 million in cash from operations in the third quarter of 2021 compared to $25.6 million used during the second quarter of 2021.

Ihab Toma, CEO, commented: “The underlying fundamentals of our industry continued to improve during the third quarter as reflected in the increased contracting activity and industry-wide utilization. For Vantage, we had all of our five Jackups working throughout the quarter while the Platinum Explorer drillship concluded its previous campaign in August and is expected to start a new two-year contract shortly. We are pleased to report that our collaboration with Aquadrill has resulted in obtaining a drilling contract for their rig, West Capella, which is expected to commence during the first quarter of 2022. This is an important milestone for us and for Aquadrill and proves the viability of Vantage as a management platform marketing and operating rigs on behalf of other owners.”

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.

The information above includes forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. These forward-looking statements are subject to certain risks, uncertainties and assumptions identified above or as disclosed from time to time in the company's filings with the Securities and Exchange Commission. As a result of these factors, actual results may differ materially from those indicated or implied by such forward-looking statements. Vantage disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.

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