Vantage Drilling International Ltd. ("Vantage") reported a net loss attributable to shareholders of approximately $10.6 million or $0.80 per diluted share for the three months ended September 30, 2024, based on weighted average shares outstanding, as compared to a near breakeven net income attributable to shareholders for the three months ended September 30, 2023.
As of September 30, 2024, Vantage had approximately $57.6 million in cash. This total includes $6.4 million of restricted cash and $12.4 million pre-funded by our Managed Services customers for near-term obligations. In comparison, on December 31, 2023, Vantage had $84.0 million in cash, including $10.8 million of restricted cash and $11.6 million pre-funded by our Managed Services customers.
Ihab Toma, CEO, commented: "The third quarter marked important progress for the company. We successfully placed the Topaz Driller on contract, delivering it on time and within budget. We also continued the upgrades to the Platinum Explorer to improve its marketability. Additionally, we announced the sale of both the Topaz Driller and Soehanah for $190 million, along with three 3-year management and support agreements, further reinforcing our commitment to the managed services segment and strengthening the company’s balance sheet.”
Mr. Toma continued, “The $6.4 million in EBITDA generated this quarter, along with our key milestones achieved, reflects the efficiency of our operations and our organization’s ability to navigate through this transitional period”
Vantage, a Bermuda exempted company, is an offshore drilling contractor, with a fleet of two ultra-deepwater drillships, and two 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, third party-owned drilling units. www.vantagedrilling.com.
