Vantage Drilling International Ltd. ("Vantage" or the "Company")
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"
