Vantage Drilling Sinks Into the Red

Texas-based offshore drilling contractor Vantage Drilling International reported a net loss of  $52.2 million for the three months ended December 31, 2018 as compared to a net loss of $36.6 million for the three months ended December 31, 2017.

For the year ended December 31, 2018, Vantage reported a net loss of $141.5 million or as compared to a net loss of $149.8 million for the year ended December 31, 2017.

Vantage, a Cayman Islands exempted company, issued $350 million of new senior secured notes using proceeds to repay its first and second lien debt and to acquire the Soehanah jackup for $85.0, including transaction costs.

Ihab Toma, CEO, Said: "We refinanced two tranches of debt thereby extending maturities to 2023. We also acquired the Soehanah jackup, complementing our fleet of premium jackup rigs and, most importantly, continued to provide operational excellence to our clients while generating positive cash flow from operations.”

The offshore drilling contractor has a fleet of three 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.