Jack-up rigs lift Vantage Drilling revenues

U.S. offshore driller Vantage Drilling saw an increase in revenues in the second quarter of the year lifted by jack-up rig contributions.  

Earlier this week, Vantage reported a net loss of approximately $36.6 million for the three months ended June 30, 2017 as compared to a net loss of $35.7 million for the same period last year.

Further, the driller recorded $53.3 million in revenues for the quarter, an increase compared to $48.5 million in the prior-year period.

Contract drilling services revenues climbed up to $47.8 million during the period from $40.9 million in the second quarter 2016.

The company, with a fleet of three drillships and five jack-ups, delivered rig uptime of 98% and revenue efficiency of 99%.

Jack-up rig utilization during the quarter went up to 80.4% from 52.2% in the year before period. However, the utilization in the deepwater segment dropped to 32.8% in the quarter from 33.3% in 2Q 2016.

During the quarter, Vantage bought the Vantage 260 jack-up rig from Hercules Offshore and added it to its fleet. The rig is of a Marathon LeTourneau Class built in 1973 and received major upgrade in 2008. It came with a drilling services contract with Eni in Congo, which Vantage replaced for the one with the 2009-built Sapphire Driller rig.

Both rigs operated concurrently during the quarter and plan to operate until the removal of the Vantage 260 later this year.

At the end of the quarter, Vantage had approximately $200.9 million of available cash.

Offshore Energy Today Staff

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