More red ink for Vantage Drilling

Topaz Driller jack-up rig

Offshore driller Vantage Drilling posted a net loss for the last quarter of 2016 amid low jack-up and deepwater rig utilization. 

The driller, with a fleet of three drillships and four jack-up drilling rigs, on Thursday reported a net loss of approximately $41.1 million for the three months ended December 31, 2016, as compared to the Predecessor reporting a net loss of approximately $8.8 million for the three months ended December 31, 2015.

To remind, upon emergence from the company’s Chapter 11 restructuring on February 10, 2016, Vantage adopted fresh-start accounting, which resulted in the company becoming a new entity for financial reporting purposes. Therefore, the company’s financial position and results of operations for the period before February 10, 2016, are attributed to “Predecessor” while the position and operations after February 10 are attributed to the reorganized “Successor”.

As of December 31, 2016, Vantage had approximately $231.7 million of available cash compared to $241.1 million as of September 30, 2016.

The driller’s revenues for the last quarter of 2016 amounted to $40.41 million, compared to the Predecessor’s revenues of $128.4 million for the same period of 2015.

During the quarter, the jack-up rig utilization dropped to 39.5%, compared to its Predecessor’s utilization of 64% in the fourth quarter 2015.

When it comes to the company’s deepwater rigs utilization, it also dropped during the fourth quarter of 2016 amounting to 33.3% when compared to the Predecessor’s utilization of 53.4% in the corresponding period of 2015.

Offshore Energy Today Staff

Share this article

Follow Offshore Energy Today

Events>

<< Apr 2019 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 1 2 3 4 5

GeoConvention 2019

GeoConvention offers some of the best local and international insights to efficient energy exploration…

read more >

16th MOSCOW INTERNATIONAL OIL AND GAS EXHIBITION

The Moscow International Oil & Gas Exhibition display products like oil and gas products, oil and gas services…

read more >

Erbil International Oil & Gas Exhibition 2019

The event will be held at the Erbil International Fair Ground which is one of the largest energy related events in Iraq…

read more >

THE 24 th IRAN INTERNATIONAL OIL , GAS , REFINING & PETROCHEMICAL EXHIBITION

The second largest OPEC producer, Iran sits atop 11 percent of oil and 18 percent of gas…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply