Vantage Drilling Company reports a net loss of ($18.7) million or ($0.06) per diluted share for the three months ended March 31, 2011 as compared to a net loss of ($13.0) million or ($.05) per diluted share in the fourth quarter of 2010 and net income of $6.0 million or $0.03 per diluted share for the three months ended March 31, 2010.
Revenue for the three months ended March 31, 2011 was $124.6 million as compared to revenue of $84.9 million in the fourth quarter of 2010 and $58.3 million for the three months ended March 31, 2010. Income from operations for the quarter was $24.3 million as compared to $6.7 million in the preceding quarter and $15.6 million in the prior year. The increase in revenue and income from operations for the quarter was driven by the Platinum Explorer which commenced operations on a five year contract in India in December 2010 partially offset by the Sapphire Driller and Aquamarine Driller having days off contract days during the quarter.
As Vantage has previously announced, the Sapphire Driller’s contract in the Côte d’Ivoire had a force majeure claim resulting from the civil unrest and the Aquamarine Driller’s customer in the Philippines exercised the early termination provisions of the contract in order to reassess their drilling program. The Sapphire Driller and Aquamarine Driller have been mobilized to Cameroon and Malaysia, respectively and began new contracts in early March.
Paul Bragg, Chairman and Chief Executive Officer, commented, “This was a landmark quarter for Vantage as we now have all of our rigs operating. We are extremely pleased with the high-level of productive time across the fleet as the Platinum Explorer achieved over 93% productive time during its first quarter of operations and the jackup fleet achieve over 99% productive time for the quarter while on contract.”
Vantage, a Cayman Islands exempted company, is an offshore drilling contractor with four Baker Marine Pacific Class 375 ultra-premium jackup drilling rigs operating and an ultra deepwater drillship, the Platinum Explorer. Vantage is also providing management services for four other ultra-deepwater drillships.
Source:Vantage Drilling Company , May 9, 2011;