Offshore driller Vantage Drilling has reduced its quarterly net loss on the back of higher revenues as its rig utilization went up compared to the prior-year period.
Vantage Drilling on Friday reported a net loss of approximately $26.1 million for the three months ended September 30, 2018 as compared to a net loss of $40.1 million for the three months ended September 30, 2017.
In this year’s third quarter Vantage’s revenues totaled $64.6 million, an increase from revenues of $57.7 million in 3Q 2017.
The driller’s jack-up rig utilization increased to 98.5% in the third quarter of 2018 from 93.8% in the prior-year quarter. In the deepwater section, the company’s utilization jumped to 65.7% from 33.3% in 3Q 2017.
Ihab Toma, CEO, commented, “Six of our seven assets worked during the quarter and produced a revenue efficiency of 99% and operational rig uptime of 97%. With contract drilling revenue increases of 14% and operating cost decreases of 13% from the comparable quarter, we continue to deliver on our commitment of superior performance, cost management and preserving our strong balance sheet.”
As the end of September, Vantage had approximately $183.5 million in cash compared to $195.5 million at the end of December 2017.
Offshore Energy Today Staff