Offshore driller Vantage Drilling recorded an increase in its third quarter 2017 revenues while its net loss was almost the same as the one reported in the prior-year period.
Namely, Vantage on Tuesday reported a net loss of approximately $40.1 million for the three months ended September 30, 2017, as compared to a net loss of $41.5 million for the same period last year.
The driller’s revenues increased to $57.7 million during the third quarter 2017 from $39.9 million in the corresponding period last year.
At the end of the quarter, the driller began the mobilization of the Platinum Explorer offshore India under a three-year contract with India’s Oil and Natural Gas Company (ONGC).
Ihab Toma, CEO, commented, “I am pleased to report that all our jack-ups have been deployed and that we have ended the quarter with the Platinum Explorer on its way to a three-year contract for ONGC, in India.”
Toma added: “As a result, we have maintained our strong liquidity position, noting that the remaining expenditures associated with the Platinum Explorer deployment should be mostly offset by the collection of the contractual mobilization fee.”
Vantage’s jack-up rig utilization jumped to 93.8% during 3Q 2017 from a low 25.6% in 3Q 2016. On the other hand, deepwater rig utilization was 33.3% in this year’s quarter, compared to 33.1% last year.
At the end of the quarter, Vantage had approximately $198.6 million of available cash.
Offshore Energy Today Staff