Vantage Drilling’s net loss deepens

Offshore drilling company Vantage Drilling International saw its net loss deepen in the first quarter of 2019.

Vantage’s Tungsten Explorer; Author: SP Mac

The company on Thursday reported a net loss attributable to controlling interest of $47.9 million for the first quarter 2019, compared to a net loss attributable to controlling interest of $32.1 million in the first quarter of 2018.

Revenue fell from $57.6 million in the first quarter of 2018 to $34.5 million in the first quarter of 2019.

As of March 31, 2019, Vantage had approximately $226.2 million in cash, including $10.3 million of restricted cash, compared to $239.4 million in cash, including $14.4 million of restricted cash at December 31, 2018.

During the quarter, Vantage Drilling, in JV with ADES, entered into a short-term exploration contract with Dana Gas for deepwater drilling services in the Egyptian Mediterranean basin, using the Tungsten Explorer drillship.

Commenting on Thursday, Ihab Toma, CEO, said: “I am pleased to report that with the completion of the Tungsten Explorer’s SPS and five-year maintenance and the award of the Dana Gas contract for this rig, we will have seven rigs on contract once the Tungsten Explorer commences its contract in the very near future.

“Even with signs of an improved market, we continue to remain diligent and focused on managing our costs, operating efficiently and preserving our strong balance sheet position,” Toma said.


Spotted a typo? Have something more to add to the story? Maybe a nice photo? Contact our editorial team via email.

Offshore Energy Today, established in 2010, is read by over 10,000 industry professionals daily. We had nearly 9 million page views in 2018, with 2.4 million new users. This makes us one of the world’s most attractive online platforms in the space of offshore oil and gas and allows our partners to get maximum exposure for their online campaigns. 

If you’re interested in showcasing your company, product or technology on Offshore Energy Today contact our marketing manager Mirza Duran for advertising options.DA

Share this article

Follow Offshore Energy Today

Events>

<< Oct 2019 >>
MTWTFSS
30 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 31 1 2 3

Executive Oil Conference & Expo 2019

Executive Oil Conference and Exhibition is a unique opportunity to meet with all of the region’s…

read more >

Oil & Gas Vietnam 2019

Oil & Gas Vietnam (OGAV) 2019 is the only specialized oil & gas event in Vietnam that brings together an international congregation of both upstream and downstream oil and gas companies and also its supporting industries gathered in the heart of Vietnam’s oil and gas industry in Vung Tau, to showcase the latest developments in the oil and gas industry.

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