Vantage revenues fall as deepwater rig utilization drops

Offshore drilling contractor Vantage Drilling recorded a decrease in quarterly revenues as its deepwater rig utilization dropped during the period.

Tungsten Explorer drillship
Vantage’s Tungsten Explorer; Author: SP Mac

Vantage said in its quarterly report on Thursday that its 3Q 2019 revenues were $35.8 million compared to $59 million in 3Q 2018.

Vantage on Thursday reported a net loss attributable to controlling interest of approximately $25.7 million for the three months ended September 30, 2019, compared to a net loss attributable to controlling interest of $26.1 million for the three months ended September 30, 2018.

As of September 30, 2019, Vantage had approximately $825.1 million in cash compared to $239.4 million in cash at December 31, 2018.

Ihab Toma, CEO, commented, “I am very pleased to report that we continue to increase our backlog at higher effective dayrates while remaining laser focused on delivering superior results to our customers.”

Vantage’s jack-up rig utilization remained nearly flat totaling 98.4% in the third quarter of this year compared to 98.5% in the same period last year.

However, the company’s deepwater utilization dropped to 41.3% in 3Q 2019 from 65.7% in the prior-year period.

Offshore Energy Today Staff


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

Also, if you’re interested in showcasing your company, product or technology on Offshore Energy Today, please contact us via our advertising form where you can also see our media kit.

Share this article

Follow Offshore Energy Today

Posted on November 7, 2019 with tags .

Events>

<< Dec 2019 >>
MTWTFSS
25 26 27 28 29 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 4 5

Africa Oil Week 2020

For over 25 years Africa Oil Week has been the meeting place for Africa’s most senior E&P stakeholders.

read more >

CERAWeek 2020

 Each year, CERA clients gathered for a few days in Houston…

read more >

Offshore Technology Conference (OTC) 2020

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >

2020 EXPLORATION AND PRODUCTION STANDARDS CONFERENCE ON OILFIELD EQUIPMENT AND MATERIALS

The development of consensus standards is one of API’s oldest and most successful programs.

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