Vantage Drilling International Ltd. Reports Fourth Quarter and Full Year 2024 Results
Dubai, March 20, 2025 (GLOBE NEWSWIRE) -- Vantage Drilling International Ltd. ( "Vantage " or the “Company”) reported a net gain attributable to shareholders of approximately $55.5 million or $4.17 per diluted share for the three months ended December 31, 2024, based on weighted average shares outstanding, as compared to a net loss attributable to shareholders of approximately $14.6 million or $1.10 per diluted share for three months ended December 31, 2023.
For the year ended December 31, 2024, Vantage reported net gain attributable to shareholders of approximately $27.8 million or $2.09 per diluted share for the year ended December 31, 2024, based on weighted average shares outstanding, as compared to a net loss attributable to shareholders of approximately $15.4 million or $1.16 per diluted share for the year ended December 31, 2023.
As of December 31, 2024, Vantage had approximately $89.6 million in cash. This total includes $20.0 million in pre-funding for reimbursement of rig upgrades on the Tungsten Explorer, $6.2 million of restricted cash and $8.3 million pre-funded by our Managed Services customers for near-term obligations. In comparison, as of December 31, 2023, Vantage had $84.0 million in cash, including $10.8 million of restricted cash and $11.6 million pre-funded by our Managed Services customers.
Ihab Toma, CEO, commented: "The Company achieved significant milestones in the fourth quarter. We successfully finalized the sale of the Topaz Driller and Soehanah for $190.0 million, commenced three 3-year management and support agreements, redeemed $184.9 million of the Senior Notes, issued additional notes of $50.0 million and continued our work on upgrading the Platinum Explorer. Furthermore, we completed the creation and incorporation of the joint venture and finalized all documents for the sale of the Tungsten Explorer into the joint venture which were then signed in early January 2025. These efforts reflect our commitment to the managed services segment and our focus on strengthening the company 's balance sheet.”
Mr. Toma continued, “The key milestones achieved this quarter highlight our capability to execute major transactions and our organization’s ability to navigate this transitional period effectively.”
Vantage, a Bermuda exempted company, is an offshore drilling contractor. Vantage 's primary business is to contract drilling units, related equipment and work crews primarily on a dayrate basis to drill oil and natural gas wells globally for major, national and independent oil and gas companies. Vantage also markets, operates and provides management services in respect of third party-owned drilling units. For more information about the Company, please refer to the Company’s website, www.vantagedrilling.com.
The information above includes forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. These forward-looking statements are subject to certain risks, uncertainties and assumptions identified above or as disclosed from time to time in the Company 's reports or filings posted to its website or otherwise made available to its investors or creditors. As a result of these factors, actual results may differ materially from those indicated or implied by such forward-looking statements. Vantage disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.
Non-GAAP Measures
We report our financial results in accordance with generally accepted accounting principles (GAAP) in the United States. However, in our earnings release and during our earnings calls we may reference company information that does not conform to GAAP. Generally, a non-GAAP financial measure is a numerical measure of a company 's performance, financial position, or cash flows that excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. Management believes that an analysis of this data is meaningful to investors because it provides insight with respect to ongoing operating results of the Company and allows investors to better evaluate the financial results of the Company. However, these measures should not be viewed as an alternative to or substitute for GAAP measures of performance, and these non-GAAP measures may not be consistent with previously published Company reports on Forms 10-K, 10-Q and 8-K. Non-GAAP measures we may reference have been reconciled to the nearest GAAP measure in the tables entitled Reconciliation of GAAP to Non-GAAP Financial Measures below.
This information is subject to disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
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CONTACT: Rafael BlattnerChief Financial OfficerVantage Drilling International Ltd.+971 4 449 34 28
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