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Vantage Drilling International reports fourth quarter and full-year 2022 results

23 Mar 2023

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Vantage Drilling International reported a net loss attributable to controlling interest of approx. $16.4 million, or $1.25 per diluted share, for the three months ended December 31, 2022, based on the weighted average shares outstanding, as compared to a net loss attributable to controlling interest of $23.5 million, or $1.79 per diluted share, for the three months ended December 31, 2021.

For the year ended December 31, 2022, Vantage reported a net loss attributable to controlling interest of approx. $3.4 million or $0.26 per diluted share, as compared to a net loss attributable to controlling interest of $110.1 million or $8.40 per diluted share for the year ended December 31, 2021.

As of December 31, 2022, Vantage had approx. $93.3 million in cash, including $19.2 million of restricted cash, compared to $90.6 million in cash, including $17.3 million of restricted cash, at December 31, 2021. The Company used $18.9 million in cash from operations in 2022 compared to $70.4 million used in 2021. At December 31, 2022, Vantage maintained $29.0 million of cash pre-funded by our Managed Services customers to address near-term obligations associated with the operation of their rigs.

Ihab Toma, CEO, commented: 'I am very proud of our operational and financial performance in 2022. The Company’s four owned rigs were contracted for most of the year with the Tungsten Explorer concluding its successful campaign in Cyprus in December before beginning to prepare to work in Namibia. The Company’s managed rigs also performed well as the West Capella concluded a strong campaign in Indonesia and prepares to commence a campaign in East Africa in Q2 2023 before returning to Indonesia in Q3 2023. Furthermore, the West Polaris finished its reactivation and successfully went on contract in December 2022 for ONGC. I am very pleased that the Emerald Driller Company supported rigs in Qatar continue to perform well and to the satisfaction of their respective clients.'

Mr. Toma continued: 'As I reflect on the year, 2022 represented an important inflection point for the Company and the industry as a whole, as the Company generated positive EBITDA in each of the four quarters. Industry fundamentals are projected to remain strong with day rates and utilization reaching levels not seen since 2015. With strong industry sentiment and the closing of our refinancing earlier this month, the Company is well positioned for the future while our focus remains the same. We are committed to ensuring our employees stay safe and providing our clients with excellent service.'

Vantage, a Cayman Islands exempted company, is an offshore drilling contractor, with a fleet of two ultra-deepwater drillships, and two premium jackup drilling rigs. 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.

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Source: Vantage Drilling

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