Vantage Drilling International reported a net income attributable to shareholders of approx. $67.2 million or $4.97 per diluted share for the three months ended September 30, 2025, based on the weighted average shares outstanding, as compared to a net loss attributable to shareholders of approx. $10.6 million or $0.80 per diluted share for the three months ended September 30, 2024.
As of September 30, 2025, Vantage had approx. $197.4 million in cash, including $35.0 million in pre-funding for upgrading the Tungsten Explorer, $2.4 million in restricted cash and $4.7 million prefunded by our Managed Services customers for near-term obligations. In comparison, as of December 31, 2024, Vantage had $89.6 million in cash, including $20.0 million in pre-funding for upgrading the Tungsten Explorer, $6.2 million in restricted cash and $8.3 million pre-funded by our Managed Services customers for near-term obligations.
Ihab Toma, CEO, commented: 'We are pleased to report a strong financial quarter, as a result of the sale of the Tungsten Explorer, which has strengthened our liquidity position. The rig has now undergone significant upgrades in the shipyard under the joint venture with TotalEnergies and has mobilized to West Africa, where operations commenced in early November. While the Company was obligated to terminate the previously announced contract for the Platinum Explorer, we remain optimistic about obtaining future work for the drillship.'
Source: Vantage Drilling
