Vantage Drilling 2019 Financial Results

Vanatge reported a net loss attributable to controlling interest of $61.4 million for the three months ended December 31, 2019, as compared to a net loss attributable to controlling interest of $52.2 million for the three months ended December 31, 2018.

The company recorded revenues of $49.3 million in 4Q 2019 compared to revenues of $43.07 million in the same period of 2018.

For the full year 2019, Vantage reported net income attributable to controlling interest of approximately $455.7 million, as compared to a net loss attributable to controlling interest of $141.5 million for 2018.

The company’s jack-up rig utilization increased to 99.1% in 4Q 2019 from 96.6% in 4Q 2018 and its deepwater rig utilization increased to 61.1% from 35%.

During the three months ended December 31, 2019, the Company made a special cash distribution of $525.0 million to shareholders.

Ihab Toma, CEO, commented, “I am pleased to report that we were able to return value to our shareholders through the issuance of a special cash distribution of approximately $525.0 million during the quarter and with the conversion of our convertible debt to equity in the fourth quarter, we enhanced our industry leading balance sheet while retaining significant debt coverage. Separately, I am pleased to report that we continue to achieve operational excellence, recording approximately 100% revenue efficiency for the quarter. Our continued focus on increased efficiency and maintaining an optimized cost structure position us to benefit from the improved conditions in the jack-up market and the improving conditions in the drillship space.”