USA: Vantage Drilling Company Reports 2nd Q 2010 Results

Vantage Drilling Company reports a net loss of $(7.0) million or $(0.03) per diluted share for the three months ended June 30, 2010 as compared to net income of $4.0 million or $0.04 per diluted share for the three months ended June 30, 2009.

For the six months ended June 30, 2010, Vantage reports a net loss of $(1.0) million or $(0.00) per share as compared to net income of $6.3 million or $0.07 per share for the six months ended June 30, 2009.

Paul Bragg, President and Chief Executive Officer, commented, “While we are pleased with the progress and performance of the Company during the second quarter, more important developments have since occurred. In July, we completed the acquisition of the balance of Platinum Explorer, our first ultra-deepwater drillship. We also completed about $1.1 billion in debt and equity placements. With these transactions, we have nearly doubled our assets and increased forward EBITDA by about 2.25 times upon start up of Platinum Explorer. The foundation for our company is solid and we are poised for positive performance and results.”

Vantage, a Cayman Islands exempted company, is an offshore drilling contractor, with four Baker Marine Pacific Class 375 ultra-premium jackup drilling rigs operating, and an ultra deepwater drillship, the Platinum Explorer, currently under development. Vantage is also providing management services to an affiliate for two other ultra-deepwater drillships and to Sea Dragon for two ultra-deepwater semi-submersibles.

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Source: vantagedrilling, August 9, 2010: