Good Times Ahead, Says Vantage Drilling CEO (USA)

Vantage Drilling, an offshore drilling contractor headquartered at Cayman Islands, reports a net loss of $1.2 million or ($0.00) per diluted share for the three months ended March 31, 2012 as compared to a net loss of $18.7 million or ($0.06) per diluted share for the three months ended March 31, 2011.

Paul Bragg, Chairman and Chief Executive Officer, commented, “We continued our strong operating performance during the quarter. And importantly, we have now completed the acquisition and delivery of our third drillship, Titanium Explorer, which is now en-route to the US Gulf of Mexico. We feel that we are in better position today than at any point in our history.”

The Titanium explorer drillship was delivered to Vantage last month. It is a self-propelled, dynamically positioned drillship suited for drilling in remote locations because of its mobility and large load carrying capacity. It is currently equipped for drilling in water depths up to 10,000 feet, and is designed to drill in water depths up to 12,000 feet. The drillship will work for Brazil’s oil giant, Petrobras, in the Gulf of Mexico, on an eight-year contract.

Vantage owns a fleet of four Baker Marine Pacific Class 375 ultra-premium jackup drilling rigs and two ultra-deepwater drillships, the Platinum Explorer and the Titanium Explorer, as well as an additional ultra-deepwater drillship, the Tungsten Explorer, now under construction.

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. Vantage also provides construction supervision services for, and will operate and manage, drilling units owned by others. Through its fleet of seven owned and managed drilling units, Vantage is a provider of offshore contract drilling services globally to major, national and large independent oil and natural gas companies.

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Offshore Energy Today Staff, May 10, 2012; Image: Vantage Drilling