Record Net Income for Vantage Drilling
Vantage Drilling Company reports record net income for the three months ended December 31, 2013 of $30.3 million or $0.09 per diluted share as compared to a net loss of $11.5 million or ($0.04) per diluted share excluding approximately $122.1 million of charges for the early retirement of debt, for the three months ended December 31, 2012.
Including the charges for the early retirement of debt in the prior year, the company reported a net loss of $133.6 million or ($0.45) per diluted share.
For the twelve months ended December 31, 2013, Vantage reports net income of approximately $16.5 million or $0.05 per diluted share excluding approximately $98.3 million of charges for the early retirement of debt as compared to a net loss of $20.7 million or ($0.07) per diluted share for the twelve months ended December 31, 2012, excluding approximately $124.6 million of charges for the early retirement of debt. Including the charges for the early retirement of debt, the company reported losses of $81.8 million or ($0.27) per diluted share and $145.3 million or ($0.50) per diluted share for the twelve months ended December 31, 2013 and 2012, respectively.
Paul Bragg, Chairman and Chief Executive Officer, commented, “We are pleased to announce record revenue, EBITDA and net income for the quarter with exceptional operating performance of all seven of our completed rigs. These exceptional results are due not only to the quality of our fleet, but also to the dedicated efforts of our workforce.”
Vantage, a Cayman Islands exempted company, is an offshore drilling contractor, with an owned fleet of three ultra-deepwater drillships, the Platinum Explorer, the Titanium Explorer and the Tungsten Explorer, as well as an additional ultra-deepwater drillship, the Cobalt Explorer, now under construction, and four Baker Marine Pacific Class 375 ultra-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. Vantage also provides construction supervision services for, and will operate and manage, drilling units owned by others. Through its fleet of seven owned drilling units, Vantage is a provider of offshore contract drilling services globally to major, national and large independent oil and natural gas companies.
Press Release, February 28, 2014