USA: Vantage Drilling Reports 3Q Net Loss of USD 11.9 Million

Vantage Drilling Company  reports a net loss of $11.9 million or ($0.04) per diluted share for the three months ended September 30, 2011 as compared to a net loss of $5.8 million or ($0.02) per share excluding $27.8 million of charges in the prior year period relating to the acquisition of the Platinum Explorer and refinancing of certain debt.

The three months ended September 30, 2010, including the acquisition and refinancing charges was a loss of $33.6 million or ($0.12) per diluted.

For the nine months ended September 30, 2011, Vantage reports a net loss of $45.4 million or ($0.16) per share excluding approximately $25.2 million of charges for refinancing debt as compared to a loss of $6.8 million or ($.03) per share in the prior year period, excluding approximately $27.8 million of acquisition and refinancing charges. Including the refinancing charges for the nine months ended September 30, 2011, Vantage reported a net loss $70.6 million or ($0.24) per share as compared to a net loss of $34.6 million or $(0.14) per share for the nine months ended September 30, 2010, including the acquisition and refinancing charges.

Paul Bragg, Chairman and Chief Executive Officer, commented, “Our fleet performed very well during the quarter as we achieved nearly 100% productive time operating our jackup fleet and the Platinum Explorer operated at approximately 97% productive time. We are also pleased to announce that during the quarter, we also completed the customer-reimbursed upgrades on the Topaz Driller and have since commenced operations in Malaysia in early October.”

Vantage, a Cayman Islands exempted company, is an offshore drilling contractor, with an owned fleet of four Baker Marine Pacific Class 375 ultra-premium jackup drilling rigs and the ultra-deepwater drillship, the Platinum 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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Source: Vantage Drilling , November 10, 2011