USA: Vantage Drilling Reports Record Revenues

Offshore drilling contractor, Vantage Drilling Company, reports a net loss of $9.3 million for the 4th quarter, 2011 as compared to a net loss of $13.0 million for the 4th quarter, 2010.

Net loss for the full year, 2011 was $54.8 million, excluding approximately $25.2 million of charges for the early retirement of debt as compared to a loss of $19.8 million in the prior year period, excluding approximately $27.8 million of acquisition and refinancing charges. Including the acquisition and refinancing charges, Vantage reported a net loss $80.0 million for the full year 2011 as compared to a net loss of $47.6 million in 2010.

The company reported record revenues of $485 million for full year 2011 compared to $278 million in 2010.

Paul Bragg, Chairman and Chief Executive Officer, commented, “We are very pleased to announce record annual revenues and income from operations. Vantage continues to deliver operational excellence. Our jackup fleet had outstanding productive time for the year in excess of 99% and the Platinum Explorer completed its initial year of operations with productive time in excess of 92%. Market conditions are improving, particularly for new, modern rigs like ours.”

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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Offshore Energy Today Staff, March 15, 2012