Vantage Drilling cuts losses as rig utilization improves
Offshore driller Vantage Drilling has reduced its quarterly net loss on the back of higher revenues as its rig utilization went up compared to the prior-year period.
Vantage Drilling on Friday reported a net loss of approximately $26.1 million for the three months ended September 30, 2018 as compared to a net loss of $40.1 million for the three months ended September 30, 2017.
In this year’s third quarter Vantage’s revenues totaled $64.6 million, an increase from revenues of $57.7 million in 3Q 2017.
The driller’s jack-up rig utilization increased to 98.5% in the third quarter of 2018 from 93.8% in the prior-year quarter. In the deepwater section, the company’s utilization jumped to 65.7% from 33.3% in 3Q 2017.
Ihab Toma, CEO, commented, “Six of our seven assets worked during the quarter and produced a revenue efficiency of 99% and operational rig uptime of 97%. With contract drilling revenue increases of 14% and operating cost decreases of 13% from the comparable quarter, we continue to deliver on our commitment of superior performance, cost management and preserving our strong balance sheet.”
As the end of September, Vantage had approximately $183.5 million in cash compared to $195.5 million at the end of December 2017.
Offshore Energy Today Staff