Vantage Drilling Reports 4Q Net Loss of $11.5 Mln

  • Business & Finance

Vantage Drilling Reports 4Q Net Loss of $11.5 Mln.

Vantage Drilling, a Cayman Islands exempted offshore drilling contractor reports a net loss for the three months ended December 31, 2012 of $11.5 million or ($0.04) per diluted share excluding approximately $122.1 million of charges for the early retirement of debt, as compared to a net loss of $9.3 million or ($0.03) per diluted share for the three months ended December 31, 2011.

Including the charges for the early retirement of debt, the Company reports a net loss of $133.6 million or ($.45) per diluted share for the three months ended December 31, 2012.

Net loss for the fiscal year ended December 31, 2012 was $20.7 million or ($0.07) per share excluding approximately $124.6 million of charges for the early retirement of debt as compared to a loss of $54.8 million or ($.19) per share in the prior year period, excluding approximately $25.2 million of refinancing charges. Including the refinancing charges, Vantage reported a net loss $145.3 million or ($0.50) per diluted share for the year ended December 31, 2012 as compared to a net loss of $80.0 million or $(0.28) per diluted share for the year ended December 31, 2011.

Paul Bragg, Chairman and Chief Executive Officer, commented, “2012 was a year of significant achievement for Vantage as we grew our fleet with the acquisition of the Titanium Explorer and strengthened our balance sheet by refinancing nearly half of our high cost debt at significantly lower rates.

Vantage Drilling owns a 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.

[mappress]
February 15, 2013

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