Vantage Drilling reports increase in net income

Vantage Drilling Company reports net income for the three months ended March 31, 2014 of $24.8 million or $0.07 per diluted share as compared to a net loss of $24.9 million or ($0.08) per diluted share excluding approximately $98.3 million of charges for the early retirement of debt, for the three months ended March, 31, 2013.

Including the charges for the early retirement of debt for the three months ended March 31, 2013, the Company reported a net loss of $123.2 million or ($0.41) per diluted share.

Paul Bragg, Chairman and Chief Executive Officer, commented, “We are pleased to announce another strong quarter of operating results. We also made good initial progress on our debt reduction plan, paying down almost $30 million during the quarter and we remain on track to reach our goal for 2014 given our contracted backlog and high operating efficiency across the fleet.”

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Press Release, May 06, 2014