Vantage Drilling sinks to loss in 4Q
Vantage Drilling, an international offshore drilling contractor, on Wednesday reported a net loss of $8.8 million in the fourth quarter of 2015, as compared to earnings of $27.6 million for the same period in the year before.
In December 2015, the company, with an owned fleet of three ultra-deepwater drillships, and four jack-up drilling rigs, filed a Joint Prepackaged Chapter 11 Plan of Reorganization, and emerged from those proceedings on February 10, 2016.
In connection with the reorganization, the drilling contractor recognized during the quarter charges totaling approximately $39.4 million consisting primarily of the write-off of deferred financing costs and unamortized original issued debt discounts, and professional fees.
The company’s revenues dropped during the fourth quarter amounting to $118.7 million, as opposed to $204.3 million in the same period in 2014.
Offshore Energy Today Staff