Vantage Drilling Swings to 3Q Profit

Vantage Drilling Company reports a net income for the three months ended September 30, 2013 of $6.8 million or $0.02 per diluted share as compared to a net loss of $538,000 or $0.00 per diluted share for the three months ended September 30, 2012.

The results for the three months ended September 30, 2013 includes a charge of approximately $5.0 million for deferred mobilization costs associated with re-contracting the Sapphire Driller and approximately $1.6 million reduction of estimated taxes.

For the nine months ended September 30, 2013, Vantage reports a net loss of $13.8 million or ($0.05) per diluted share excluding approximately $98.3 million of charges for the early retirement of debt as compared to a net loss of $11.7 million or ($0.04) per diluted share for the nine months ended September 30, 2012. Including the charges for the early retirement of debt, the company reported a loss of $112.1 million or ($0.37) per diluted share for the nine months ended September 30, 2013.
Paul Bragg, Chairman and Chief Executive Officer, commented, “The third quarter marked another important milestone for Vantage as we successfully commenced operations on our third drillship, Tungsten Explorer, in Southeast Asia. With the Sapphire Driller commencing its new eighteen month contract in Gabon this week, we now have contribution from seven rigs for the first time.”

[mappress]
Press Release, November 07, 2013