Vantage Drilling International Reports Fourth Quarter and Full-Year 2018 Results

  • Mar 15, 2019
  • EIN

/EIN News/ -- HOUSTON, March 14, 2019 (GLOBE NEWSWIRE) -- Vantage Drilling International ("Vantage" or the “Company”) reported a net loss of approximately $52.2 million or $10.44 per share for the three months ended December 31, 2018 as compared to a net loss of $36.6 million or $7.33 per share for the three months ended December 31, 2017.

For the year ended December 31, 2018, Vantage reported a net loss of approximately $141.5 million or $28.29 per share as compared to a net loss of $149.8 million or $29.96 per share for the year ended December 31, 2017.

As of December 31, 2018, Vantage had approximately $239.4 million in cash, including $14.4 million of restricted cash, compared to $195.5 million in unrestricted cash and no restricted cash at December 31, 2017. The Company generated $12.8 million in cash from operations in 2018 compared to net cash used in operations of $19.9 million in 2017. During the three months ended December 31, 2018, the Company issued $350 million of new senior secured notes using proceeds to repay its first and second lien debt and to acquire the Soehanah jackup for $85.0, including transaction costs.

Ihab Toma, CEO, commented, “I am pleased to report that during another difficult year for the industry we accomplished our principal objectives for 2018. We refinanced two tranches of debt thereby extending maturities to 2023. We also acquired the Soehanah jackup, complementing our fleet of premium jackup rigs and, most importantly, continued to provide operational excellence to our clients while generating positive cash flow from operations.”

Vantage, a Cayman Islands exempted company, is an offshore drilling contractor, with a fleet of three ultra-deepwater drillships and five premium jackup drilling rigs. 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 globally for major, national and independent oil and natural gas companies. Vantage also provides construction supervision services and preservation management services for, and will operate and manage, drilling units owned by others.

The information above includes forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. These forward-looking statements are subject to certain risks, uncertainties and assumptions identified above or as disclosed from time to time in the company's filings with the Securities and Exchange Commission. As a result of these factors, actual results may differ materially from those indicated or implied by such forward-looking statements. Vantage disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.

Thomas J. Cimino

Chief Financial Officer

Vantage Drilling International

(281) 404-4700