Earnings release
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Vantage Drilling International Ltd. Reports Fourth Quarter and Full Year 2024 Results DUBAI, March 20, 2025 (GLOBE NEWSWIRE) -- Vantage Drilling International Ltd. ("Vantage" or the “Company”) reported a net gain attributable to shareholders of approximately $55.5 million or $4.17 per diluted share for the three months ended December 31, 2024, based on weighted average shares outstanding, as compared to a net loss attributable to shareholders of approximately $14. 6 million or $1.10 per diluted share for three months ended December 31, 2023. For the year ended December 31, 2024 , Vantage reported net gain attributable to shareholders of approximately $27.8 million or $2.09 per diluted share for the year ended December 31, 2024, based on weighted average shares outstanding, as compared to a net loss attributable to shareholders of approximately $15.4 million or $1.16 per diluted share for the year ended December 31, 2023. As of December 31, 2024, Vantage had approximately $89.6 million in cash. This total includes $20 million in pre-funding for reimbursement of rig upgrades on the Tungsten Explorer, $6.2 million of restricted cash and $8.3 million pre-funded by our Managed Services customers for near-term obligations. In comparison, as of December 31, 2023, Vantage had $84.0 million in cash, including $10.8 million of restricted cash and $11.6 million pre-funded by our Managed Services customers. Ihab Toma, CEO, commented: "The Company achieved significant milestones in the fourth quarter. We successfully finalized the sale of the Topaz Driller and Soehanah for $190 million, commenced three 3- year management and support agreements, redeemed $184.9 million of the Senior Notes, issued additional notes of $50 million and continued our work on upgrading the Platinum Explorer . Furthermore, we completed the creation and incorporation of the joint venture and finalized all documents for the sale of the Tungsten Explorer into the joint venture which were then signed in early January 2025. These efforts reflect our commitment to the managed services segment and our focus on strengthening the company's balance sheet.” Mr. Toma continued, “The key milestones achieved this quarter highlight our capability to execute major transactions and our organization’s ability to navigate this transitional period effectively.” Vantage, a Bermuda exempted company, is an offshore drilling contractor . 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 gas companies. Vantage also markets, operates and provides m anagement services in respect of third party -owned drilling units. For more information about the Company, please refer to the Company’s website, www.vantagedrilling.com. 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 fro m time to time in the Company's reports or filings posted to its website or otherwise made available to its investors or creditors. 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 u pdate publicly or revise such statements, whether as a result of new information, future events or otherwise. Non-GAAP Measures We report our financial results in accordance with generally accepted accounting principles (GAAP) in the United States. However, in our earnings release and during our earnings calls we may reference company information that does not conform to GAAP. Generally, a non -GAAP financial measure is a numerical measure of a company's performance, financial position, or cash flows that excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and
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presented in accordance with GAAP. Management believes that an analysis of this data is meaningful to investors because it provides insight with respect to ongoing operating results of the Company and allows investors to better evaluate the financial results of the Company. However, these measures should not be viewed as an alternative to or substitute for GAAP measures of performan ce, and these non -GAAP measures may not be consistent with previously published Company reports on Forms 10 -K, 10-Q and 8- K. Non-GAAP measures we may reference have been reconciled to the nearest GAAP measure in the tables entitled Reconciliation of GAAP to Non-GAAP Financial Measures below. This information is subject to disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. Public & Investor Relations Contact: Rafael Blattner Chief Financial Officer Vantage Drilling International Ltd. +971 4 449 34 28
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2024 2023 2024 2023 Revenue Contract drilling services 59,394$ 68,831$ 188,987$ 260,611$ Management fees 1,327 5,711 15,523 19,486 Reimbursables and other 3,638 19,980 34,763 103,039 Total revenue 64,359 94,522 239,273 383,136 Operating costs and expenses Operating costs 52,247 75,199 182,542 290,125 General and administrative 6,949 6,177 25,144 21,730 Depreciation 9,706 11,299 43,445 44,458 (Gain) loss on sale of assets (86,993) — (86,993) 3 Total operating costs and expenses (18,091) 92,675 164,138 356,316 Income from operations 82,450 1,847 75,135 26,820 Other income (expense) Interest income 439 309 1,144 750 Interest expense and other financing charges (14,010) (5,344) (31,368) (21,591) Other, net (1,895) (385) (1,652) (405) Total other expense (15,466) (5,420) (31,876) (21,246) Income before income taxes 66,984 (3,573) 43,259 5,574 Income tax provision 11,478 10,776 15,758 21,479 Net income (loss) 55,506 (14,349) 27,501 (15,905) Net income (loss) attributable to non-controlling interests 1 207 (313) (529) Net income (loss) attributable to shareholders 55,505$ (14,556)$ 27,814$ (15,376)$ EBITDA(1) 90,261$ 12,761$ 116,928$ 70,873$ Earnings (loss) per share Basic and diluted 4.17$ (1.10)$ 2.09$ (1.16)$ Weighted average ordinary shares outstanding, Basic 13,295 13,229 13,281 13,217 Diluted 13,311 13,229 13,315 13,217 2024 2023 2024 2023 Operating costs and expenses Jackups 27,538$ 13,201$ 48,666$ 28,289$ Deepwater 19,008 23,040 85,390 92,214 Managed Rigs 441 16,696 5,011 68,779 Operations support 2,951 3,161 12,034 11,501 Reimbursables 2,309 19,101 31,441 89,341 Total operating costs and expenses 52,247$ 75,199$ 182,542$ 290,125$ Utilization Jackups N/A 71.0% N/A 79.0% Deepwater 48.8% 83.9% 52.3% 81.8% Sold Rigs 100.0% N/A 66.8% N/A (In thousands, except per share data) T hree months ended December 31, T welve months ended December 31, (in thousands, except percentages) T hree months ended December 31, T welve months ended December 31, Vantage Drilling International Ltd. Supplemental Operating Data (1) EBITDA represents net income (loss) before (i) interest income (expense), (ii) provision for income taxes and (iii) depreciation and amortization expense. EBITDA is not a financial measure under GAAP as defined under the rules of the SEC, and is intended as a supplemental measure of our performance. We believe this measure is commonly used by analysts and investors to analyze and compare companies on the basis of operating performance. Vantage Drilling International Ltd. Consolidated Statements of Operations
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December 31, 2024 December 31, 2023 ASSETS Current assets Cash and cash equivalents 83,407$ 73,206$ Restricted cash 913 1,828 Trade receivables, net of allowance for credit losses of $5,798 and $5,434, respectively 35,394 74,113 Materials and supplies 48,842 46,704 Prepaid expenses and other current assets 26,163 37,423 Total current assets 194,719 233,274 Property and equipment Property and equipment 540,243 660,449 Accumulated depreciation (329,228) (352,357) Property and equipment, net 211,015 308,092 Operating lease ROU assets 402 1,084 Other assets 31,784 19,283 Total assets 437,920$ 561,733$ LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Accounts payable 32,021$ 62,245$ Other current liabilities 47,370 51,946 Total current liabilities 79,391 114,191 Long–term debt, net of unamortized issue costs and discount of $694 and $9,893, respectively 64,451 190,107 Other long-term liabilities 18,614 10,741 Shareholders' equity Ordinary shares, $0.001 par value, 50 million shares authorized; 13,295,262 and 13,229,280 shares issued and outstanding each period 13 13 Additional paid-in capital 635,232 633,963 Accumulated deficit (360,709) (388,523) Controlling interest shareholders' equity 274,536 245,453 Non-controlling interests 928 1,241 Total equity 275,464 246,694 Total liabilities and shareholders’ equity 437,920$ 561,733$ Vantage Drilling International Ltd. Condensed Consolidated Balance Sheets (In thousands, except share and par value information)
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2024 2023 CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss) 27,501$ (15,905)$ Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities Depreciation expense 43,445 44,458 Amortization of debt issuance costs and discounts 3,170 2,048 Share-based compensation expense 1,849 383 Loss on retirement of debt 9,581 703 Deferred income tax expense 321 624 (Gain) loss on disposal of property and equipment 79 — (Gain) loss on sale of assets (86,993) 3 Allowance for credit losses 371 — Changes in operating assets and liabilities: Trade receivables, net 31,771 (11,337) Materials and supplies (13,299) (5,453) Prepaid expenses and other current assets 11,893 (11,803) Other assets (14,215) 4,421 Accounts payable (30,182) 4,470 Other current liabilities and other long-term liabilities 7,736 (10,413) Net cash (used in) provided by operating activities (6,972) 2,199 CASH FLOWS FROM INVESTING ACTIVITIES Additions to property and equipment (34,238) (14,094) Net proceeds from disposal of property and equipment 80 — Proceeds from sale of assets 188,929 — Net cash provided by (used in) investing activities 154,771 (14,094) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from long-term debt 48,500 194,000 Proceeds from revolving credit facility 25,000 — Repayment of long-term debt (184,855) (180,000) Repayment of revolving credit facility (25,000) — Shares repurchased for tax withholdings on settlement of RSUs (441) (246) Payments of dividend equivalents (3,272) (5,278) Debt issuance costs (2,060) (5,863) Net cash (used in) provided by financing activities (142,128) 2,613 Net increase (decrease) in unrestricted and restricted cash and cash equivalents 5,671 (9,282) Unrestricted and restricted cash and cash equivalents—beginning of period 83,975 93,257 Unrestricted and restricted cash and cash equivalents—end of period 89,646$ 83,975$ Year Ended December 31, Vantage Drilling International Ltd. Condensed Consolidated Statements of Cash Flows (In thousands)
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Reconciliation of EBITDA 2024 2023 2024 2023 Net income (loss) 55,506$ (14,349)$ 27,501$ (15,905)$ Depreciation 9,706 11,299 43,445 44,458 Interest income (439) (309) (1,144) (750) Interest expense and other financing costs 14,010 5,344 31,368 21,591 Income tax provision 11,478 10,776 15,758 21,479 EBITDA 90,261$ 12,761$ 116,928$ 70,873$ Vantage Drilling International Non-GAAP Measures (Unaudited, in thousands) Three months ended December 31, Twelve months ended December 31,