Earnings release
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Vantage Drilling International Ltd. Reports Second Quarter 2025 Results Dubai, August 28, 2025 (GLOBE NEWSWIRE) -- Vantage Drilling International Ltd. ("Vantage" or the “Company”) reported a net loss attributable to shareholders of approximately $16.0 million or $1.20 per diluted share for the three months ended June 30, 2025, based on the weighted average shares outstanding, as compared to a net loss attributable to shareholders of approximately $ 14.2 million or $1.07 per diluted share for the three months ended June 30, 2024. As of June 30, 2025, Vantage had approximately $ 52.9 million in cash , including $9.5 million in pre - funding for upgrading the Tungsten Explorer, $2.4 million in restricted cash and $ 6.9 million pre-funded by our Managed Services customers for near -term obligations. In comparison, as of December 31, 2024, Vantage had $ 89.6 million in cash, including $20.0 million in pre -funding for upgrading the Tungsten Explorer, $6.2 million in restricted cash and $8.3 million pre-funded by our Managed Services customers for near-term obligations. Ihab Toma, CEO, commented: " The Company is pleased to announce the successful completion of Tungsten Explorer’s operations in Congo this quarter, achieving 99.7% revenue efficiency and a satisfied client. Following this success, the Company sold the Tungsten Explorer to its joint venture with TotalEnergies for $265 million . In conjunction with the sale, the Company has entered into a long -term, 10-year management agreement. This achievement represents a significant milestone for the Company and we look forward to a mutually beneficial relationship with TotalEnergies, our esteemed client and partner. Concurrently, the Company is in advanced stages of securing work for the Platinum Explorer.” 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 management 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 from 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 o bligation to update 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. Gene rally, a non -GAAP financial measure is a numerical measure of a company's performance, financial position, or cash flows that exclude or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and 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 o f the Company. However, these measures should not be viewed as an alternative to or substitute for GAAP measures of performance, 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.
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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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2025 2024 2025 2024 Revenue Contract drilling services 25,132$ 34,100$ 50,935$ 94,329$ Management fees 1,110 5,697 1,848 11,223 Reimbursables and other 8,162 10,015 13,558 20,408 Total revenue 34,404 49,812 66,341 125,960 Operating costs and expenses Operating costs 31,850 39,561 61,286 92,284 General and administrative 5,804 5,225 14,061 12,479 Depreciation 8,920 11,257 17,840 22,492 Equity in earnings of unconsolidated affiliates 574 — 574 — Gain on sale of assets (66) — (239) — Total operating costs and expenses 47,082 56,043 93,522 127,255 (Loss) income from operations (12,678) (6,231) (27,181) (1,295) Other (expense) income Interest income 207 200 436 494 Interest expense and other financing charges (1,602) (5,656) (3,205) (11,000) Other, net 711 (383) 165 (978) Total other expense (684) (5,839) (2,604) (11,484) Loss before income taxes (13,362) (12,070) (29,785) (12,779) Income tax provision 2,601 2,141 5,050 4,622 Net loss (15,963) (14,211) (34,835) (17,401) Net income (loss) attributable to non-controlling interests 75 10 80 (309) Net loss attributable to shareholders (16,038)$ (14,221)$ (34,915)$ (17,092)$ EBITDA (1) (3,047)$ 4,643$ (9,176)$ 20,219$ Loss per share Basic and Diluted (1.20)$ (1.07)$ (2.62)$ (1.29)$ Weighted average ordinary shares outstanding, Basic and Diluted 13,349 13,295 13,327 13,266 2025 2024 2025 2024 Operating costs and expenses Jackups —$ 4,980$ —$ 16,170$ Deepwater 20,813 21,547 41,307 46,264 Managed Rigs 799 — 1,763 4,570 Operations support 3,047 3,171 6,395 6,167 Reimbursables 7,191 9,863 11,821 19,113 Total operating costs and expenses 31,850$ 39,561$ 61,286$ 92,284$ Utilization Deepwater 50.0% 43.4% 50.0% 55.5% Jackups - Sold Rigs N/A 50.0% N/A 69.9% Six Months Ended June 30, Vantage Drilling International Ltd. Condensed Consolidated Statements of Operations (In thousands, except per share data) (Unaudited) (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. Three Months Ended June 30, Three Months Ended June 30, Six Months Ended June 30, Vantage Drilling International Ltd. Supplemental Operating Data (in thousands, except percentages) (Unaudited)
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June 30, 2025 December 31, 2024 ASSETS Current assets Cash and cash equivalents 50,468$ 83,407$ Restricted cash 106 913 Trade receivables, net of allowance for credit losses of $5,798 44,067 35,394 Materials and supplies 52,822 48,842 Prepaid expenses and other current assets 28,339 26,163 Total current assets 175,802 194,719 Property and equipment Property and equipment 546,420 540,243 Accumulated depreciation (345,174) (329,228) Property and equipment, net 201,246 211,015 Operating lease ROU assets 139 402 Other assets 44,210 31,784 Total assets 421,397$ 437,920$ LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Accounts payable 45,578$ 32,021$ Other current liabilities 47,990 47,370 Total current liabilities 93,568 79,391 Long–term debt, net of unamortized issue costs and discounts of $584 and $694, respectively 64,561 64,451 Other long-term liabilities 18,610 18,614 Shareholders' equity Ordinary Shares, $0.001 par value, 50 million shares authorized; 13,348,726 and 13,295,262 shares issued and outstanding, each period 13 13 Additional paid-in capital 639,261 635,232 Accumulated deficit (395,624) (360,709) Controlling interest shareholders' equity 243,650 274,536 Non-controlling interests 1,008 928 Total equity 244,658 275,464 Total liabilities and shareholders' equity 421,397$ 437,920$ Vantage Drilling International Ltd. Condensed Consolidated Balance Sheets (In thousands, except share and par value information) (Unaudited)