Vantage Drilling International Posts $0.4M Profit
Vantage Drilling International reported a net income attributable to shareholders of approximately $0.4 million for the three months ended March 31, 2026,
A spokesperson said, “Vantage Drilling International Ltd. reported a net income attributable to shareholders of approximately $0.4 million or $0.03 per diluted share for the three months ended March 31, 2026, based on the weighted average shares outstanding, as compared to a net loss attributable to shareholders of approximately $18.9 million or $1.42 per diluted share for the three months ended March 31, 2025.
“As of March 31, 2026, Vantage had approximately $65.3 million in cash, including $4.0 million in restricted cash and $11.4 million pre-funded by our Managed Services customers for near-term obligations. In comparison, as of December 31, 2025, Vantage had $97.0 million in cash, including $4.0 million in restricted cash and $10.8 million pre-funded by our Managed Services customers for near-term obligations. The decrease in cash during the quarter included the $17.9 million long-term security deposit provided to ONGC as a performance guarantee for the upcoming Platinum Explorer campaign.”
Ihab Toma, CEO, commented: “We are pleased to report continued strong operational performance of the Tungsten Explorer in the Republic of the Congo prior to its mobilization to Angola. In addition, the Topaz Driller continues to deliver efficient operations during its ongoing campaign in Malaysia and the Platinum Explorer continues to prepare for its upcoming campaign following the previously announced notification of award for a three-year firm contract valued at approximately $261 million, with an additional one-year option.”
A spokesperson added, “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.”
