Vantage Drilling Achieves Another Important Milestone in 3rd Quarter

Vantage Drilling, an offshore drilling contractor, announced the achievement of another important milestone in its third quarter results report.

Vantage successfully started operations on its third drillship, Tungsten Explorer, in Southeast Asia, Chairman and CEO of the company Paul Bragg confirmed.

He also said that with the Sapphire Driller beginning its new eighteen month contract in Gabon this week, Vantage has contribution from seven rigs for the first time.

Vantage also reported 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 include 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 announced 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.