Dubai, Aug. 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 obligation 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. Generally, 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 of 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.
This information is subject to disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
