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VANTAGE DRILLING IMPROVES UTILIZATION RATE AND REDUCES NET LOSS

Houston-based Vantage Drilling International reported a net loss attributable to controlling interest of approximately $29.0 million for the three months ended June 30, 2021, as compared to a net loss attributable to controlling interest of $31.9 million for the three months ended June 30, 2020.
Ihab Toma, CEO, commented: “The second quarter represented more evidence that the industry is back on the way to recovery where we have seen the Aquamarine Driller and Sapphire Driller commencing their new contracts in Malaysia and Equatorial Guinea, respectively. In addition, shortly after the quarter concluded, the Soehanah returned to work in Indonesia, reflecting six of the Company’s seven rigs working. The safe and seamless return to work by those rigs within weeks of each other is a testament to the operations team at Vantage, of whom I am very proud.”
Mr. Toma continued, “In addition to the three rigs returning to service, we are delighted to announce that, the Sapphire Driller and the Aquamarine Driller, were recently awarded three-year contracts to work offshore Qatar, commencing in February and March 2022, respectively. We look forward to these multi-year programs commencing alongside the Emerald Driller’s campaign in Qatar where we have operated since 2016.”
Vantage, a Cayman Islands exempted company, is an offshore drilling contractor, with a fleet of two ultra-deepwater drillships, the Platinium Explorer and the Tungsten Explorer, and five premium jackup drilling rigs, Saphire Driller, Topaz Driller, Soehanah.
The company’s five jackups are currently working. The drillship Platinium Explorer is drilling on a long term contract offshore India with ONGC. The Tungsten Explorer currently stacked in Lebanon is expected to resume operations in the Mediterranean Sea in Q4 2021.
In January 2021, Vantage advised that the 9-year old Titanium Explorer had been sold for demolition in South Africa.
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, drilling units owned by others.
(Source and image: Vantage Drilling)