Vantage Drilling International reported a net loss attributable to controlling interest of approximately $30.6 million or $2.33 per diluted share for the three months ended March 31, 2020, based on the weighted average shares outstanding after the conversion of our convertible notes in December 2019, as compared to a net loss attributable to controlling interest of $47.9 million or $9.58 per diluted share for the three months ended March 31, 2019.
As of March 31, 2020, Vantage had approximately $210.5 million in cash, including $14.1 million of restricted cash, compared to $242.9 million in cash, including $11.0 million of restricted cash at December 31, 2019. Cash flows used in operating activities include $15.0 million paid in accordance with a settlement reached with Vantage Drilling Company, the Company’s former parent company. The Company previously accrued $17.3 million as a potential liability and, therefore, recorded a gain of $2.3 million related to the settlement agreement included in “Other Income” in the Consolidated Statement of Operations during the three months ended March 31, 2020.
Ihab Toma, CEO, commented. “Despite the challenges presented by COVID-19 and the resulting global economic crisis, I am very proud to report another quarter of excellent operational results, with seven of our eight assets working during the quarter and producing a revenue efficiency of 99%. During the quarter we successfully took redelivery of the Soehanah jack up rig after completion of its bareboat charter contract, completed project work required to achieve Vantage’s operational standards on the rig, and redeployed the rig under a drilling contract in Indonesia. Unfortunately, we also recognize that uncertainties surrounding the containment of COVID-19, the resulting economic crisis and the oversupply of oil worldwide will present significant challenges to our industry. However, with our healthy balance sheet and our proven agility in managing costs, we are well-positioned to navigate through these unprecedented times. Vantage remains focused on delivering stellar safety and operational excellence to our customers.”
Vantage, a Cayman Islands exempted company, is an offshore drilling contractor, with a fleet of three ultra-deepwater drillships and five premium jackup drilling rigs. 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 natural gas companies. Vantage also provides construction supervision services and preservation management services for, and will operate and manage, drilling units owned by others.
(Source and Image: Vantage Drilling)