Vantage Drilling’s net loss deepens

Offshore drilling company Vantage Drilling International saw its net loss deepen in the first quarter of 2019.

The company on Thursday reported a net loss attributable to controlling interest of $47.9 million for the first quarter 2019, compared to a net loss attributable to controlling interest of $32.1 million in the first quarter of 2018.

Revenue fell from $57.6 million in the first quarter of 2018 to $34.5 million in the first quarter of 2019.

As of March 31, 2019, Vantage had approximately $226.2 million in cash, including $10.3 million of restricted cash, compared to $239.4 million in cash, including $14.4 million of restricted cash at December 31, 2018.

During the quarter, Vantage Drilling, in JV with ADES, entered into a short-term exploration contract with Dana Gas for deepwater drilling services in the Egyptian Mediterranean basin, using the Tungsten Explorer drillship.

Commenting on Thursday, Ihab Toma, CEO, said: “I am pleased to report that with the completion of the Tungsten Explorer’s SPS and five-year maintenance and the award of the Dana Gas contract for this rig, we will have seven rigs on contract once the Tungsten Explorer commences its contract in the very near future.

“Even with signs of an improved market, we continue to remain diligent and focused on managing our costs, operating efficiently and preserving our strong balance sheet position,” Toma said.