Vantage revenues fall as deepwater rig utilization drops

Offshore drilling contractor Vantage Drilling recorded a decrease in quarterly revenues as its deepwater rig utilization dropped during the period.

Vantage said in its quarterly report on Thursday that its 3Q 2019 revenues were $35.8 million compared to $59 million in 3Q 2018.

Vantage on Thursday reported a net loss attributable to controlling interest of approximately $25.7 million for the three months ended September 30, 2019, compared to a net loss attributable to controlling interest of $26.1 million for the three months ended September 30, 2018.

As of September 30, 2019, Vantage had approximately $825.1 million in cash compared to $239.4 million in cash at December 31, 2018.

Ihab Toma, CEO, commented, “I am very pleased to report that we continue to increase our backlog at higher effective dayrates while remaining laser focused on delivering superior results to our customers.”

Vantage’s jack-up rig utilization remained nearly flat totaling 98.4% in the third quarter of this year compared to 98.5% in the same period last year.

However, the company’s deepwater utilization dropped to 41.3% in 3Q 2019 from 65.7% in the prior-year period.

Offshore Energy Today Staff

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