Vantage sinks deeper into the red despite growing revenues

Offshore drilling contractor Vantage Drilling booked a loss in the last quarter of 2019 despite increase in revenues driven by higher utilization in both jack-up and deepwater segment. 

Vantage on Thursday reported a net loss attributable to controlling interest of $61.4 million for the three months ended December 31, 2019, as compared to a net loss attributable to controlling interest of $52.2 million for the three months ended December 31, 2018.

The company recorded revenues of $49.3 million in 4Q 2019 compared to revenues of $43.07 million in the same period of 2018.

For the full year 2019, Vantage reported net income attributable to controlling interest of approximately $455.7 million, as compared to a net loss attributable to controlling interest of $141.5 million for 2018.

The company’s jack-up rig utilization increased to 99.1% in 4Q 2019 from 96.6% in 4Q 2018 and its deepwater rig utilization increased to 61.1% from 35%.

Offshore Energy Today Staff

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