Dubai, Nov. 25, 2025 (GLOBE NEWSWIRE) -- Vantage Drilling International Ltd.
("Vantage" or the "Company") reported a net income attributable to shareholders
of approximately $67.2 million or $4.97 per diluted share for the three months
ended September 30, 2025, based on the weighted average shares outstanding, as
compared to a net loss attributable to shareholders of approximately $10.6
million or $0.80 per diluted share for the three months ended September
30, 2024.
As of September 30, 2025, Vantage had approximately $197.4 million in cash,
including $35.0 million in pre-funding for upgrading the Tungsten Explorer, $2.4
million in restricted cash and $4.7 million prefunded by our Managed Services
customers for near-term obligations. In comparison, as of December 31, 2024,
Vantage had $89.6 million in cash, including $20.0 million in pre-funding for
upgrading the Tungsten Explorer, $6.2 million in restricted cash and $8.3
million pre-funded by our Managed Services customers for near-term obligations.
Ihab Toma, CEO, commented: "We are pleased to report a strong financial quarter,
as a result of the sale of the Tungsten Explorer, which has strengthened our
liquidity position. The rig has now undergone significant upgrades in the
shipyard under the joint venture with TotalEnergies and has mobilized to West
Africa, where operations commenced in early November. While the Company was
obligated to terminate the previously announced contract for the Platinum
Explorer, we remain optimistic about obtaining future work for the drillship."
Vantage, a Bermuda exempted company, is an offshore drilling contractor.
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 third party-
owned drilling units. For more information about the Company, please refer to
the Company's website, www.vantagedrilling.com
(https://www.vantagedrilling.com).
The information above includes forward-looking statements within the meaning of
the Securities Act of 1933 and the Securities Exchange Act of 1934. These
forward-looking statements are subject to certain risks, uncertainties and
assumptions identified above or as disclosed from time to time in the Company's
reports or filings posted to its website or otherwise made available to its
investors or creditors. As a result of these factors, actual results may differ
materially from those indicated or implied by such forwardlooking statements.
Vantage disclaims any intention or obligation to update publicly or revise such
statements, whether as a result of new information, future events or otherwise.
Non-GAAP Measures
We report our financial results in accordance with generally accepted accounting
principles (GAAP) in the United States. However, in our earnings release and
during our earnings calls we may reference company information that does not
conform to GAAP. Generally, a non-GAAP financial measure is a numerical measure
of a company's performance, financial position, or cash flows that exclude or
includes amounts that are not normally excluded or included in the most directly
comparable measure calculated and presented in accordance with GAAP. Management
believes that an analysis of this data is meaningful to investors because it
provides insight with respect to ongoing operating results of the Company and
allows investors to better evaluate the financial results of the Company.
However, these measures should not be viewed as an alternative to or substitute
for GAAP measures of performance, and these non-GAAP measures may not be
consistent with previously published Company reports on Forms 10-K, 10-Q and 8-
K. Non-GAAP measures we may reference have been reconciled to the nearest GAAP
measure in the tables entitled Reconciliation of GAAP to Non-GAAP Financial
Measures below.
This information is subject to disclosure requirements pursuant to section 5-12
of the Norwegian Securities Trading Act.