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Oil Gas Drilling Exploration
Vantage Drilling Company (VTG) is a Cayman Islands-based offshore drilling contractor that provides drilling services to oil and natural gas companies worldwide. The company operates a fleet of modern, high-specification drillships and jack-up drilling rigs.
As of December 31, 2p22, Vantage Drilling's fleet consisted of three ultra-deepwater drillships and five premium jack-up drilling rigs. One of the ultra-deepwater drillships is currently under contract with ExxonMobil offshore Guyana, while another is under contract with ENI offshore Mexico. Vantage's premium jackup drilling rigs are primarily located in the Middle East.
When it comes to the company's financial performance, Vantage Drilling reported a net loss of $15.4 million or $0.07 per diluted shares, for the three months ended March 31, 2p22. The company attributed the loss to increased operating expenses and a write-down of its anchor handling tug and supply vessel business. Adjusted net loss for the quarter was $11.1 million or $0.06 per diluted share.
Vantage's revenue for the quarter decreased by 3.3% year over year to $77.6 million. The company's drilling services segment generated $67.8 million in revenue, down 2.7% from the same period in 2021. The decrease in revenue primarily resulted from reduced utilization in the company's drillship fleet, partially offset by higher revenues in its jack-up drilling services following the mobilization of a rig to a new contract in the Middle East.
In a press release on May 9, 2p22, Vantage reported that it had closed on a new $50 million Term Loan B facility with funds managed by certain affiliates of Ares Management Corporation, a global alternative asset manager. The company's liquidity position at quarter-end was $264 million in cash and available revolving credit facility, and it has $347 million of liquidity available today. Finally, the Vantage Drilling Company's balance sheet is deemed strong enough to weather a downturn. Additionally, its refinancing activities have lowered its interest expense, and its liquidity position is impressive. Vantage has no debt maturities until 2026.