Vantage Drilling International Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2016
November 16, 2016 at 03:48 pm EST
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Vantage Drilling International announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2016. For the quarter, the company reported total revenue of $39,942,000 compared to $210,090,000 a year ago. Loss from operations was $20,146,000 compared to profit from operations of $79,318,000 a year ago. Loss before income taxes was $38,153,000 compared to income before taxes of $33,629,000 a year ago. Net loss attributable to shareholders of $41,526,000 or $8.31 per basic and diluted share compared to net income attributable to shareholders of $5,194,000 a year ago.
For the period from January 1, 2016 to February 10, 2016, the company reported total revenue of $23,540,000. Loss from operations was $14,927,000. Loss before income taxes was $469,644,000. Net loss attributable to shareholders of $471,046,000. Net cash used in operating activities was $21,365,000.
For the period from February 10, 2016 to June 30, 2016, the company reported total revenue of $118,239,000. Loss from operations was $52,573,000. Loss before income taxes was $100,310,000. Net loss attributable to shareholders of $106,288,000 or $21.26 per basic and diluted share. Net cash provided by operating activities was $3,283,000. Additions to property and equipment were $10,107,000.
Vantage Drilling International is an international offshore drilling company. The Company is focused on operating a fleet of drilling units. Its principal business is to contract drilling units, related equipment and work crews, primarily on a dayrate basis, to drill oil and gas wells for its customers. Through its fleet of drilling units, it provides offshore contract drilling services to national and independent oil and gas companies, focused on international markets. In addition, it provides operational and marketing services for operating and stacked rigs, construction supervision services for rigs that are under construction, and preservation management services for rigs that are stacked. The Company has two segments. Drilling Services segment includes activities related to owned jackup rigs and drillships. Managed Services segment consists of activities related to rigs owned by third parties that it manages, supports, or operates through bareboat charters.