Vantage Drilling International reported a net loss attributable to controlling interest of approximately $23.5 million or $1.79 per diluted share for the three months ended December 31, 2021, as compared to a net loss attributable to controlling interest of $44.9 million or $3.42 per diluted share for the three months ended December 31, 2020.
For the year ended December 31, 2021, Vantage reported net loss attributable to controlling interest of approximately $110.1 million or $8.40 per diluted share, as compared to a net loss attributable to controlling interest of $276.7 million or $21.10 per diluted share for the year ended December 31, 2020.
As of December 31, 2021, Vantage had approximately $90.6 million in cash, including $17.3 million of restricted cash, compared to $154.5 million in cash, including $12.5 million of restricted cash at December 31, 2020. The Company used $70.4 million in cash from operations in 2021 compared to $85.3 million used in 2020.
Ihab Toma, CEO, commented: “After an extremely challenging prior year, 2021 represented a year of recovery and higher utilization for the industry and Vantage. Much like 2019, all of our active rigs returned to work, and we entered the new year on the back of a stronger crude oil and natural gas environment. We seem to have passed an inflection point and rig active supply is reaching a tight balance with demand in both the deep-water and shallow water segments of the market.”
Mr. Toma continued: “The year was book-ended by two important events for the company. We were awarded in January 2021 additional high specification rigs to manage, reflecting confidence in our efficient management platform.
“Then in December, we announced the execution of an agreement to sell three of our jack-up rigs to, along with the entry into a global strategic alliance with, members of the ADES Group. The common thread throughout the year connecting these two transactions, however, was the consistently strong performance by our operations team, delivering a very high caliber of service to our clients.”
Vantage, a Cayman Islands exempted company, is an offshore drilling contractor, with a fleet of two ultra-deep-water drill ships, and five premium jack-up drilling rigs. Vantage’s primary business is to contract drilling units, related equipment and work crews primarily on a day rate basis to drill oil and natural gas wells globally for major, national and independent oil and natural gas companies.
Vantage also provides construction supervision services and preservation management services for, and will operate and manage, drilling units owned by others.
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 filings with the Securities and Exchange Commission.
As a result of these factors, actual results may differ materially from those indicated or implied by such forward-looking 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.
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