HOUSTON, TX — (Marketwire) — 03/15/12 — Vantage Drilling Company (“Vantage”) (NYSE Amex: VTG) reports a net loss of $9.3 million or ($0.03) per diluted share for the three months ended December 31, 2011 as compared to a net loss of $13.0 million or ($0.05) per diluted share for the three months ended December 31, 2010.
Net loss for the fiscal year ended December 31, 2011 was $54.8 million or ($0.19) per share excluding approximately $25.2 million of charges for the early retirement of debt as compared to a loss of $19.8 million or ($0.08) per share in the prior year period, excluding approximately $27.8 million of acquisition and refinancing charges. Including the acquisition and refinancing charges, Vantage reported a net loss $80.0 million or ($0.28) per diluted share for the year ended December 31, 2011 as compared to a net loss of $47.6 million or $(0.19) per diluted share for the year ended December 31, 2010.
Paul Bragg, Chairman and Chief Executive Officer, commented, “We are very pleased to announce record annual revenues and income from operations. Vantage continues to deliver operational excellence. Our jackup fleet had outstanding productive time for the year in excess of 99% and the Platinum Explorer completed its initial year of operations with productive time in excess of 92%. Market conditions are improving, particularly for new, modern rigs like ours.”
Vantage, a Cayman Islands exempted company, is an offshore drilling contractor, with an owned fleet of four Baker Marine Pacific Class 375 ultra-premium jackup drilling rigs and the ultra-deepwater drillship, the Platinum Explorer, as well as an additional ultra-deepwater drillship, the Tungsten Explorer, now under construction. 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. Vantage also provides construction supervision services for, and will operate and manage, drilling units owned by others. Through its fleet of seven owned and managed drilling units, Vantage is a provider of offshore contract drilling services globally to major, national and large independent oil and natural gas companies.
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.
Paul A. Bragg
Chairman & Chief Executive Officer
Vantage Drilling Company
(281) 404-4700