Titanium Explorer Dragonquest Vantage drilling dsme shipyard

Mired in Debt, Vantage Drilling Reports Another Tough Quarter

Rob Almeida
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July 30, 2012

Titanium Explorer (ex Dragonquest) receives its accommodation module at DSME

In their recent SEC filing, Vantage Drilling Company (NYSE: VTG) reports carrying over $2 billion in long term debt, nearly double last year’s figure due to the increase in their physical assets over the past year.  Interest and other financing charges are heavily contributing to their current loss of $10.0 million or ($0.03) per diluted share for the three months ended June 30.

It is, however, an improvement from last year’s net loss of $40.1 million or ($0.14) per diluted share for the same three month period.

As we noticed with Seadrill recently, all it takes though is one big contract and these numbers will flip quickly.

In April 2012, Vantage acquired the Titanium Explorer and mobilized the vessel to the United States Gulf of Mexico where it is currently undergoing customer acceptance testing.

Paul Bragg, Chairman and Chief Executive Officer, commented, “We are pleased to announce another strong quarter from operations, with the jackups achieving in excess of 99% productive time and the Platinum Explorer, while out of service for the scheduled 10 days of equipment upgrades, otherwise achieved productive time in excess of 99%. Following the acquisition of the Titanium Explorer, the drillship mobilized to the US Gulf of Mexico on-time, completed coast guard inspections, and continues to progress customer acceptance.”

platinum explorer vantage drilling helideck

Vantage owns a fleet of four Baker Marine Pacific Class 375 ultra-premium jackup drilling rigs and two ultra-deepwater drillships, the Platinum Explorer and the Titanium Explorer, as well as an additional ultra-deepwater drillship, the Tungsten Explorer, now under construction.

All images courtesy Vantage Drilling

 

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