Vantage Drilling International Ltd. Reports First Quarter 2025 Results

Core Viewpoint - Vantage Drilling International Ltd. reported a significant increase in net loss for Q1 2025 compared to the same period in 2024, indicating ongoing financial challenges for the company [1]. Financial Performance - The net loss attributable to shareholders for the three months ended March 31, 2025, was approximately $18.9 million or $1.42 per diluted share, compared to a net loss of approximately $2.9 million or $0.22 per diluted share for the same period in 2024 [1]. - As of March 31, 2025, Vantage had approximately $76.4 million in cash, which includes $15.5 million in pre-funding for upgrading the Tungsten Explorer, $3.3 million in restricted cash, and $5.8 million pre-funded by Managed Services customers for near-term obligations. This is an increase from $67.0 million in cash as of March 31, 2024, which included $10.8 million of restricted cash and $11.1 million pre-funded by Managed Services customers [2]. Business Operations - The company received a Conditional Letter of Award for the Platinum Explorer for work later in 2025 and is focused on completing the sale of the Tungsten Explorer. Additionally, Vantage is expanding its Managed Services segment through a marketing agreement with Eldorado Drilling [3]. - Vantage operates as an offshore drilling contractor, primarily contracting drilling units and related equipment on a dayrate basis for oil and gas wells globally, serving major, national, and independent oil and gas companies [3].