Vantage Drilling International Ltd. Reports Fourth Quarter and Full Year 2025 Results

Core Viewpoint - Vantage Drilling International Ltd. reported a significant decrease in net income for Q4 2025 compared to Q4 2024, while achieving a net income for the full year 2025, contrasting with a net loss in 2024 [1][2]. Financial Performance - For Q4 2025, Vantage reported a net income of approximately $8.1 million or $0.60 per diluted share, down from $55.5 million or $4.17 per diluted share in Q4 2024 [1]. - For the full year 2025, the company reported a net income of approximately $40.3 million or $2.99 per diluted share, compared to a net loss of approximately $27.8 million or $2.09 per diluted share for the full year 2024 [2]. Cash Position - As of December 31, 2025, Vantage had approximately $97.0 million in cash, which includes $4.0 million in restricted cash and $10.8 million pre-funded by Managed Services customers for near-term obligations. This is an increase from $89.6 million in cash as of December 31, 2024 [3]. Strategic Developments - The CEO highlighted a strong quarter with a cash dividend payment of $67.8 million to shareholders in Q4 2025, following a transition to an asset-light, debt-free structure [4]. - Vantage received a notification of award for the Platinum Explorer, which includes a three-year firm term valued at approximately $261 million, with a one-year option, indicating a strategic long-term contract [4].