Core Viewpoint - Vantage Drilling International Ltd. reported a significant turnaround in financial performance, achieving a net income of approximately $67.2 million for Q3 2025, compared to a net loss of $10.6 million in Q3 2024, indicating a strong recovery and improved liquidity position [1][3]. Financial Performance - For the three months ended September 30, 2025, the net income attributable to shareholders was approximately $67.2 million or $4.97 per diluted share, a notable improvement from a net loss of $10.6 million or $0.80 per diluted share for the same period in 2024 [1]. - As of September 30, 2025, Vantage had approximately $197.4 million in cash, a significant increase from $89.6 million as of December 31, 2024 [2]. Operational Developments - The financial improvement was attributed to the sale of the Tungsten Explorer, which has undergone significant upgrades and commenced operations in West Africa in early November 2025 [3]. - The company is optimistic about future work opportunities for the drillship, despite having to terminate a previously announced contract for the Platinum Explorer [3]. Company Overview - Vantage Drilling is an offshore drilling contractor that primarily contracts drilling units and related services on a dayrate basis for oil and gas wells globally [3].

Core Points - Vantage Drilling International Ltd. has announced the immediate termination of the contract for the Platinum Explorer due to changes in economic sanctions, making the contract execution unlawful [1] - The campaign was originally planned for approximately 260 days [1] Company Overview - Vantage Drilling International Ltd. is an offshore drilling contractor based in Bermuda, primarily engaged in contracting drilling units, related equipment, and work crews on a dayrate basis for oil and natural gas wells globally [3] - The company serves major, national, and independent oil and gas companies and also provides management services for drilling units owned by others [3]

Core Insights - Vantage Drilling International Ltd. reported a net loss of approximately $16.0 million or $1.20 per diluted share for Q2 2025, compared to a net loss of approximately $14.2 million or $1.07 per diluted share for Q2 2024 [1] - As of June 30, 2025, Vantage had approximately $52.9 million in cash, a decrease from $89.6 million as of December 31, 2024 [2] - The company successfully completed operations of the Tungsten Explorer in Congo, achieving 99.7% revenue efficiency, and subsequently sold the Tungsten Explorer to a joint venture with TotalEnergies for $265 million [3] Financial Performance - The net loss attributable to shareholders for Q2 2025 was $16.0 million, which is an increase in loss compared to $14.2 million in Q2 2024 [1] - Cash reserves decreased from $89.6 million at the end of 2024 to $52.9 million by mid-2025, indicating a significant reduction in liquidity [2] Operational Highlights - The Tungsten Explorer achieved a high revenue efficiency of 99.7% during its operations in Congo [3] - The sale of the Tungsten Explorer for $265 million marks a significant milestone for the company, alongside a long-term management agreement with TotalEnergies [3] - The company is in advanced stages of securing work for the Platinum Explorer, indicating ongoing operational development [3]