Vantage Drilling, a Cayman Islands exempted offshore drilling contractor, reports a net loss of $10.0 million or ($0.03) per diluted share for the three months ended June 30, 2012 as compared to a net loss of $40.1 million or ($0.14) per diluted share for the three months ended June 30, 2011.
For the six months ended June 30, 2012, Vantage reports a net loss of $11.2 million or ($0.04) per diluted shares as compared to a net loss of $58.7 million or ($0.20) per diluted shares for the six months ended June 30, 2011.
In April 2012, the company acquired the Titanium Explorer and has mobilized the vessel to the United States Gulf of Mexico where it is currently undergoing customer acceptance testing. The acquisition has been financed with the proceeds from the $775.0 million senior notes offering. The notes were priced at 108% of par, resulting in total proceeds to the Company in excess of $820.0 million, net of offering fees and expenses. In connection with certain pre-commencement activities of the Titanium Explorer, we recorded approximately $2.4 million of project costs as operating expenses for the three months ended June 30, 2012.
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.”
[mappress] Press Release, July 30, 2012