Offshore drilling contractor Vantage Drilling recorded a decrease in quarterly revenues as its deepwater rig utilization dropped during the period.
Vantage said in its quarterly report on Thursday that its 3Q 2019 revenues were $35.8 million compared to $59 million in 3Q 2018.
Vantage on Thursday reported a net loss attributable to controlling interest of approximately $25.7 million for the three months ended September 30, 2019, compared to a net loss attributable to controlling interest of $26.1 million for the three months ended September 30, 2018.
As of September 30, 2019, Vantage had approximately $825.1 million in cash compared to $239.4 million in cash at December 31, 2018.
Ihab Toma , CEO, commented, “I am very pleased to report that we continue to increase our backlog at higher effective dayrates while remaining laser focused on delivering superior results to our customers.”
Vantage’s jack-up rig utilization remained nearly flat totaling 98.4% in the third quarter of this year compared to 98.5% in the same period last year.
However, the company’s deepwater utilization dropped to 41.3% in 3Q 2019 from 65.7% in the prior-year period.
Offshore Energy Today Staff
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