Vantage drilling posts wider Q2 net loss, sells rig

Vantage Drilling International Ltd. reported a net loss attributable to shareholders of $16.0 million, or $1.20 per diluted share, for the three months ended June 30, 2025. This compares to a $14.2 million net loss in the same period last year.

The company completed the Tungsten Explorer's operations in Congo with 99.7% revenue efficiency, and subsequently sold the rig to its joint venture with TotalEnergies for $265 million. A 10-year management agreement was established with the sale.

Cash reserves stood at $52.9 million as of June 30, 2025, down from $89.6 million at December 31, 2024. Total revenue decreased to $34.4 million for Q2 2025 from $49.8 million in Q2 2024, primarily due to lower contract drilling services and management fees.

Despite the net loss, Vantage is in advanced stages of securing new work for the Platinum Explorer. The company’s EBITDA for the three months ended June 30, 2025, was ($3.047) million, a decrease from $4.643 million in the prior year period.