Exmar, a company best known to the Offshore Engineer audience for its FLNG units, has decided to re-enter the offshore drilling sector with an investment in the offshore drilling company Vantage Drilling.
Exmar said it had acquired approximately 11.5% in Vantage Drilling International ("Vantage").
Vantage Drilling offers offshore oil and natural gas well drilling services, with a fleet comprising of two ultra-deep-water drill ships and two premium jack-up rigs, listed on the US OTC market under VTDRF.
"This strategic investment is driven by promising value due to continued underinvestment in the offshore drilling market. After over two decades, EXMAR re-enters the drilling sector, further expanding its role in the energy value chain," Exmar said.
Vantage Drilling last week reported what it said was a near breakeven net income attributable to controlling interest for the three months ended September 30, 2023, as compared to a net loss attributable to controlling interest of $20.2 million, or $1.54 per diluted share, for the three months ended September 30, 2022.
As of September 30, 2023, Vantage had approximately $77.6 million in cash, including $7.6 million of restricted cash, compared to $93.3 million in cash, including $19.2 million of restricted cash, at December 31, 2022. At September 30, 2023, Vantage maintained $13.2 million of cash pre-funded by its Managed Services customers to address near-term obligations during the third quarter of 2023.