Offshore drilling contractor Vantage Drilling on Tuesday posted a net loss of $30,6 million for the first quarter of 2020, an improvement on $47,9 million loss in 1Q 2019.
Ihab Toma, the CEO, said: “Despite the challenges presented by COVID-19 and the resulting global economic crisis, I am very proud to report another quarter of excellent operational results, with seven of our eight assets working during the quarter and producing a revenue efficiency of 99%."
As of March 31, 2020, Vantage had approximately $210.5 million in cash, including $14.1 million of restricted cash, compared to $242.9 million in cash, including $11.0 million of restricted cash at December 31, 2019.
The CEO further said: "Unfortunately, we also recognize that uncertainties surrounding the containment of COVID-19, the resulting economic crisis and the oversupply of oil worldwide will present significant challenges to our industry."
"However, with our healthy balance sheet and our proven agility in managing costs, we are well-positioned to navigate through these unprecedented times. Vantage remains focused on delivering stellar safety and operational excellence to our customers.”
Vantage Drilling owns a fleet of three ultra-deepwater drillships and five jack-up drilling rigs.