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Vantage Drilling International (VTDR) investor relations material
Vantage Drilling International Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary25 Nov, 2025
Executive summary
Achieved a successful third quarter of 2025, highlighted by the sale and upgrade of TUNGSTEN EXPLORER, strong operational safety, and efficiency.
Transitioned to an asset-light, debt-free model, positioning for future capital returns.
Achieved net income of $67.2 million ($4.97 per diluted share) for Q3 2025, reversing a net loss of $10.6 million ($0.80 per share) in Q3 2024.
Operations commenced in West Africa after significant upgrades to the TUNGSTEN EXPLORER.
Terminated previously announced contract for the PLATINUM EXPLORER but remain optimistic about future opportunities.
Financial highlights
Ended Q3 2025 with $197.4 million in cash, up from $89.6 million at year-end 2024.
Q3 revenues were $23.3 million, down from $49 million in Q3 2024, reflecting fewer operating days and asset sales.
EBITDA for Q3 2025 reached $76.2 million, compared to $6.4 million in Q3 2024.
Gain on sale of assets in Q3 was $102.1 million, mainly from the TUNGSTEN EXPLORER sale.
Net income for Q3 was $67.2 million, with a year-to-date net income of $32.3 million.
Outlook and guidance
Positive long-term fundamentals expected in both shallow and deep water segments, though some idle periods are anticipated through 2026.
Management remains optimistic about securing future contracts for the PLATINUM EXPLORER despite recent termination.
PLATINUM EXPLORER is actively bidding for new contracts, including the ONGC tender.
Forward-looking statements highlight potential risks and uncertainties that may impact future results.
ONGC tender status for Platinum Explorer
Tungsten Explorer management fee dynamics
Update on shareholder return strategy
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Next Vantage Drilling International earnings date
Q4 202526 Mar, 2026
Next Vantage Drilling International earnings date
Q4 202526 Mar, 2026
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Frequently asked questions
Vantage Drilling International is a global offshore drilling contractor providing offshore contract drilling services to the oil and gas industry. The company specializes in operating a fleet of drilling units, including ultra-deep-water drillships and jackup rigs, which it offers along with related equipment and work crews on a dayrate basis for drilling oil and gas wells. It operates through two main segments: Drilling Services and Managed Services, catering to clients worldwide. The company is headquartered in Houston, Texas, and its shares are listed on the OTC market.
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