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Vantage Drilling International (VTDR) investor relations material

Vantage Drilling International Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary28 Aug, 2025

Executive summary

  • Completed sale of Tungsten Explorer for $265M to a joint venture with TotalEnergies, receiving $198.75M in cash and $66.25M in equity, and entered a 10-year management agreement.

  • Will redeem $65M in outstanding debt, becoming debt free post-transaction.

  • Achieved zero recordable incidents and near-perfect operational efficiency across all rigs in Q2 2025.

  • Retained ISO 9001, 14001, and 45001 certifications and received industry recognition for safety initiatives.

  • Net loss attributable to shareholders was $16M for Q2 2025, compared to $14.2M in Q2 2024.

Financial highlights

  • Q2 2025 revenue was $34.4M, down from $49.8M year-over-year, mainly due to asset sales and contract completions.

  • Year-to-date revenue was $66.3M, down from $126M in the same period last year.

  • Operating costs for Q2 were $31.9M, down from $39.6M year-over-year.

  • EBITDA for Q2 2025 was negative $3.0M, compared to positive $4.6M in Q2 2024.

  • Ended Q2 with $52.9M in cash, down from $89.6M at year end.

Outlook and guidance

  • Conditional letter of award for Platinum Explorer expected to convert to a firm contract, with mobilization likely in early October if finalized.

  • Entered a long-term management agreement with TotalEnergies, expected to provide stable revenue over the next decade.

  • Anticipates some idle periods across all asset classes through mid-2026, but expects higher utilization from late 2026 and into 2027.

  • Actively pursuing new contracts, including ONGC tender, with potential MPD upgrades estimated at $4M–$6M.

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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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