Vantage Drilling International (VDI) Q1 2025 earnings summary

Executive summary

• Achieved a successful first quarter of 2025 with strong safety performance, remaining lost time incident-free for one year.

• Reported net loss attributable to shareholders of $18.9 million ($1.42 per diluted share) for Q1 2025.

• Cash position as of March 31, 2025, was $76.4 million, up from $67 million a year earlier.

• Finalized agreements for the joint venture purchase of the Tungsten Explorer and secured a conditional letter of award for the Platinum Explorer, valued at approximately $80 million.

• Entered marketing agreements for the Dorado Drill Ship and Eldorado Drilling, expanding opportunities in multiple regions.

Financial highlights

• Revenues for Q1 2025 were $31.9 million, down from $76.1 million in Q1 2024, mainly due to asset sales and contract completions.

• EBITDA was negative $6.1 million for Q1 2025, compared to positive $15.6 million in Q1 2024.

• Operating costs decreased to $29.4 million from $52.7 million year-over-year.

• Net loss attributable to shareholders was $18.9 million for Q1 2025.

• Interest expense dropped to $1.6 million from $5.3 million year-over-year, following note redemptions.

Outlook and guidance

• Anticipates idle periods for certain floaters in 2025 and early 2026, with utilization expected to improve thereafter.

• Day rates in the jackup segment are expected to remain under pressure in the near term before a recovery.

• Focus remains on converting the Platinum Explorer award into a firm contract and expanding managed services.