Vantage Drilling International (VDI) Q1 2026 earnings summary

Executive summary

• Achieved strong operational performance in Q1 2026, highlighted by a major contract award for the Platinum Explorer and high revenue efficiency across the managed fleet.

• Achieved net income attributable to shareholders of $0.4 million ($0.03 per diluted share) for Q1 2026, reversing a net loss of $18.9 million ($1.42 per diluted share) in Q1 2025.

• Maintained a robust safety culture, with external recognition and rapid response to incidents, returning to zero recordable incidents by March and April.

• Ended Q1 with a contract backlog of $430.8 million, driven by new and ongoing contracts for key rigs.

Financial highlights

• Revenues for Q1 2026 were $47.2 million, up from $31.9 million year-over-year, mainly due to higher day rates and management fees from the Tungsten Explorer.

• Operating costs and expenses increased to $44 million from $29.4 million year-over-year.

• General and administrative expenses decreased by $4 million, mainly due to lower share-based compensation and professional fees.

• EBITDA for Q1 2026 was $(3.5) million, an improvement from $(6.1) million in Q1 2025.

• Ended Q1 with $65.3 million in cash, down from $97 million at year-end 2025, mainly due to a $17.9 million security deposit and operational outflows.

Outlook and guidance

• Deepwater segment expected to maintain utilization above 90% into 2027, with strong contract momentum and new tenders entering the market.

• Market outlook remains positive for the remainder of 2026 and into 2027, with improving utilization and ongoing tender activity in Southeast Asia.

• Platinum Explorer secured a three-year firm contract worth $261.3 million, with an additional one-year option, supporting future revenue visibility.