Vantage Drilling International (VTDR) Q4 2024 earnings summary

Executive summary

• 2024 marked by safe operations, execution of an asset-light strategy, and accretive transactions, including the sale of two jackups and entry into long-term management agreements.

• Achieved net gain attributable to shareholders of $55.5M ($4.17/share) in Q4 2024, reversing a $14.6M loss in Q4 2023.

• Full-year 2024 net gain was $27.8M ($2.09/share), compared to a $15.4M loss in 2023.

• Joint venture with TotalEnergies finalized, including the sale and management of the Tungsten Explorer.

• Successful listing on Euronext Growth and expansion of managed services portfolio.

Financial highlights

• Full-year 2024 EBITDA reached $116.9 million, up from $70.9 million in 2023.

• Net income for 2024 was $27.8 million, with Q4 net income at $55.5 million, boosted by an $87 million gain on asset sales.

• Year-end cash balance was $89.6 million, including $20 million for rig upgrades and $6.2 million restricted cash.

• 2024 revenues totaled $239.3 million, down from $383.1 million in 2023, mainly due to changes in fleet activity.

• Operating costs for 2024 were $290.1 million, up from $182.5 million in 2023.

Outlook and guidance

• Anticipates idle periods for some floaters extending into 2026 due to deepwater project postponements.

• Jackup market remains under pressure with suspended contracts and no clear restart dates.

• Focus remains on expanding managed services and securing profitable long-term contracts.

• Management emphasizes commitment to strengthening the balance sheet.

• Forward-looking statements note risks and uncertainties that may cause actual results to differ materially.