DUBAI, United Arab Emirates, Aug. 13, 2024 (GLOBE NEWSWIRE) -- Vantage Drilling International Ltd. ("Vantage" or the "Company") reported a net loss attributable to shareholders of approximately $14.2 million or $1.07 per diluted share for the three months ended June 30, 2024, based on weighted average shares outstanding, as compared to a net income attributable to shareholders of approximately $1.5 million or $0.11 per diluted share for the three months ended June 30, 2023. As of June 30, 2024, Vantage had approximately $50.8 million in cash. This total includes $10.5 million of restricted cash and $12.8 million pre-funded by our Managed Services customers for near-term obligations. In comparison, on December 31, 2023, Vantage had $84.0 million in cash, including $10.8 million of restricted cash and $11.6 million pre-funded by our Managed Services customers. Ihab Toma, CEO, commented: "The Company continued to perform well operationally and financially during the quarter, even with the Topaz Driller and Platinum Explorer undergoing major upgrades. The Topaz Driller continues to prepare for its upcoming contract while the Platinum Explorer enhances its marketability." Mr. Toma continued, "EBITDA generation of $4.6 million during the quarter reflects the efficiency of our operations and the dedication of our employees during this transitional period." Vantage, a Bermuda exempted company, is an offshore drilling contractor, with a fleet of two ultra-deepwater drillships, and two premium jackup drilling rigs. Vantage's primary business is to contract drilling units, related equipment and work crews primarily on a dayrate basis to drill oil and natural gas wells globally for major, national and independent oil and gas companies. Vantage also markets, operates and provides management services in respect of, third party-owned drilling units. www.vantagedrilling.com. The information above includes forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. These forward-looking statements are subject to certain risks, uncertainties and assumptions identified above or as disclosed from time to time in the Company's reports or filings posted to its website or otherwise made available to its investors or creditors. As a result of these factors, actual results may differ materially from those indicated or implied by such forward-looking statements. Vantage disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise. Non-GAAP Measures We report our financial results in accordance with generally accepted accounting principles (GAAP) in the United States. However, in our earnings release and during our earnings calls we may reference company information that does not conform to GAAP. Generally, a non-GAAP financial measure is a numerical measure of a company's performance, financial position, or cash flows that excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. Management believes that an analysis of this data is meaningful to investors because it provides insight with respect to ongoing operating results of the Company and allows investors to better evaluate the financial results of the Company. However, these measures should not be viewed as an alternative to or substitute for GAAP measures of performance, and these non-GAAP measures may not be consistent with previously published Company reports on Forms 10-K, 10-Q and 8-K. Non-GAAP measures we may reference have been reconciled to the nearest GAAP measure in the tables entitled Reconciliation of GAAP to Non-GAAP Financial Measures below. Public & Investor Relations Contact:Rafael Blattner Chief Financial Officer Vantage Drilling International Ltd.+971 4 449 34 28   Vantage Drilling International Ltd. Condensed Consolidated Statements of Operations (In thousands, except per share data) (Unaudited)                       Three Months Ended June 30,   Six Months Ended June 30,     2024   2023   2024   2023 Revenue                 Contract drilling services   $ 34,100     $ 67,673     $ 94,329     $ 115,590   Management fees     5,697       5,569       11,223       7,689   Reimbursables and other     10,015       34,598       20,408       61,633   Total revenue     49,812       107,840       125,960       184,912   Operating costs and expenses                 Operating costs     39,561       74,383       92,284       140,938   General and administrative     5,225       5,161       12,479       9,992   Depreciation     11,257       11,045       22,492       22,094   (Gain) loss on EDC Sale     —       —       —       3   Total operating costs and expenses     56,043       90,589       127,255       173,027   Income (loss) from operations     (6,231 )     17,251       (1,295 )     11,885   Other (expense) income                 Interest income     200       141       494       190   Interest expense and other financing charges     (5,656 )     (5,346 )     (11,000 )     (10,904 ) Other, net     (383 )     (457 )     (978 )     (135 ) Total other expense     (5,839 )     (5,662 )     (11,484 )     (10,849 ) Income (loss) before income taxes     (12,070 )     11,589       (12,779 )     1,036   Income tax provision     2,141       10,584       4,622       2,606   Net income (loss)     (14,211 )     1,005       (17,401 )     (1,570 ) Net income (loss) attributable to non-controlling interests     10       (457 )     (309 )     (746 )