Vantage Drilling acquiring jackup rig

Vantage Drilling acquiring jackup rig

US offshore drilling contractor Vantage Drilling is expanded its fleet with the acquisition of a jackup rig according to the company’s latest quarterly report.

The company said it has used $15m cash to fund the down payment to acquire a modern jackup rig, adding to the three drillships and four jackup rigs currently in its fleet.

The company reported a net loss of approximately $31.1m for the second quarter of this year, compared to a net loss of $36.6m during the same period last year.

“I am pleased to report another positive quarter, with industry leading rig utilization and successful repositioning and deployment of the Topaz Driller in Cameroon. Revenues are up 14% from the comparable quarter in the prior year and operationally we delivered an outstanding 97% uptime during the quarter,” said Ihab Toma, CEO of Vantage Drilling.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

Related Posts