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 is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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