Vantage Drilling International Ltd, the Bermudian-registered exempted company, has reported a net loss attributable to controlling interest of approximately $15.4 million in the 2023 fiscal year.

That compares with a loss of $3.4 million for the prior year.

The offshore drilling contractor reported a net loss attributable to controlling interest of approximately $14.6 million in the fourth quarter of 2023, compared with a loss of $16.4 million for the prior year period.

At year-end 2023, Vantage had approximately $84 million in cash, including $10.8 million of restricted cash, compared with $93.3 million in cash, including $19.2 million of restricted cash, at year-end 2022.

At December 31, Vantage maintained $11.6 million of cash pre-funded by its managed services customers to address near-term obligations during the fourth quarter.

Excluding cash used in connection with managed services customers, the company generated $13.6 million of cash from operating activities during the fourth quarter.

Ihab Toma, chief executive officer, said: “I am pleased with the company’s financial performance for 2023. The company generated cash of $2.2 million for the year, reaching approximately $71 million of earnings before interest, tax, depreciation and amortisation, a level not seen since prior to the company’s reorganisation in 2016.

“Vantage continued to serve its clients well across our managed services and owned rigs segments.

“It is our operational strength, customer focus and creative business models that led to the ground-breaking announcement with our client, TotalEnergies, regarding our joint venture to own the Tungsten Explorer along with a 10-year management contract to manage the rig.”

He added: “As for 2024, while in many ways, it is a year of transition for some of our rigs with shipyard stays and preparation time between contracts, I am excited about what the future holds for Vantage.

“Fundamentally, the market continues to be in a healthy place, and we are in a good position to take advantage of this.”

Vantage has a fleet of two ultra-deep-water drill ships, and two premium jack-up drilling rigs.

The company's primary business is to contract drilling units, related equipment and work crews primarily on a day rate 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.