Bermudian-based offshore drilling contractor Vantage Drilling International reported a return to profitability in the first quarter of 2026, posting net income attributable to shareholders of approximately $0.4 million, or $0.03 per diluted share.

The result marked a significant turnaround from the same period a year earlier, when the company recorded a net loss attributable to shareholders of approximately $18.9 million, or $1.42 per diluted share.

The company said it ended the quarter on March 31 with approximately $65.3 million in cash. That figure included $4 million in restricted cash and $11.4 million pre-funded by managed services customers for near-term obligations.

Cash balances declined from approximately $97 million at the end of 2025. The company attributed much of the decrease to a $17.9 million long-term security deposit provided to India’s Oil and Natural Gas Corporation as a performance guarantee tied to the upcoming campaign for the Platinum Explorer drilling rig.

Ihab Toma, Vantage’s chief executive officer, said the company had delivered strong operational performance across its fleet.

“We are pleased to report continued strong operational performance of the Tungsten Explorer in the Republic of the Congo prior to its mobilisation to Angola,” Toma said in a statement.

He added that the Topaz Driller continued to operate efficiently during its ongoing campaign in Malaysia, while the Platinum Explorer was preparing for a new assignment after receiving a previously announced three-year firm contract valued at approximately $261 million, including an optional fourth year.

Vantage Drilling International operates as an offshore drilling contractor, supplying drilling units, related equipment and crews to oil and gas companies worldwide. The company also provides management and operational services for third-party-owned drilling rigs.

• This story was generated by machine and edited by The Royal Gazette newsroom