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Last €0.03 EUR
Change Today 0.00 / 0.00%
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As of 2:05 AM 09/15/15 All times are local (Market data is delayed by at least 15 minutes).

vantage drilling co (VDL) Snapshot

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10/7/14 - €0.96
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vantage drilling co (VDL) Details

Vantage Drilling Company, through its subsidiaries, provides offshore contract drilling services in the United States and internationally. It offers drilling units, related equipment, and work crews under contract to drill oil and natural gas wells. The company also provides construction supervision and operations management services for drilling units owned by others. As of March 6, 2015, it owned a fleet of seven drilling units, including three ultra-deepwater drillships and four ultra-premium jackup rigs. The company primarily serves multinational oil and natural gas companies, government owned oil and natural gas companies, and independent oil and natural gas producers. Vantage Drilling Company was founded in 2007 and is based in Houston, Texas.

786 Employees
Last Reported Date: 03/6/15
Founded in 2007

vantage drilling co (VDL) Top Compensated Officers

Chairman and Chief Executive Officer
Total Annual Compensation: $595.0K
Chief Financial Officer and Treasurer
Total Annual Compensation: $318.0K
Chief Operating Officer
Total Annual Compensation: $430.0K
Vice President of Assets and Engineering
Total Annual Compensation: $285.0K
Compensation as of Fiscal Year 2014.

vantage drilling co (VDL) Key Developments

Vantage Drilling Company Receives Notice Of Delisting Of Ordinary Shares

Vantage Drilling Company received a notice dated September 14, 2015 that the staff of NYSE Regulation, Inc. (NYSE Regulation) has determined to suspend trading immediately and commence proceedings to delist Vantage's ordinary shares from NYSE MKT LLC (NYSE MKT). NYSE Regulation notified the Company that it is no longer suitable for listing pursuant to Section 1003(f)(v) of the NYSE MKT Company Guide, due to the "abnormally low" trading price of its ordinary shares. The Notice further indicates that Vantage has a right to a review of this determination by a NYSE MKT Listing Qualifications Panel. The NYSE MKT will apply to the Securities and Exchange Commission to delist Vantage's ordinary shares upon completion of all applicable procedures, including any appeal by Vantage of the NYSE Regulation staff's decision. Vantage will consider all of its options, including its option to appeal, in responding to the Notice. In the meantime, Vantage's ordinary shares will trade on the over the counter markets.

Vantage Drilling Inc. Loses Petrobras America Inc. Drilling Service Contract

Vantage Drilling Inc. announced on September 1, 2015 that Petrobras America and Petrobras Venezuela Investments &Services BV terminated its contract for Vantage's ultra-deepwater drillship, the Titanium Explorer. Both Petrobras America and Petrobras Venezuela are units of state-owned Petroleo Brasiliero SA. According to the statement, Petrobras America is alleging that Vantage breached its obligations under the drilling contract, but that the notice of termination provided to Vantage didn't provide any explanation regarding the breach. Vantage has filed for arbitration to challenge the assertions in the termination notice and to assert that the notice is a wrongful attempt to terminate the drilling contract. Vantage believes that it's in compliance with all of its obligations under the drilling contract. The early termination with Vantage occurred based on existing contract terms, due to operational failures from Vantage.

Vantage Drilling Company Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Provides Earnings Guidance for the Third Quarter of 2015 and Tax Rate Guidance for the Full Year of 2015

Vantage Drilling Company announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported total revenue of $212,261,000 compared to $219,718,000 a year ago. Income from operations was $77,165,000 compared to $81,720,000 a year ago. Income before income taxes was $36,107,000 compared to $25,499,000 a year ago. Net income was $24,964,000 or $0.07 per diluted share compared to $10,178,000 or $0.03 per diluted share for the same quarter a year ago. The sequential decrease in revenue was primarily due to the Aquamarine Driller remaining idle throughout the quarter. EBITDA for the quarter was $108.9 million as compared to $112.7 million in the prior quarter. CapEx for the second quarter consisted of $14.3 million for operating fleet, which was made up of $13.6 million of fleet capital spares and maintenance CapEx had approximately $763,000 for software upgrade. For the six months, the company reported total revenue of $429,910,000 compared to $452,183,000 a year ago. Income from operations was $158,218,000 compared to $172,723,000 a year ago. Income before income taxes was $86,880,000 compared to $62,701,000 a year ago. Net income was $46,394,000 or $0.15 per diluted share compared to $35,002,000 or $0.11 per diluted share a year ago. Net cash provided by operating activities was $85,046,000 compared to $139,813,000 a year ago. The company is currently projecting EBITDA for the third quarter of $88 million to $95 million. Depreciation for the third quarter will be approximately $32 million, and the company estimate interest expense of $47.8 million. The company is estimating profit for the third quarter in the range of $3 million to $10 million or $0.01 to $0.03 per basic share. For all of 2015, the company continue to estimate income taxes will be approximately 5% to 6% of total revenue.


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