Vantage Drilling International Reports Q2 2025 Loss of $16.0 Million, Completes Sale of Tungsten Explorer to TotalEnergies for $265 Million

Vantage Drilling International reported a net loss of $16.0 million or $1.20 per share for Q2 2025, compared to a net loss of $14.2 million or $1.07 per share in Q2 2024. The company had $52.9 million in cash as of June 30, 2025, and sold the Tungsten Explorer to its joint venture with TotalEnergies for $265 million. Vantage has entered into a 10-year management agreement with TotalEnergies and is in advanced stages of securing work for the Platinum Explorer.

Title: Vantage Drilling International Reports Q2 2025 Results; Sells Tungsten Explorer

Vantage Drilling International Ltd. (Vantage) reported a net loss of $16.0 million or $1.20 per share for the second quarter of 2025, compared to a net loss of $14.2 million or $1.07 per share in the same period last year [1]. The company's cash position stood at $52.9 million as of June 30, 2025. Additionally, Vantage sold the Tungsten Explorer to its joint venture with TotalEnergies for $265 million, and it is in advanced stages of securing work for the Platinum Explorer.

The company's second-quarter results reflect a 10.6% increase in net loss compared to Q2 2024. This increase can be attributed to several factors, including the ongoing challenges in the drilling industry and the company's strategic initiatives to expand its operations. Despite the financial setback, Vantage's cash position remains robust, providing a cushion for future operations and investments.

In a separate development, Vantage has entered into a 10-year management agreement with TotalEnergies, further strengthening its partnership and potential for future collaborations. The company is also in advanced stages of securing work for the Platinum Explorer, which could provide a significant boost to its revenue streams in the coming quarters.

Vantage Drilling International is scheduled to host a conference call on August 28, 2025, to discuss its Q2 2025 results. The earnings release will be posted on the company's website at www.vantagedrilling.com.

References
[1] https://vantagedrilling.com/vantage-news/