Dallas, Texas 03/10/2014 (FINANCIALSTRENDS) – Vantage Drilling Company (NYSEMKT:VTG) reported its fourth quarter and full year operational results on 28th February . The oil and gas drilling and exploration contractor disclosed that its fourth quarter net income had increased exponentially to reach $30.3 million for the quarter. This translated to earnings per share of 9 cents. The earnings for the quarter was a stark contrast to the net loss of $11.5 million or loss per share of 4 cents it had reported in 4Q12.
From its full year operations, Vantage Drilling Company (NYSEMKT:VTG) reported net income of $16.5 million, which translates to 5 cents per share net income for the quarter. Explaining the dynamics behind the better than expected results, Vantage Drilling Company (NYSEMKT:VTG) Chief Executive Officer and Chairman Paul Bragg has been quoted to have said that, “We are pleased to announce record revenue, EBITDA and net income for the quarter with exceptional operating performance of all seven of our completed rigs. These exceptional results are due not only to the quality of our fleet, but also to the dedicated efforts of our workforce.”
The better than expected results were achieved in spite of the drilling contractor suffering a big setback in early January, when the firm reported that one of its repeat customers Sigma Drilling Ltd had terminated a ongoing project which involved the use of its high tech, deep sea drilling ships. This resulted in a major loss of revenue to the firm, which will reflect in the results of its 1Q14 operations. The termination was caused by the financial hardship that the end client was going through and its efforts to restructure its operations to stave off a imminent collapse. On the back of the strong earnings announcement, the stock of the drilling firm had posted a 6.7 percent increase in valuation during trading in February.