Net loss for the full year, 2011 was $54.8 million, excluding approximately $25.2 million of charges for the early retirement of debt as compared to a loss of $19.8 million in the prior year period, excluding approximately $27.8 million of acquisition and refinancing charges. Including the acquisition and refinancing charges, Vantage reported a net loss $80.0 million for the full year 2011 as compared to a net loss of $47.6 million in 2010.
The company reported record revenues of $485 million for full year 2011 compared to $278 million in 2010.
Paul Bragg, Chairman and Chief Executive Officer, commented, “We are very pleased to announce record annual revenues and income from operations. Vantage continues to deliver operational excellence. Our jackup fleet had outstanding productive time for the year in excess of 99% and the Platinum Explorer completed its initial year of operations with productive time in excess of 92%. Market conditions are improving, particularly for new, modern rigs like ours.”
Vantage, a Cayman Islands exempted company, is an offshore drilling contractor, with an owned fleet of four Baker Marine Pacific Class 375 ultra-premium jackup drilling rigs and the ultra-deepwater drillship, the Platinum Explorer, as well as an additional ultra-deepwater drillship, the Tungsten Explorer, now under construction. Vantage’s primary business is to contract drilling units, related equipment and work crews primarily on a dayrate basis to drill oil and natural gas wells. Vantage also provides construction supervision services for, and will operate and manage, drilling units owned by others. Through its fleet of seven owned and managed drilling units, Vantage is a provider of offshore contract drilling services globally to major, national and large independent oil and natural gas companies.
- USA: Pacific Santa Ana Drillship Hits the Water (mb50.wordpress.com)
- Pacific Scirocco Drillship Begins Work in Nigeria (mb50.wordpress.com)
- South Korea: Seadrill Confirms Samsung Drillships Contracts (mb50.wordpress.com)
- Odfjell Offshore Raising up to $500M to Develop Fleet (mb50.wordpress.com)
- Atwood Beacon to Drill Offshore Israel (mb50.wordpress.com)
- CGX Begins Drilling Offshore Guyana (mb50.wordpress.com)
- USA: Aker Solutions to Open Hi-Tech Drilling Equipment Simulator in – Houston (mb50.wordpress.com)
EMAS, a leading global offshore contractor and provider of integrated offshore solutions to the oil and gas (O&G) industry and operating brand for Ezra Holdings Limited announces two further contract awards worth a total of approximately US$131.5 million.
EMAS’s fabrication division, recently rebranded as TRIYARDS, has been awarded a US$76.5 million contract to fabricate and deliver a self-elevating mobile offshore platform/unit for a client based in Asia Pacific. The unit will be manufactured by the Group’s fabrication division’s yard in Vung Tau, Vietnam, the Group’s second yard facility in country. The fabrication division provides fabrication and vessel design as well as engineering services and has previously built one of the world’s largest self propelled jack-up rigs of its kind.
In a separate announcement EMAS reported its subsea division, EMAS AMC, has been awarded a US$55 million contract for SURF (subsea umbilicals, risers and flowlines) installation and pipe lay from Statoil for work in the North Sea.
Mr Lionel Lee, EMAS’s Managing Director, said: “Our continued stream of new contract wins across the globe by our various divisions validates our internationalisation strategy. We had identified subsea services for our next phase of growth, and since our strategic acquisition of Aker Marine Contractors last year to form EMAS AMC, we have been able to push our Group orderbook to almost US$2 billion in a short span of a year.
“The offshore energy industry is increasingly recognising EMAS as a trusted global player. Our contracts now come from beyond Asia Pacific, and include the challenging environments of the Gulf of Mexico and the North Sea. I am extremely delighted with the momentum and track record we have achieved, and I am confident we will be able to sustain this growth with all our divisions competing for projects around the world.”
EMAS recently announced the award of a US$70 million contract (with options valued at US$30 million) from Apache Energy Limited, allowing EMAS AMC to achieve its US$1 billion subsea orderbook target ahead of time.
- Norway: EMAS AMC Wins Fram SURF Deal from Statoil (mb50.wordpress.com)
- EMAS Wins $55 Million Subsea Installation Contract at Statoil’s Fram Field (gcaptain.com)
- Norway: Statoil Orders Subsea Structures for Asgard (mb50.wordpress.com)
- ExxonMobil Awards Technip GoM Subsea Contract (mb50.wordpress.com)
- Mexico: Cal Dive Nets Second Pemex Contract (mb50.wordpress.com)
- Ichthys: The Largest Subsea Gig for McDermott (Australia) (mb50.wordpress.com)
- Australia: Heerema Wins Subsea Installation Contract for Ichthys Project (mb50.wordpress.com)
- Norway: Subsea 7 Charters Island Intervention Vessel (mb50.wordpress.com)
- USA: Genesis to Support Shell’s SURF Projects (mb50.wordpress.com)