Vantage Drilling Worldwide Ltd. has appointed William Thomson to imagine the extra position of Chief Working Officer efficient January 1.
Thomson, who can also be the Chief Business and Chief Expertise Officer of the corporate, will report on to CEO Ihab Toma and can proceed to be based mostly in Vantage’s Dubai workplace, the corporate stated in a information launch.
Thomson has been with Vantage since 2008 and has served in various capacities in Engineering/Tasks, Technical Assist, Advertising and Managed Companies, in line with the discharge.
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In the meantime, Vantage reported a internet loss attributable to shareholders of roughly $10.6 million or $0.80 per diluted share for the three months ended September 30, 2024, in comparison with near-breakeven internet earnings within the previous-year interval.
Toma stated, “The third quarter marked vital progress for the corporate. We efficiently positioned the Topaz Driller on contract, delivering it on time and inside finances. We additionally continued the upgrades to the Platinum Explorer to enhance its marketability. Moreover, we introduced the sale of each the Topaz Driller and Soehanah for $190 million, together with three 3-year administration and assist agreements, additional reinforcing our dedication to the managed providers section and strengthening the corporate’s steadiness sheet”.
Toma added, “The $6.4 million in EBITDA generated this quarter, together with our key milestones achieved, displays the effectivity of our operations and our group’s skill to navigate by way of this transitional interval”.
In November, Vantage accomplished the sale of two contracted premium jackup rigs to Saudi Arabia’s ADES Holding Firm.
The sale contains the Topaz Driller jackup rig, working within the Malaysia-Thailand Joint Improvement Space, and the Soehanah jackup rig, owned by Rig Finance Ltd. (RFL), which operates in Indonesia.
Vantage Drilling stated in an earlier information launch that the divestment of the property underscores its “strategic deal with increasing its managed providers enterprise and sustaining a versatile, asset-light mannequin that optimizes capital allocation”.
Worldwide oil and gasoline drilling agency ADES in September introduced an settlement to accumulate the 2 rigs by way of its straight owned subsidiary ADES Worldwide Holding Ltd. for a complete consideration of $190 million, topic to working capital and different changes on the date of closing.
The addition of those two new rigs will improve ADES’ fleet within the India and SEA area, increasing its operations to seven jackup rigs throughout Indonesia, Thailand, India and a brand new working territory within the joint growth space of two vital international locations to the corporate, it stated.
The acquisition is a strategic transfer to additional solidify its presence in Southeast Asia, “a area poised for sturdy manufacturing development towards a backdrop of tight jackup market situations,” ADES stated in an earlier assertion.
Vantage Drilling Worldwide Ltd. describes itself as an offshore drilling contractor, with a present owned fleet of two ultra-deepwater drillships and two premium jackup drilling rigs. The corporate’s main enterprise is to contract drilling items, associated gear and work crews totally on a day-rate foundation to drill oil and pure gasoline wells globally for main, nationwide and impartial oil and gasoline corporations.
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