Vantage Drilling reports 2025 profit as offshore activity strengthens

(WO) - Vantage Drilling International reported improved financial results for 2025, supported by stronger offshore activity and a shift to an asset-light, debt-free structure, while securing a new long-term drillship contract to support future earnings. 

The company posted net income of $40.3 million for the full year, compared to a net loss in 2024, reflecting improved operational performance and cost discipline. Fourth-quarter net income totaled $8.1 million.

A key highlight was a recently awarded contract for the Platinum Explorer drillship, pictured at the right, which includes a three-year firm term valued at approximately $261 million, with an optional one-year extension. The award provides long-term revenue visibility and reduces execution risk, given the rig’s proximity to its current operating region.

CEO Ihab Toma said the contract strengthens the company’s position in a market where demand for high-specification drillships remains firm, particularly in regions where Vantage has established operational experience.

The company ended the year with approximately $97 million in cash, reflecting a stable liquidity position following its transition to a simplified capital structure.

The results and contract award underscore improving fundamentals in the offshore drilling sector, as operators continue to secure rig capacity for multi-year development programs.