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Vantage Drilling International
Vantage Drilling International (VTDR) investor relations material
Vantage Drilling International Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Mar, 2026
Executive summary
Declared and paid a $5 per share dividend in Q4 2025, totaling $67.8 million, reflecting a strong balance sheet and asset-light transition.
Received a binding notification of award from ONGC for the Platinum Explorer, adding a $261 million, three-year firm contract in India with a one-year option.
Achieved best-ever lagging indicator safety rates and received industry recognition for safety initiatives.
Ended 2025 with $97 million in cash, including $4 million restricted and $10.8 million pre-funded for managed services, up from $89.6 million at year-end 2024.
Transitioned to an asset-light, debt-free structure by year-end 2025.
Financial highlights
Full-year 2025 EBITDA was $80.1 million, down from $116.9 million in 2024; net income attributable to shareholders was $43.3 million.
Q4 2025 revenues were $48.6 million, down from $64.4 million year-over-year; full-year revenues were $138.2 million, down from $239.3 million.
Q4 2025 net income was $8.1 million ($0.60 per diluted share), and full-year net income was $40.3 million ($2.99 per share), reversing a net loss of $27.8 million in 2024.
Operating costs for Q4 and full year were $35.7 million and $137.4 million, respectively, both lower year-over-year due to asset sales and contract completions.
Gain on sale of assets was $109.3 million for the year, mainly from the Tungsten Explorer sale.
Outlook and guidance
Platinum Explorer expected to commence operations in early Q3 2026, with $10 million in startup CapEx mainly for MPD piping.
Backlog stands at $174.9 million, excluding the new Platinum Explorer award.
Management remains optimistic about returning the Soehanah rig to work and sees a solid pipeline of opportunities in the Middle East and Southeast Asia.
Strategic focus on regions with established operational experience and cost structure knowledge.
Long-term contract for Platinum Explorer expected to provide stable revenue and reduce execution risk.
Adjusted operating income excluding asset gains
Managed services pre-funding trends in 2025
Platinum Explorer strategic fit and cost basis
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Latest events from Vantage Drilling International
- Q2 2024 delivered safe operations, $49.8M revenue, and a $261.5M contract backlog.VTDR
Q2 20241 Feb 2026 - Q3 2024 featured robust safety, asset sales, Oslo listing, and improved liquidity despite lower revenue.VTDRQ3 202415 Jan 2026
- Asset sales and higher utilization drove profitability and improved liquidity in 2024.VTDRQ4 202426 Dec 2025
- Q3 2025 net income hit $67.2M, driven by asset sales, upgrades, and strong cash growth.VTDRQ3 202525 Nov 2025
- Q2 2025 saw a $16M net loss, major asset sale, and a new long-term management agreement.VTDRQ2 202523 Nov 2025
- Q1 2025 featured strong safety, major JV progress, $31.9M revenue, and $18.9M net loss.VTDRQ1 202520 Nov 2025
Next Vantage Drilling International earnings date
Q1 202614 May, 2026
Vantage Drilling International
Next Vantage Drilling International earnings date
Q1 202614 May, 2026
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