Vantage Drilling International (VTDR) Q4 2025 earnings summary

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.