Vantage Drilling International Ltd (OTCPK:VTDRF)

Q1 2026 Vantage Drilling International Earnings Call Transcript

May 26, 2026 / 02:00PM GMT

Release Date Price: $18

Transcript

Key Points

Positve

Vantage Drilling International Ltd (VTDRF) reported a successful first quarter of 2026 with strong operational performance.
The company received a binding notification of award from ONGC for the Platinum Explorer, expected to generate approximately $261.3 million in contract value.
Revenue efficiency for the managed fleet during the first quarter was 98.5%, indicating high operational effectiveness.
The company's safety leadership programs received strong external recognition, winning two Health, Safety, and Environment awards.
The deepwater segment shows strong momentum with robust demand for rigs, and deepwater utilization for 2027 is expected to remain above 90%.

Negative

The company experienced a decrease in cash balance from $97 million at year-end 2025 to $65.3 million at the end of the first quarter of 2026.
There were two recordable safety incidents, including one lost-time incident, during February.
Operating costs for the first quarter of 2026 increased to $44 million from $29.4 million in the first quarter of 2025.
The Suhana rig remains warm-stacked, indicating underutilization of assets.
The ongoing conflict in the Strait of Hormuz continues to influence oil price sentiment, posing potential market challenges.

Operator

Good day and thank you for standing by. Welcome to the Vantage Drilling International Limited Q1 2026 earnings call. (Operator Instructions)

I would now like to hand the conference over to your first speaker today, Rafael Blattner, Chief Financial Officer. Please go ahead.

Rafael Blattner

Vantage Drilling International - Chief Financial Officer

Thank you. Good morning, everyone, and welcome to the Vantage Drilling International Limited first-quarter 2026 earnings conference call. On the call with me today is Ihab Toma, our CEO. This morning, we released our earnings announcement for the quarter ended March 31, 2026. The earnings release is available on our website at vantagedrilling.com.

Please note that any comments we make today about our expectations of future events and projections are forward-looking statements pursuant to the Private Securities Litigation Reform Act. We have based forward-looking statements on management's current expectations and assumptions and not on historical facts. Examples of these statements include, but are

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