Após pagamento da Petrobras, Vantage Drilling eleva seu lucro trimestral

After Petrobras Payment, Vantage Drilling Increases Quarterly Profit

Written by Paulo Nogueira

Published on 14/08/2019 at 08:24

Updated on 14/08/2019 at 13:48

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The Offshore Drilling Service Provider, Vantage Drilling, Reported Quarterly Profit Based on Termination Revenue from Petrobras.

Vantage Drilling announced on Wednesday a net income attributable to control of approximately US $ 590.7 million in the second quarter of 2019, compared to a net loss of US $ 31.1 million in the second quarter of 2018.

The company reported that the net income results from recent payments from Petrobras Venezuela of approximately US $ 690.8 million to Vantage Deepwater Company, one of Vantage’s subsidiaries (VDEEP) and from Petrobras America, Inc. of approximately US $ 10.1 million to Vantage Deepwater Drilling, Inc., which is also one of Vantage’s subsidiaries (VDDI).

The payments were made according to an agreement between the parties and satisfying the arbitral award previously issued in a ruling in the U.S. that confirmed the award.

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The dispute arose after the termination of the contract with Petrobras for drilling services for the Titanium Explorer rig dated February 4, 2009, between PVIS and VDEEP, which had been renewed for PAI and VDDI.

Petrobras parties alleged that Vantage parties had violated their obligations under the drilling contract. Vantage parties immediately filed the claim in international arbitration against PAI, PVIS, and Petrobras, alleging wrongful termination of the drilling contract.

In July 2018, the international arbitration panel ruled in favor of Vantage entities, granting an arbitral award of US $ 622 million, plus interest against PVIS, PAI, and Petrobras. In May 2019, the U.S. District Court for the Southern District of Texas confirmed the arbitral award and denied Petrobras parties’ petition to vacate the award.

Petrobras parties filed their appeal petition with the Fifth Circuit Court of Appeals, seeking to overturn the U.S. ruling. Vantage parties believe there is no basis for reversal and intend to vigorously contest the appeal.

The second quarter of 2019 includes termination revenue from drilling contracts of approximately US $ 594 million and interest income of approximately US $ 106.9 million associated with the payments, along with related legal contingency fees and income taxes.

Adjusting for these items, the pro forma net loss for the three months ended June 30, 2019, was approximately US $ 37.4 million or US $ 7.41 per share.

The company reported revenue of US $ 636.4 million in Q2 2019, compared to US $ 60.5 million in the same period last year.

When it comes to the utilization of Vantage drilling rigs, deepwater rigs reduced utilization from 63.2% in Q2 2018 to 49.2% in Q2 2019, while the utilization of jack-up rigs increased from 88.5% in Q2 2018 to 93.7% in Q2 2019.

After Petrobras Payment, Vantage Drilling Increases Quarterly Profit

The Offshore Drilling Service Provider, Vantage Drilling, Reported Quarterly Profit Based on Termination Revenue from Petrobras.

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