Vantage announced their Q2 results and here are the highlights
Wig#1 -Maintaining Stellar Safety & Operational Performance
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No recordable incidents in Q2 2021, whilst reactivating three rigs in West Africa and Asia.
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No Offshore COVID cases. Onshore quarantine and testing protecting the offshore personnel.
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Fleet Revenue Efficiency 98.7%
Wig#2 – Putting all our rigs back to work
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Sapphire continues to work for Trident in Equatorial Guinea, with two short options exercised
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Sapphire contract with NOC Qatar executed (3years + 2 x 1 year options)
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Aquamarine contract with CPOC confirmed with approx. 240 days work in Malaysia
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Aquamarine contract with NOC Qatar executed (3years + 2 x 1 year options)
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Emerald Driller in Qatar. TotalEnergies exercised their one-year option and added an additional year option
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Topaz awarded 75 days’ of work with APO in Tunisia after Eni Montenegro work complete
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Soehanah awarded 90 days’ work for KUFPEC and further work Q2 2022 for Medco (120 days + options)
Backlog has increased since end of Q1 from $211M to approx. $380M at the end of July, an increase of 80%
Wig#3 -Reducing costs and preserving cash
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Ended quarter with $124.4M in cash, after debt payment and reactivating three rigs
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