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Vantage Drilling cuts losses as rig utilization improves

Offshore driller Vantage Drilling has reduced its quarterly net loss on the back of higher revenues as its rig utilization went up compared to the prior-year period. 

Vantage Drilling on Friday reported a net loss of approximately $26.1 million for the three months ended September 30, 2018 as compared to a net loss of $40.1 million for the three months ended September 30, 2017.

In this year’s third quarter Vantage’s revenues totaled $64.6 million, an increase from revenues of $57.7 million in 3Q 2017.

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