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Vantage Drilling FY'18 net loss narrows YOY

Vantage Drilling International on March 14 reported a net loss of $141.5 million for 2018, compared to a net loss of $149.8 million in 2017.

The offshore drilling contractor reported revenues of $225.7 million for the year, up from $212.8 million in 2017.

Operating costs and expenses decreased to $271.0 million, compared to $277.5 million for 2017.

The loss from operations totaled $45.3 million for 2018, compared to a loss of $64.7 million in 2017.

Utilization rate for the company's jackups was 92.2% for 2018, up from 82% in 2017. Its deepwater utilization rate for 2018 was 54.5%, rising from 36.2% a year earlier.