- Vantage Drilling (NYSEMKT:VTG) says it plans to extend purchases of its own debt at steep discounts this year as a way to save on interest costs, and expects $10M-$12M in gains during Q1 from what it already bought and retired early.
- Without putting more rigs under contract, "I need to maintain liquidity because that asset will not be contributing to cash flow,” CFO Douglas Smith said on today's earnings conference call.
- Rig owners such as VTG are confronting a glut of new vessels at a time customers are canceling work because of falling crude prices.