Vantage Drilling CompanyNYSEMKT
Thu, Aug. 25, 10:51 AM
- Natural gas production from the Marcellus and Utica shales remains surprisingly strong and defying predictions that output would fall, averaging 22.63B cf/day so far in August, up 2% from last month and the most since February’s all-time high of 22.78B cf/day.
- Even though the number of drilling rigs has declined, new production per rig now averages ~11.4M cf of gas in the Marcellus, up 18% Y/Y, as producers have managed to maintain volumes by tapping inventories of drilled but uncompleted wells and burrowing deeper, longer wells that yield more gas.
- Production has been strong despite regional prices at ~$1.2757/MMBtu, less than half the price for benchmark gas in Louisiana.
- Top Marcellus/Utica producers include EQT, RRC, RICE, CVX, CNX, VTG, REXX, XOM, NBL, COG, CHK.
Fri, Aug. 12, 7:58 AM
- Vantage Drilling (NYSEMKT:VTG) names former Schlumberger and Transocean executive Ihab Toma as its new CEO, effective Aug. 29.
- Toma has been serving as a senior advisor to energy-focused P-E firm First Reserve as spending 2009-13 in various executive capacities at Transocean and 23 years prior at Schlumberger.
- VTG emerged from Chapter 11 bankruptcy in February.
Thu, Aug. 11, 7:29 AM
Fri, May 13, 7:26 AM
Wed, Mar. 30, 7:12 AM
- Vantage Drilling (NYSEMKT:VTG): Q4 Net loss of -$8.75M.
- Revenue of $128.4M (-41.5% Y/Y).
Fri, Jan. 15, 11:19 AM
- Vantage Drilling (NYSEMKT:VTG) won confirmation yesterday of a bankruptcy plan that will trim its debt load and set it up to compete in an increasingly difficult market.
- The bankruptcy judge approved restructuring quickly, and said the speed was justified by the "absolute tumult" in the oil and gas industry.
- VTG filed for Chapter 11 protection in December, claiming support from most of its lenders for the plan which will reduce secured debt of $2.6B to less than $1B; when the company went to court yesterday, it gained more creditor support and faced only one objector to its plan.
Dec. 4, 2015, 4:58 PM
- Vantage Drilling's (NYSEMKT:VTG) struggles were exacerbated by the corruption scandal at Petrobras (NYSE:PBR), VTG's lawyer to a bankruptcy judge today at the initial hearing in the court-supervised restructuring of the company’s affiliates.
- Even as low oil prices have sent several energy companies to bankruptcy, VTG says its affiliates filed for Chapter 11 after Brazilian prosecutors charged a Chinese shipping executive and a Brazilian working on behalf of VTG with bribing key PBR executives and politicians to land a lucrative drillship leasing contract for the company.
- VTG’s Offshore Group Investment subsidiary hopes to revive a $1.7B deepwater drillship contract that PBR terminated in September, the lawyer said.
Dec. 3, 2015, 10:19 AM
- Vantage Drilling (NYSEMKT:VTG) filed for Chapter 11 bankruptcy protection last night after reaching a deal on a debt-for-equity swap with lenders and bondholders.
- VTG is proposing a restructuring pact that would convert $1.6B in debt into equity in the reorganized business plus $750M in new senior subordinated bonds.
- VTG and its Offshire Group Investment Ltd. affiliate will remain open during the bankruptcy case and business operations will be unaffected.
Oct. 26, 2015, 2:57 PM
- A subsidiary of offshore drilling contractor Vantage Drilling (NYSEMKT:VTG) tells Texas regulators it is laying off 135 employees at a site in the Gulf of Mexico, with the first round of terminations already under way.
- Along with difficult market conditions, VTG also has been locked in a dispute with Petrobras over its drilling contract for the Titanium Explorer, one of its three ultra-deepwater drillships.
Sep. 25, 2015, 6:41 PM
- With Transocean (NYSE:RIG) now caught up in the Petrobras (NYSE:PBR) corruption investigation, Credit Suisse examines the offshore drillers with exposure to the Brazilian company and finds Diamond Offshore (NYSE:DO) and Seadrill (NYSE:SDRL), among others.
- Since 2007, PBR has contracted ~100 rigs from 21 operators for drilling services for a total backlog of $48B; the company's top five drilling contractors over the period were Brazil's Odebrecht and DO with 15% market share, followed by RIG (13%), Brazil's QGOG (12%) and SDRL (11%); other drillers taking backlog include Ensco (ESV, 9%), Noble (NE, 8%), Ocean Rig UDW (ORIG, 6%) and Vantage Drilling (VTG, 3%).
- PBR is reducing its drilling fleet as part of a wider effort to cut spending, and so far this month has canceled at least two rig contracts and five platform supply vessel contracts.
- Earlier: Transocean denies wrongdoing in Petrobras case, shares -3.3%
Sep. 2, 2015, 8:48 AM
- Vantage Drilling (NYSEMKT:VTG) says Petrobras (NYSE:PBR) has terminated a drilling contract with the rig owner's Titanium Explorer drillship ahead of the scheduled contract expiration.
- VTG says it has filed for arbitration, as it strongly disagrees with PBR's allegations of a breach of contract.
- Titanium Explorer is one of three ultra-deepwater drillships owned by VTG, which also owns four ultra-premium jack-up drilling rigs.
Aug. 26, 2015, 10:46 AM
- Transocean (RIG -3.3%) opens down but off premarket lows following news of its plans to suspend dividend payouts and book 2B Swiss francs ($2.1B) in asset impairments; other offshore drilling contractors trade mixed.
- Raymond James says RIG's move is prudent given the difficulties facing the offshore drilling market: "All in on an annual basis, the cancellation of the dividend would result in $220M in retained liquidity... We view this as prudent as [RIG] can use the cash to improve its own liquidity or work to eventually high grade its fleet."
- Cowen notes the decision comes as somewhat of a surprise, since the dividend had been approved by shareholders last May, and adds the move could be seen as an indication that the market has grown incrementally worse in just the three weeks since RIG Aug. 6 earnings call.
- Offshore peers: DO +1.2%, SDRL +2.2%, ESV +0.3%, RIGP +0.3%, RDC -0.1%, ATW -0.2%, NE -2.2%, VTG -4.3%, ORIG -1.5%, PACD flat.
Aug. 7, 2015, 12:45 PM
- Petrobras (PBR -5.1%) has spiraled downward since the open, now more than 5% lower after reporting a 90% Q/Q drop in net profit to 531M, far worse than expected, from 5.33B in Q1 and far below 4.96B earned a year ago.
- PBR says it will seek all necessary authorizations from securities industry regulators for an IPO of its fuel distribution unit, but that whether the IPO goes ahead will depend on global and domestic market conditions.
- In today's earnings conference call, the company said it cut its offshore subsalt field extraction costs to $8/bbl from $9.
- In the latest scandal news, Brazilian prosecutors yesterday presented formal charges against the former head of the company's international division, saying Vantage Drilling (VTG +6.1%) was favored in a rig contract.
Aug. 4, 2015, 7:12 AM
- Vantage Drilling (NYSEMKT:VTG): Q2 EPS of $0.07 beats by $0.04.
- Revenue of $212.26M (-3.4% Y/Y) beats by $3.62M.
Jul. 2, 2015, 5:21 PM
- Vantage Drilling (NYSEMKT:VTG) denies reports connecting the arrest of a former Petrobras director to its contract with the Brazilian company for the Titanium Explorer drillship.
- "Several hundred contracts were signed by this former director, which in Vantage's case, was after the parent board of Petrobras had approved the contract," VTG says.
- A Brazilian prosecutor said the former Petrobras exec appeared to have received bribes on a contract for the VTG drillship and another rig operated by Pride International, a company acquired by Ensco (NYSE:ESV) in 2011.
Jun. 23, 2015, 2:32 PM
- Vantage Drilling (VTG -22.3%) sinks to new all-time lows after S&P downgrades the company's corporate credit rating to CCC from B-, with a negative outlook, follows VTG's announcement that it has retained Lazard to assist in reviewing financing and strategic opportunities.
- VTG's debt trades substantially below par value, and the ratings agency believes the company could consider a distressed exchange, which would be viewed as tantamount to default.