Vantage Drilling Company reported net income of $6.0 million, or $0.03 per diluted share, in the first quarter of 2010. The company earned net income of $2.4 million, or $0.03 per diluted share, in the same quarter of 2009.
Although net income for Vantage Drilling Company more than doubled on a year over year basis, earnings per share was flat due to a large increase in the share count from the first quarter of 2009. Vantage Drilling Company also reported much higher revenue in the first quarter of 2010, which totaled $58.3 million. In the first quarter of 2009, revenue was $14.3 million.
Vantage Drilling Company is an offshore drilling company that owns four jack up rigs: the Emerald Driller, Sapphire Driller, Aquamarine Driller and Topaz Driller. All four of these rigs are currently contracted for day rates ranging from $115,000 to $175,000 per day.
Vantage Drilling Company owns 45% of the Platinum Explorer, a drill ship that is under contract for 5 years at $595,500 per day beginning in the fourth quarter of 2010. The company also manages 4 rigs for other owners, including 2 drill ships and 2 semi submersibles.