Vantage Drilling reported a net loss $8.8 million for the final three months of 2015, compared with a $27.6million for the same period a year before.
The reverse for the quarter ended December 31 included charges totaling $39.4 million of reorganisation items to deal with the impact of falling oil prices that have hammered the entire oil and gas industry.
For the year ended December 31, 2015, Vantage reported net income attributable to shareholder of $17.2 million as compared to earnings of $92.9 million for the year ended December 31, 2014.
The year ended December 31, 2015 includes gains on the early retirement of debt of approximately $10.8 million and approximately of $39.4 million of reorganisation items as compared to the year ended December 31, 2014 which included approximately $4.4 million of gains from the early retirement of debt.
Vantage filed for Chapter 11 on December 3, 2015 and emerged from those proceedings on February 10 this year.
Vantage incurred $39.4 million of costs consisting primarily of the write-off of deferred financing costs and unamortised original issued debt discounts, and professional fees.
Cayman-registered Vantage owns three ultra-deepwater drillships, the Platinum Explorer, the Titanium Explorer and the Tungsten Explorer and four Baker Marine Pacific Class 375 ultra-premium jackup drilling rigs.
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