Vantage Drilling Company reported unaudited consolidated earnings results for the first quarter ended March 31, 2014. For the quarter, the company reported net income of $24.8 million or $0.07 per diluted share as compared to a net loss of $24.9 million or $0.08 per diluted share excluding approximately $98.3 million for the three months ended March, 31, 2013. Total revenues were $232,465,000 against $147,001,000 a year ago. The year-over-year increase was due to the addition of the Tungsten Explorer and the improved revenue efficiency and productive time on the Titanium Explorer. Income from operations was $91,003,000 against $39,396,000 a year ago. Income before income taxes was $37,202,000 against loss before income taxes of $117,596,000 a year ago. Net cash provided by operating activities was $49,404,000 against net cash used in operating activities of $120,411,000 a year ago. Additions to property and equipment were $9,371,000 against $15,135,000 a year ago. EBITDA for the quarter was $122.6 million as compared to $129.9 million in the prior quarter and $64.3 million in the first quarter of 2013.

The company provided earnings guidance for the second quarter of 2014. For the period, the company expected EBITDA range of $106 million to $124 million. The company expected profit range of approximately $14 million to $24 million or $0.05 to $0.08 per basic share or $0.05 to $0.07 per diluted share.