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Vantage 1Q net income doubles on drilling revenue

Offshore driller Vantage Drilling Co. said Monday its net income more than doubled in the first quarter as revenue from contract drilling rose sharply.

The results beat analyst estimates, sending shares rising 12 cents, or 7.5 percent, to $1.72 in midday trading.

The company said earnings rose to $6 million from $2.4 million in the three months ended March 31. Earnings per share remained unchanged at 3 cents due to a higher share count in the most recent quarter.

Revenue more than tripled to $58.3 million from $14.3 million, as revenue from contract drilling services rose fourfold to $39.4 million. Revenue from Management fees rose slightly to $4.4 million, while reimbursables revenue soared to $14.5 million.

Analysts surveyed by Thomson Reuters expected 2 cents per share on $53.1 million in revenue, on average.