US rig owner Vantage Drilling International returned to profit in the second quarter due to large payments from Petrobras in relation to an arbitration award.
The driller posted net profit of $590.73 million in the three months to the end of June, a turnaround from the loss a year earlier of $31.09 million.
Boosting the bottom line was $594 million in termination revenues and interest income of $107 million paid by Brazil’s Petrobras following the early termination of a charter for the drillship Titanium Explorer in 2015.
