By the way here is the latest sa article. Don't know why a company that is in liquidation releases results. Oh yeah they are private. But then if they are private why are the releasing results to share holders?
Vantage Drilling Co. (OTCPK:VTGDF) Q4 2016 Results Earnings Conference Call March 9, 2017 10:00 AM ET
Executives
Douglas Stewart - Vice President, General Counsel & Corporate Secretary
Ihab Toma - Chief Executive Officer
Tom Cimino - Chief Financial Officer
Douglas Halkett - Chief Operating Officer
Analysts
Haithum Nokta - Clarksons Platou Securities
Kyle Owusu - Reorg Research
Operator
Good morning ladies and gentlemen and welcome to the Vantage Drilling International Reports Fourth Quarter Results for 2016 conference call. Today's conference is being recorded. At this time I would like to turn the conference over to Douglas Stewart, General Counsel. Please go ahead, sir.
Douglas Stewart
Thank you. Good morning, everyone and welcome to the Vantage Drilling International 2016 fourth quarter conference call. With me today is Ihab Toma, our CEO, Tom Cimino, our CFO, and Douglas Halkett, our Chief Operating Officer.
This morning we released our earnings announcement for the fourth quarter and for the period ended December 31, 2016. The earnings release is available on our Web site at vantagedrilling.com. We intend to file our annual report on Form 10-K this week. Please note that as a result of our emergence from Chapter 11 on February 10, 2016, we adopted fresh start accounting and the financial information on or after that date is not comparable with the information prior to that date. Accordingly, we will not speak to full year results during this call but focus on the quarterly information for the three months ended December 31, 2016.
Please also note that any comments we make today about our expectations of future events and projections are forward-looking statements pursuant to the Private Securities Litigation Reform Act. Forward-looking statements in today's call are subject to a number of risks and uncertainties, many of which are beyond our control and could cause actual results to differ materially from the projections made in today's conference call. We refer you to our earnings release and SEC filings available on our Web site. Vantage does not undertake the updating of any such statement or risk factor that could cause actual results to differ materially from our expectations.
At the end of our prepared remarks there will be a question-and-answer session. Now let me turn over the call to our CEO, Mr. Ihab Toma.
Ihab Toma
Thanks, Douglas. I am pleased to advise that we have had several positive developments since our last call. First things first, on our safety and operating performance which remains the top focus for us as a company. With our sharp focus on safety, I am proud to announce that we experienced no recorded incident in the quarter and as of last month, our 12 month rolling loss time incident rate has now dropped to zero.
All this is a direct result of our full alliance, offshore and onshore, behind our new safety [portal] [ph] provision of perfect day every day, and the safety programs we rolled under that vision. We define a perfect day as no incident, no downtime and a fully satisfied client. On operating performance, we again had a strong quarter with our three operating rigs achieving a revenue efficiency of 99%. This safety and operating performance is industry-leading and is a key enabler for our ambitious goal of putting all our rigs back to work in this very competitive market.
On that front of putting our rigs back to work, I am pleased to announce that the start of operation of the Emerald Driller in Qatar was near perfect with uptime of 99% during the quarter. The flawless reactivation of the rig and the commencement of the work on time and on budget, is a testament to our successful starting technique, our project management knowhow, our reactivation philosophy, and last but not least, our peoples experience amplification.
About this article:Expandn would be releasing 4th quarter results. Oh yeah they are a private company. But doesn't a private co. not have to release results because they don't report to share holders?
