May 30, 2025 -- Ventura Offshore Holding Ltd. (the "Company") announces
results for the first quarter of 2025. The results highlights will be
discussed in an audio conference call on Friday, May 30, 2025 at 14:00 CEST.
Dial-in details for the conference call can be found below.
Highlights
* Operational uptime of 93.6% and financial uptime of 90.7% in 1Q25 for the
three units in operation, excluding the time experienced by the DS Carolina
in January and February during the interdiction issued by ANP (Brazilian
oil, natural gas and biofuels regulatory body)
* Entered into an agreement with the previous owners of SSV Catarina to
acquire the 17.5% earnout agreement and settle all other amounts outstanding
* Net Income of $22.5 million
* Adjusted EBITDA of $16.7 million
* Free cash position of $27.6 million
Subsequent events
* Announced that DS Zonda commenced operations on April 18, 2025, under a
three-year contract, with an option for additional three years, with
Petrobras.
Guilherme Coelho, Chief Executive Officer commented:
"We were very pleased to announce during Q1 the acquisition of the 17.5%
earnout agreement of the SSV Catarina and the settlement of all amounts
outstanding with the previous owners at an attractive purchase price. Our
operations this quarter were adversely affected by the interdiction of the DS
Carolina for a total of 61 days but we remain in constructive discussions with
our client regarding the issue. Securing additional backlog will be pursued
determinedly with utilization being the overarching target for Ventura. We
believe we are well positioned for the expected upcoming requirements in
Brazil to secure backlog for our units at attractive re-contracting
economics."
Link to conference call:
https://teams.microsoft.com/l/meetup-join/19%3ameeting_ZTAxYTI0YzItYjBhNy00MWNlLWFmMWYtNTQwOGJiOGZkOGFj%40thread.v2/0?context=%7B%22Tid%22%3A%224cbfea0a-b872-47f0-b51c-1c64953c3f0b%22%2C%22Oid%22%3A%222c74671d-f476-4659-b75b-ac80453ff4ee%22%2C%22IsBroadcastMeeting%22%3Atrue%2C%22role%22%3A%22a%22%7D&btype=a&role=a
For further queries, please contact:
Guilherme Coelho
Chief Executive Officer
+55 21 99311 1167
guilherme.coelho@ventura-offshore.com
About Ventura Offshore Holding Ltd.
Ventura Offshore Holding Ltd. is a deep water drilling contractor providing
deep water offshore drilling services to the oil and gas industry. The
Company's core activities are focused in the Brazilian offshore oil and gas
market. The Company owns and operates one drillship, DS Carolina, and two
semisubmersible drilling rigs, SSV Victoria and SSV Catarina, and manages one
drillship, Zonda. The Company is incorporated under the laws of Bermuda.
Additional information about Ventura Offshore Holding can be found at
https://ventura-offshore.com/en/a-ventura/.
This information is subject to disclosure under the Norwegian Securities
Trading Act, ยง5-12. The information was submitted for publication at
2025-05-30 07:00 CEST.
Forward-looking statements
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each case, their negative or other variations or comparable terminology. These
forward-looking statements include all matters that are not historical facts.
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results of operations, financial condition, liquidity, prospects, growth,
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These statements are not guarantees of future performance and involve certain
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substitute for results that are presented in accordance with US GAAP.
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the actual results, performance or achievements of the Company to be
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may be expressed or implied by statements and information in this press
release and the attached presentation, including, among others, the risk
factors described in the Company's recent information document. An investment
in the Company is only suitable for investors who understand the risk factors
associated with this type of investment and who can afford to a loss of all or
part of their investment.