Selskabsmeddelelse

Ventura Offshore Holding Ltd.: First Quarter 2025 Results

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

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/.

Forward-looking statements
This press release and the attached reports may include “forward-looking statements”. These statements can be identified by the use of forward-looking terminology, including the terms “assumes,” “believes,” “estimates,” “anticipates,” “probability,” “risk,” “target,” “goal,” “objective,” “expects,” “intends,” “projects,” “plans,” “may,” “will” or “should” or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. They include statements regarding the intentions, beliefs, or current expectations of the Company concerning, among other things, the Company’s results of operations, financial condition, liquidity, prospects, growth, strategies, and the industry in which it operates, and include any business plan information included in this report. Any forward-looking statements which the Company makes in the report speak only as of the date of such statement. These statements are not guarantees of future performance and involve certain risks, uncertainties, and assumptions that could cause actual results to differ materially from those in the forward-looking statements. As a result, you should be cautious in placing any reliance on such statements and make your own judgment as to the likelihood of such statements materializing in the future and the reasonableness of any underlying assumptions. The Company does not intend, and undertakes no obligation, to revise the forward-looking statements included in this report to reflect any future events or circumstances.

The Company has included non-US GAAP financial measures in the reports. These financial measures may not be comparable to those of other companies. Reference to these non-GAAP financial measures should be considered in addition to US-GAAP financial measures, but should not be considered a substitute for results that are presented in accordance with US GAAP.

This press release and the attached presentation do not constitute an offering of securities or otherwise constitute an invitation or inducement to any person to underwrite, subscribe for or otherwise acquire securities in the Company. The release, publication or distribution of this press release in certain jurisdictions may be restricted by law, and therefore persons in such jurisdictions into which this press release is released, published or distributed should inform themselves about, and observe, such restrictions.

An investment in the Company involves risk, and several factors could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements that 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.