Earnings Release • May 30, 2025
Earnings Release
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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
For further queries, please contact:
Guilherme Coelho
Chief Executive Officer
+55 21 99311 1167
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, §5-12. The information was submitted for publication at
2025-05-30 07:00 CEST.
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.
Have a question? We'll get back to you promptly.