February 28, 2025 - Ventura Offshore Holding Ltd. (the "Company") announces
results for the fourth quarter of 2024.
The results highlights will be discussed in an audio conference call on Friday
28, 2025 at 14:00 CET. Dial-in details for the conference call can be found
below.
Highlights
o Operational uptime of 90% and financial uptime of 88% in 4Q24 for the three
units in operation, impacted by downtime events experienced by the SSV Victoria
in November and in December
o Net Income of $23.5 million for 4Q24
o Adjusted EBITDA of $17.4 million for 4Q24
o Free cash position of $46.5 million
o Secured a new contract for DS Carolina for a firm period of 910 days
commencing in 2026 and increased the firm backlog by approximately $363 million
o Atlantic Zonda arrived in Brazil for final commissioning, acceptance tests and
commencement of the three-year contract with Petrobras, expected to occur in
1Q2025
Subsequent events
o Entered into an agreement with the previous owners of SSV Catarina to pay a
lump sum of $8.0 million to acquire the 17.5% earnout agreement and settle all
other amounts outstanding
o Announced the order of interdiction affecting the DS Carolina issued by ANP
(Brazilian oil, natural gas and biofuels regulatory body)
Guilherme Coelho, Chief Executive Officer commented:
"We were very pleased to announce during Q4 the new long-term contract for the
DS Carolina with Petrobras, with an added backlog of $363 million. Our
operations this quarter were adversely affected by two significant downtime
events experienced by the SSV Victoria, while our other two operating rigs
maintained an uptime greater than 95%. Backed by our industry-leading cost
structure, we delivered financial results which strengthened our cash position
and reduced our interest-bearing debt during the quarter. Ventura continues to
be well positioned to secure additional backlog for our units offering
attractive re-contracting economics."
Link to conference call:
https://teams.microsoft.com/l/meetup-join/19%3ameeting_ZTgzYTVmMzUtZGQ0MC00MGEwL
WIyNWMtZDM1MTkxN2VhY2E1%40thread.v2/0?context=%7B%22Tid%22%3A%224cbfea0a-b872-47
f0-b51c-1c64953c3f0b%22%2C%22Oid%22%3A%229dd306f2-be12-4fa5-b89a-0e445936890c%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 deepwater drilling contractor providing
deepwater offshore drilling services to the oil and gas industry. The Company's
core activities are focused on 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,
Atlantic Zonda. The Company is incorporated under the laws of Bermuda.
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.