February 10, 2025 - Reference is made to the stock exchange release from Ventura
Offshore Holding Ltd (the "Company") published on 27 June 2024 and 23 July 2024
regarding the acquisition of SSV Catarina, a 2012 built semisubmersible drilling
rig which had previously been managed and operated by Universal Energy
Resources, Inc., a wholly owned subsidiary of the Company.
As part the acquisition of the Catarina, it was agreed that UMAS 1 AS as sellers
of the rig, should receive 17.5% of the free cashflow generated by Catarina (the
"Profit Split") for five years, starting from the ENI Indonesia contract that
commenced 17 August 2024. The Company is pleased to announce that a settlement
has been entered into with UMAS 1 AS whereby the Company (through its
subsidiaries) has agreed to pay a lump sum amount of USD 8 million as full and
final settlement of:
- Any and all earnings under the Profit Split since the ENI contract
commencement 17 August 2024
- The 17.5% Profit Split, and
- All amounts outstanding in relation to the final accounts and working capital
of the rig in connection with its acquisition which was completed in July 2024
Catarina is currently on a well-based contract with ENI Indonesia where it is
currently estimated that the current firm wells will keep the unit utilized into
fourth quarter of 2025. In addition to the current firm wells, ENI has options
for an additional five fixed-price wells, four in Indonesia and one in Vietnam.
For further queries, please contact:
Mardonildo Filho
Chief Strategy Officer
+55 21 97166 1978
mardonildo.filho@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.