{"id":2466,"date":"2024-11-28T03:00:00","date_gmt":"2024-11-28T06:00:00","guid":{"rendered":"https:\/\/ventura-offshore.com\/mfn_news\/ventura-offshore-holding-ltd-third-quarter-2024-results\/"},"modified":"2025-02-14T12:35:16","modified_gmt":"2025-02-14T15:35:16","slug":"ventura-offshore-holding-ltd-third-quarter-2024-results","status":"publish","type":"mfn_news","link":"https:\/\/ventura-offshore.com\/en\/mfn_news\/ventura-offshore-holding-ltd-third-quarter-2024-results\/","title":{"rendered":"Ventura Offshore Holding Ltd.: Third quarter 2024 Results"},"content":{"rendered":"
November 28, 2024 - Ventura Offshore Holding Ltd. (the \"Company\") announces
results for the third quarter of 2024. 

The results highlights will be discussed in an audio conference call on November
28, 2024 at 14:00 CEST. Dial-in details for the conference call can be found
below. 

Highlights

- Operational uptime of 97% and financial uptime of 93.6% in 3Q24 for the three
units in operation
- Net Income of $26.3 million for 3Q24
- Adjusted EBITDA of $21.4 million for 3Q24
- Received approximately $5 million of reimbursement from Petrobras for the
costs incurred to clean the DS 
  Carolina and SSV Victoria hulls from coral sol when preparing the two rigs for
its existing contracts
- Cash position of $39.8 million
- Concluded the raising of $105 million to finance the acquisition of SSV
Catarina through a tap issue of the 
  bond loan for $ 55 million and $ 50 million in gross proceeds through a
private placement of common shares
- Entered into a Revolving Credit Facility of $30 million 
- Completed the acquisition of the 2012-built SSV Catarina on July 23 
- SSV Catarina commenced a well-based contract with ENI Indonesia on August 17

Guilherme Coelho, Chief Executive Officer commented:

\"We are very pleased to announce another strong quarter for Ventura Offshore.
These results demonstrate that our continued focus on delivering safe and
efficient operations to our customers lead to solid financial results to our
investors, with industry-leading cost structure. Ventura continues to be well
positioned to secure additional backlog for our units offering attractive
re-contracting economics.\" 

Conference call
Link to conference call:
https:\/\/teams.microsoft.com\/l\/meetup-join\/19%3ameeting_ZGRjMWNkOWItZTIzOC00ODhmL
WEyZWUtNmNiYzZiNDU2ZTlj%40thread.v2\/0?context=%7B%22Tid%22%3A%224cbfea0a-b872-47
f0-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: 

Gunnar W. Eliassen 
Chairperson of the Company 
+44 7469140012 
gunnar@snclondongroup.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.
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