{"id":2473,"date":"2024-08-30T02:00:00","date_gmt":"2024-08-30T05:00:00","guid":{"rendered":"https:\/\/ventura-offshore.com\/mfn_news\/ventura-offshore-holding-ltd-half-year-2024-results\/"},"modified":"2025-02-14T12:35:18","modified_gmt":"2025-02-14T15:35:18","slug":"ventura-offshore-holding-ltd-half-year-2024-results","status":"publish","type":"mfn_news","link":"https:\/\/ventura-offshore.com\/en\/mfn_news\/ventura-offshore-holding-ltd-half-year-2024-results\/","title":{"rendered":"Ventura Offshore Holding Ltd.: Half-year 2024 Results"},"content":{"rendered":"
August 30, 2024 - Ventura Offshore Holding Ltd. (the \"Company\") announces
results for the first half of 2024 for the period February 24, 2024 to June 30,
2024. The results highlights will be discussed in an audio conference call on
August 30, 2024 at 13:00 CEST. Dial-in details for the conference call can be
found below. 

Highlights

-Completed the acquisition of 100% of the shares in Universal Energy Resources 
-Raised equity of $170 million in gross proceeds 
-Raised bond loan of $130 million in gross proceeds 
-Operational uptime of 94% and financial uptime of 90.9% in the period for the
two owned drilling units which includes 4 days of planned out of service time
for Carolina 
-Operating revenues of $20.0 million for the two owned drilling units 
-Adjusted EBITDA of $6.9 million and net income of $7.9 million 
-Reported a cash position $30.6 million, excluding a restricted cash balance of
$18.2 million held on behalf of the owners of the drilling units owned by third
parties 
-Entered into exclusive marketing rights in Brazil for the 7th generation
drillship Tidal Action for an ongoing tender process 
-Total contract backlog for owned drilling units as of 30th June of $377 million
pro-forma for the Catarina acquisition

Subsequent events 

-Completed the acquisition of the drilling unit Catarina which was financed
through a tap issue of the bond loan for $55 million and $50 million in gross
proceeds through a private placement of common equity 
-Catarina commenced a well-based contract with ENI Indonesia on August 17 
-Entered into a Revolving Credit Agreement of $30.0 million for working capital
purposes


Guilherme Coelho, Chief Executive Officer commented:
\"We are happy to announce our first financial results since inception of Ventura
Offshore where we are reporting an industry-leading cost structure combined with
safe operations. Since the second quarter we successfully closed the acquisition
of the semi-submersible rig SSV Catarina which is aligned with the Company's
strategy of increasing its operational footprint and asset base. Demand for
deepwater drilling in Brazil is expected to remain strong and increase in the
coming years, ideally positioning our owned units for attractive recontracting
opportunities.\"


Conference call

Link to conference call:
https:\/\/teams.microsoft.com\/l\/meetup-join\/19%3ameeting_ZDc0ODc3NmYtYmJmYi00ZGI1L
WIxYWQtMmMzZDk0NzkwNDAz%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: 

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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