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Ventura Offshore (VTURA) investor relations material
Ventura Offshore Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Commenced Atlantic Zonda operations under a three-year contract with Petrobras, with options extending to 2031; SSV Catarina and SSV Victoria secured new contracts and extensions, ensuring high fleet utilization into 2026.
Achieved operational uptime of 90.9% and financial uptime of 86% in Q2 2025 for owned rigs, with uptimes recovering to above 95% post-maintenance.
Net income reached $24 million for Q2 2025, with strong free cash position of $46.6 million at quarter-end.
Completed major acquisitions, including SSV Catarina, expanding the owned fleet to three vessels and one managed vessel.
Major investments and discoveries in Brazil’s offshore sector, including BP’s Bumarangi field and record ANP bidding round.
Financial highlights
Q2 2025 adjusted EBITDA was $18.2 million; net income $24 million; adjusted revenue $55.4 million, with $53.2 million from owned rigs and $2.2 million in managed fees.
Total reported revenue for Q2 2025 was $91.5 million, including $22.6 million in non-cash amortization and $13.5 million reimbursable expenses.
Operating income for Q2 2025 was $32.4 million, up from $12.4 million in Q2 2024.
Average OpEx was $109,000 per day; G&A expenses were $4.5 million; vessel CapEx was $2.2 million.
Cash and equivalents at June 30, 2025, totaled $46.6 million; restricted cash at $16.9 million.
Outlook and guidance
Revenue backlog as of June 30, 2025, stands at $657 million, including exercised options and management fees.
Expectation of increased floater demand over the next five years, especially in Southeast Asia and Brazil, with major tenders and new contracts anticipated.
New Petrobras contract for DS Carolina starts in 2026, with a $26 million mobilization fee expected.
Additional funding will be required for upcoming CapEx on DS Carolina and potentially SSV Victoria.
CapEx for long-lead items in 2025, with major expenditures expected in 2026 for contract preparation and SPS.
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