Ventura Offshore (VTURA) investor relations material

Executive summary

• Customer Eni exercised additional optional wells in Indonesia, adding $30 million to backlog and extending rig utilization into Q2 2026, with one option well remaining that could extend into Q3 2026.

• Achieved net income of $96.5 million for the twelve months ended December 31, 2025, up from $57.7 million for the prior period.

• Completed major acquisitions, including Universal Energy Resources Inc. and SSV Catarina, expanding the owned fleet to three vessels and one managed vessel.

• Both Carolina and Victoria rigs continue under contract with Petrobras, with Carolina preparing for a new contract and Victoria actively marketed for future awards.

• Managed rig Atlantic Zonda operates under a three-year contract to 2028, with options to 2031, and achieved excellent operational and safety performance in its first year.

Financial highlights

• Adjusted EBITDA for Q4 was $21.9 million; net income reached $27.7 million.

• Adjusted revenue for Q4 was $57.2 million, with $53.2 million from drilling/owned units and $4 million from management fees.

• Income statement revenue was $74 million, including $20.9 million non-cash amortization of contract liabilities.

• Q4 free cash flow was $43 million; gross interest-bearing debt at quarter-end was $144.3 million.

• OPEX averaged $105,800 per day in Q4 and $107,300 per day for the year.

Outlook and guidance

• Optimism for further contract extensions for Catarina and new opportunities in Southeast Asia, India, and Africa.

• Petrobras RENECO renegotiations expected to conclude in early Q2 2026, influencing contract timelines and awards.

• Strong growth prospects in Brazil, supported by Petrobras and international operator discoveries.

• CapEx for Carolina’s contract prep estimated at $45–50 million; Victoria’s requirements pending RENECO outcome.

• No dividends planned until refinancing in 2026, which may enable future distributions.