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Ventura Offshore (VTURA) investor relations material
Ventura Offshore Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary28 Nov, 2025
Executive summary
Achieved 95.6% fleet uptime in Q3, with Catarina surpassing 2,000 days without a lost time incident and Atlantic Zonda maintaining nearly 96% uptime under a long-term contract.
Formalized execution of an optional well with E&I in Indonesia, adding $10 million to backlog, with intent to exercise a third option potentially adding $20 million and extending visibility into Q2 2026.
Maintained a firm revenue backlog of $576 million as of September 30, 2025, with contracts extending up to 2033.
Total revenues for Q3 2025 were $96.2 million, up from $87.4 million in Q3 2024, and $283.7 million for the nine months ended September 30, 2025.
Major operational developments included the acquisition and deployment of SSV Catarina and new long-term contracts for DS Carolina and SSV Catarina.
Financial highlights
Adjusted revenue for Q3 2025 was $57.5 million, with $53.9 million from drilling rigs/owned units and $3.6 million in management fees.
Adjusted EBITDA reached $19.7 million, and net income was $22.3 million for Q3 2025.
Cash and cash equivalents at September 30, 2025, were $35.5 million, with restricted cash of $21.4 million.
Interest-bearing debt was approximately $151.8 million, including $145 million in bond loans and $9.3 million drawn under the RCF.
CapEx for Q3 was $3.5 million, mainly for Catarina's new Petrobras contract and Carolina contract preparation.
Outlook and guidance
Backlog stands at $576 million, not including the third optional well, with firm commitments to 2029 and options potentially extending to 2033.
Upcycle in day rates expected to begin in late 2026, driven by deepwater project sanctioning and tightening rig supply.
DS Carolina secured a new Petrobras contract starting in 2026, with a $26 million mobilization fee due upon commencement.
Eni exercised two optional wells for SSV Catarina, extending utilization into Q1 2026, with potential for further extension.
Additional funding will be required for upcoming capex on DS Carolina and potentially SSV Victoria; management is exploring refinancing options.
Petrobras RENECON impact on Victoria tender?
Refinancing plan if Victoria not recontracted?
Assess MPD requirement likelihood for Buzios.
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Next Ventura Offshore earnings date
Q4 202528 Feb, 2026
Next Ventura Offshore earnings date
Q4 202528 Feb, 2026
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Frequently asked questions
Ventura Offshore is a company that provides engineering, construction, and maintenance services for the offshore energy sector. The company specializes in supporting oil and gas, renewable energy, and marine infrastructure projects, offering solutions that include subsea engineering, platform installation, and maintenance operations. Ventura Offshore's services are tailored to enhance operational efficiency and safety in challenging offshore environments, with expertise in both shallow and deepwater projects. The company is headquartered in Houston, Texas, and its shares are listed on the OTC Markets.
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