Ventura Offshore (VTURA) Q1 2026 earnings summary

Executive summary

• Achieved 96.8% operational uptime in Q1 2026, reflecting high fleet reliability and strong cost discipline, with industry-leading OpEx of $106,700 per day.

• Adjusted EBITDA reached $21.5 million and net income was $25.8 million, with total revenues of $91.1 million for the quarter.

• Maintained a $1 billion revenue backlog after Renecom negotiations, securing $509 million in new backlog and supporting future revenue visibility.

• Raised $75 million via a bond tap, improving liquidity and deferring amortization to April 2027.

• Operates three owned vessels and manages one additional vessel, with major contracts in Brazil and Indonesia.

Financial highlights

• Q1 2026 adjusted revenue was $56.5 million, with $53.1 million from owned rigs and $3.4 million in management fees.

• Reported revenue of $91.1 million, including $20.4 million non-cash amortization of contract liabilities.

• Total OpEx for the quarter was $28.8 million; G&A expenses were $6.2 million; OpEx per day averaged $106,700.

• Free cash position at quarter-end was $37.2 million, with $22.1 million in restricted cash.

• Gross interest-bearing debt stood at $134.3 million, including $125 million in bond loans and $9.3 million drawn under the RCF.

Outlook and guidance

• Backlog visibility extends to 2031 on firm contracts, with options potentially extending to 2033.

• 56% contract coverage for 2026-2030, expected to increase with ongoing marketing efforts and recent renegotiations.

• Major contract extensions for SSV Victoria and DS Carolina, with new long-term contracts commencing in January 2027.

• Estimated capital expenditure of $125–130 million for vessel preparations and overhauls ahead of new contracts.

• Plans for full refinancing in Q4 2026, with the goal of paying out 100% of free cash flow as dividends from 2027.