Ventura Offshore (VTURA) Q2 2025 earnings summary

Executive summary

• Commencement of Atlantic Zonda operations under a three-year contract with Petrobras, with options extending to 2031, securing long-term fleet utilization.

• SSV Victoria's contract in Indonesia extended with the first optional well exercised, potentially keeping the rig busy through 2026 if all options are taken.

• Q2 2025 adjusted EBITDA reached $18.2 million and net income was $24.0 million, reflecting strong operational performance.

• Achieved total revenues of $91.5 million for Q2 2025, driven by contract drilling and management fees.

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

Financial highlights

• Q2 2025 adjusted revenue was $55.4 million, with $53.2 million from owned rigs and $2.2 million in managed fees.

• Reported revenue of $91.5 million includes $22.6 million in non-cash amortization and $13.5 million reimbursable expenses.

• Total OpEx for Q2 was $32.6 million; average OpEx (excluding ancillary services and deferred mobilization) was $109,000 per day.

• SG&A expenses totaled $4.5 million for the quarter; vessel CapEx was $2.2 million, including $1.4 million for Carolina’s new contract.

• Free cash position at quarter-end was $46.6 million; restricted cash at $16.9 million.

Outlook and guidance

• Backlog as of June 30, 2025, stood at $657 million, including Zonda management fee.

• Optimism for exercising remaining option wells on SSV Victoria and Catarina, potentially extending contracts into 2026.

• Active participation in major Petrobras tenders (Búzios, Mero, and pool), with Búzios results expected around October and Meta (pool) by January.

• Anticipated CapEx for MPD installation on Victoria if awarded Búzios contract, estimated at $25 million.

• Most CapEx for Carolina's new contract expected in 2026, with some long-lead items in 2025.