Ventura Offshore (VTURA) Q3 2025 earnings summary

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.