Ventura Offshore Holding reported an adjusted revenue of $56.5 million for the first quarter ending March 31, 2026, supported by three owned vessels and one managed vessel.
This total includes $53.1 million generated from owned assets and $3.4 million from net management fees.
Fleet operations achieved an operational uptime of 96.8 per cent, helping secure a firm revenue backlog of $1 billion after accounting for the Renecom contract renegotiations. To bolster liquidity during this period, a bond tap issue of $75 million was finalised.
Operating expenses for the owned rigs reached $28.8 million, which represents an average daily cost of $106,700. After subtracting general and administrative expenses of $6.2 million, adjusted EBITDA stood at $21.5 million.
Ventura reported a free cash position of $37.2 million, in addition to $22.1 million in restricted cash held on behalf of the owners of the managed drillship Zonda.
Estimated interest-bearing debt reached $134.3 million, consisting of $125 million outstanding under an existing bond loan and $9.3 million drawn from a revolving credit facility.
The drillship Carolina and the semisubmersible Victoria are under contract with Petrobras in Brazil. Carolina is scheduled to work at the Búzios field until September 30, 2026, before transitioning to the Sépia-Atapu field from January 1, 2027, through September 30, 2029.
Meanwhile, Victoria has secured a contract extension running through March 31, 2031. The semisubmersible Catarina remains contracted to Eni in Indonesia until June 30, 2026.
The managed drillship Zonda is contracted to Petrobras until June 30, 2029. The company reported $22.1 million in restricted cash held on behalf of the owners of the vessel, alongside accounts receivable of $24.2 million associated with the contract.
