Ventura Offshore Holding Ltd – Successful bond tap issue

01 Jul 2024 16:19 CEST

Reference is made to the stock exchange notice published 27 June 2024 regarding
the intention to summon a written resolution and contemplated tap issue in
relation to Ventura Offshore MidCo Ltd’s (the “Issuer”) existing senior secured
bonds maturing 19 April 2027 with ISIN NO0013187179 (the “Bonds”).

The Issuer has today successfully placed a bond tap issue of USD 55 million. The
total amount outstanding under the Bonds will be increased to USD 185 million
from USD 130 million. The bond tap issue was priced at 100.50% of par.

The net proceeds from the bond tap issue shall be applied towards the
acquisition of the semisubmersible rig SSV Catarina (together with, inter alia,
proceeds from the equity private placement, as announced in the stock exchange
notice published 27 June 2024) and general corporate purposes.

With reference to the stock exchange notice published 28 June 2024 regarding the
summons to written resolution, a majority of the bondholders have undertaken to
vote in favor of the proposal set out in the summons. The completion of the tap
issue is subject to the conditions precedent set out in the summons, including,
without limitation, that the proposal is approved by the required majority of
bondholders.

DNB Markets, a part of DNB Bank ASA, and Clarksons Securities AS act as joint
bookrunners for the transaction.

About Ventura Offshore Holding Ltd.
Ventura Offshore Holding Ltd. is a deep water drilling contractor providing deep
water offshore drilling services to the oil and gas industry. The Company's core
activities are focused in the Brazilian offshore oil and gas market. The Company
owns and operates one drillship, DS Carolina, and one semisubmersible drilling
rig, SSV Victoria, and manages one drillship, Zonda, and one semisubmersible
drilling rig, SSV Catarina. Subject to completion of the acquisition of the
Catarina, the Company will own three drilling rigs and continue the management
of the drillship, Zonda. The Company is incorporated under the laws of Bermuda.

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