Ventura Offshore Midco Ltd.: Contract award for DS Carolina

17 Dec 2024 17:15 CET

December 17, 2024 - Ventura Offshore Midco Ltd. is pleased to announce the
award, after a competitive tender, of a new contract with Petróleo Brasileiro
S.A. – Petrobras for the deployment of the ultra-deepwater (UDW) drillship DS
Carolina to the Sepia and Atapu fields located in the Santos basin, offshore
Brazil.

The contract totalizes approximately $363 million for the 910-day firm contract
term and includes $26 million for mobilization payments. The contract has an
extension option by Petrobras for additional 305 days, adding $113 million to
the contract value if exercised. The DS Carolina is expected to operate under
this contract for approximately 2.5 years during its firm term, or 3.5 years
assuming the extension option is exercised, commencing after the end of the
current contract.

DS Carolina is currently under contract with Petrobras until the second quarter
of 2026. Afterwards, it will undergo essential contract preparation works and
class inspections before commencing operations under the new contract.

"We are delighted to announce this new long-term contract of the DS Carolina for
the Sepia and Atapu fields. We look forward to delivering safe and efficient
operations to our longstanding customer and partner Petrobras, and to
maintaining our industry-leading standards" said Guilherme Coelho, CEO of
Ventura Offshore.

DS Carolina is a 6th generation ultra-deepwater DP drillship capable of drilling
in water depths of up to 10,000 feet and has a drilling depth capacity of up to
40,000 feet.

Petrobras holds a 65.7% stake in the shared Atapu field, a 55.3% stake in the
shared Sépia field and is the Operator in both areas.


For further queries, please contact:
Gunnar W. Eliassen
Chairperson of the Company
+44 7469140012
gunnar@snclondongroup.com

About Ventura Offshore Midco Ltd.
Ventura Offshore Midco Ltd. is a subsidiary of Ventura Offshore Holding Ltd., a
deep water drilling contractor providing deep water offshore drilling services
to the oil and gas industry. Ventura Offshore Holding Ltd. and its subsidiaries’
core activities are focused in the Brazilian offshore oil and gas market.
Ventura Offshore Holding Ltd. and its subsidiaries owns and operates one
drillship, DS Carolina, and two semisubmersible drilling rigs, SSV Victoria and
SSV Catarina, and manages one drillship, Zonda. Ventura Offshore Midco Ltd., and
Ventura Offshore Holding Ltd. are incorporated under the laws of Bermuda.

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