VENTURA OFFSHORE MIDCO LTD.: Settlement with UMAS and acquisition of the Catarina 17.5% profit split

10 Feb 2025 21:30 CET

February 10, 2025: Reference is made to the press release from Ventura Offshore
Midco Ltd (the "Company") published on 28 June 2024 regarding the acquisition of
SSV Catarina, a 2012 built semisubmersible drilling rig which had previously
been managed and operated by Universal Energy Resources, Inc., a wholly owned
subsidiary of the Company.

As part of the acquisition of the Catarina, it was agreed that UMAS 1 AS as
sellers of the rig, should receive 17.5% of the free cashflow generated by
Catarina (the "Profit Split") for five years, starting from the ENI Indonesia
contract that commenced 17 August 2024. The Company is pleased to announce that
a settlement has been entered into with UMAS 1 AS whereby the Company (through
its subsidiaries) has agreed to pay a lump sum amount of USD 8 million as full
and final settlement of:

- Any and all earnings under the Profit Split since the ENI contract
commencement 17 August 2024
- The 17.5% Profit Split, and
- All amounts outstanding in relation to the final accounts and working capital
of the rig in connection with its acquisition which was completed in July 2024

Catarina is currently on a well-based contract with ENI Indonesia where it is
currently estimated that the current firm wells will keep the unit utilized into
fourth quarter of 2025. In addition to the current firm wells, ENI has options
for an additional five fixed-price wells, four in Indonesia and one in Vietnam.

For further queries, please contact:
Mardonildo Filho
Chief Strategy Officer
+55 21 97166 1978
mardonildo.filho@ventura-offshore.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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