Ventura Offshore Holding Ltd.: CAPEX and Financing Update

02 Apr 2026 21:05 CEST

April 2, 2026 - Reference is made to the press release from Ventura Offshore
Holding Ltd. (together with its subsidiaries, "Ventura" or the "Company") on
April 2 regarding the additional backlog of $466 million on its owned drilling
rig SSV Victoria, and of $165 million on its managed drillship Atlantic Zonda,
both operating offshore Brazil.

The Special Periodic Survey, 5-year maintenance and installation of the MPD
for the SSV Victoria in connection with its recently awarded 1,455-day firm
contract extension for the Búzios field, offshore Brazil, is estimated to have
a total capital expenditure of $78 million to $81 million, of which a material
portion is expected to be payable post contract commencement.

This amount reflects final scope definition and contract compliance, Special
Periodic Surveys, upgrades, taxes & logistics and project risk contingencies,
and will significantly improve the capabilities and future marketability of
the rig, particularly in light of the installation of an MPD system. These
investments will translate into substantially increased terminal value post
new contract commencement.

In preparation of DS Carolina's 911-day firm contract with Petrobras for the
Sépia Atapu field, offshore Brazil, a similar docking is expected for the unit
to undergo Special Periodic Survey and 5-year maintenance at an estimated
total expenditure, net of mobilization fee, of $27 million to $30 million, of
which $6.5 million have already been disbursed.

This amount reflects final scope definition and contract compliance, Special
Periodic Surveys, upgrades, taxes & logistics and project risk contingencies,
and will also improve the capabilities and future marketability of the rig,
given the upgrades and new equipment required to conform the rig with the
technical specifications of the new Petrobras contract for Sépia Atapu. These
investments will translate into substantially increased terminal value post
new contract commencement.

In addition, the Company is also planning on incurring up to $19 million in
additional spare parts for the Ventura Offshore fleet, expected to further
improve the operational performance and uptime of its units post commencement
of its new contracts.

In anticipation of potentially announcing significant backlog additions, the
Company has already received several attractive refinancing proposals to
secure funding for its capital commitments, which are currently being
evaluated by the Company.

An amendment to the Company's existing bond is also carefully being
considered, which could include asking the Company's bondholders for deferral
of scheduled amortization payments, and an increase of the notional amount
outstanding.

A potential amendment of the Company's existing bond is expected to be
followed by a full refinancing in late 2026.

The Company will carefully evaluate the different alternatives with the
objective of securing the company with a cost-efficient capital structure that
would enable the Company to pay out 100% of its free cash flow as dividend to
its shareholders starting from 2027.

The Company expects to announce Q1 results displaying a strong 96.7%
operational uptime and cash balance of circa $37 million.

For further queries, please contact:

Guilherme Coelho
Chief Executive Officer
+55 21 99311 1167
guilherme.coelho@ventura-offshore.com

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 two
semisubmersible drilling rigs, SSV Victoria and SSV Catarina, and manages one
drillship, DS Zonda. The Company is incorporated under the laws of Bermuda.

Additional information about Ventura Offshore Holding can be found at
https://ventura-offshore.com/en/a-ventura/.

Forward-looking statements
This press release may include "forward-looking statements". These statements
can be identified by the use of forward-looking terminology, including the
terms "assumes," "believes," "estimates," "anticipates," "probability,"
"risk," "target," "goal," "objective," "expects," "intends," "projects,"
"plans," "may," "will" or "should" or, in each case, their negative or other
variations or comparable terminology. These forward-looking statements include
all matters that are not historical facts. They include statements regarding
the intentions, beliefs, or current expectations of the Company concerning,
among other things, the Company's results of operations, financial condition,
liquidity, prospects, growth, strategies, and the industry in which it
operates, and include any business plan information included in this report.
Any forward-looking statements which the Company makes in this press release
speak only as of the date of such statement. These statements are not
guarantees of future performance and involve certain risks, uncertainties, and
assumptions that could cause actual results to differ materially from those in
the forward-looking statements. As a result, you should be cautious in placing
any reliance on such statements and make your own judgment as to the
likelihood of such statements materializing in the future and the
reasonableness of any underlying assumptions. The Company does not intend, and
undertakes no obligation, to revise the forward-looking statements included in
this press release to reflect any future events or circumstances.

This press release does not constitute an offering of securities or otherwise
constitute an invitation or inducement to any person to underwrite, subscribe
for or otherwise acquire securities in the Company. The release, publication
or distribution of this press release in certain jurisdictions may be
restricted by law, and therefore persons in such jurisdictions into which this
press release is released, published or distributed should inform themselves
about, and observe, such restrictions.

An investment in the Company involves risk, and several factors could cause
the actual results, performance or achievements of the Company to be
materially different from any future results, performance or achievements that
may be expressed or implied by statements and information in this press
release. An investment in the Company is only suitable for investors who
understand the risk factors associated with this type of investment and who
can afford to a loss of all or part of their investment.

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