Ventura Offshore Midco Ltd.: CAPEX and Financing Update

02 Apr 2026 21:05 CEST

April 2, 2026 – Reference is made to the press release from Ventura Offshore
Midco 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 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, DS Zonda. Ventura Offshore Midco Ltd.,
and Ventura Offshore Holding Ltd. are incorporated under the laws of Bermuda.

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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