Ventura Offshore Midco Ltd.: Fleet Contract Extensions

02 Apr 2026 21:00 CEST

April 2, 2026 – Ventura Offshore Midco Ltd. is pleased to announce the following
contract extensions of the SSV Victoria and managed rig Atlantic Zonda,
operating offshore Brazil:

1. SSV Victoria semi-submersible – a 1,455-day firm extension of her current
contract, with unilateral termination option by Petrobras from the 910th day of
the extension period, during which she will be deployed to the Búzios field
located in the Santos basin, offshore Brazil. This extension period will start
in January 2027, following a docking period to perform SPS (special periodic
survey), 5-year maintenance plans and installation of an MPD system. This
4-year extension results in approximately US$466 million additional backlog.


2. Atlantic Zonda drillship (managed unit) – a 365-day contract extension,
taking operations until at least Q2 2029. In exchange, a reduced day rate will
apply until Q2 2028. From Q2 2028 onwards, the original contract day rates,
adjusted as per contract, will be restored for the remainder 1-year duration of
the contract. This 1-year extension, coupled with the day rate adjustments,
results in an additional backlog of approximately US$145 million. A mutually
agreed extension option of up to two years remains available to be exercised.

In addition to the Victoria contract extension contribution of approximately
US$466 million, Ventura will be further entitled to operating fees proportional
to Zonda’s additional contract backlog.

“We appreciate the constructive dialogue with our customer Petrobras and their
willingness to reach a mutually beneficial outcome. These agreements reflect
both organizations’ commitment to a continuous long-term partnership and
recognize the safe and consistent operational performance our teams continue to
deliver offshore Brazil. Importantly, they also enhance Ventura Offshore’s
backlog visibility and support our planning for the years ahead,” said Guilherme
Coelho, CEO of Ventura Offshore.

SSV Victoria is a 6th generation ultra-deepwater DP semi-submersible capable of
drilling in water depths of up to 10,000 feet and has a drilling depth capacity
of up to 40,000 feet.

Atlantic Zonda is a 7th generation ultra-deepwater DP drillship capable of
drilling in water depths of up to 12,000 feet and has a drilling depth capacity
of up to 40,000 feet.

For further queries, please contact:

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

This information has been submitted pursuant to the Securities Trading Act §
5-12 and MAR. The information was submitted for publication, through the
agency of the contact persons set out above, at April 2, 2026, 9.00pm CEST.

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.

More information:
Access the news on Oslo Bors NewsWeb site