Ventura Offshore (VTURA) Q4 2025 earnings summary

Executive summary

• Q4 2025 saw strong operational performance, with SSV Catarina achieving 99% uptime and additional contract options exercised, extending backlog and visibility into Q2 2026.

• Net income for 2025 was $96.5 million, up from $57.7 million in the prior period, with total revenues of $374.9 million.

• Major acquisitions included Universal Energy Resources Inc. and SSV Catarina, expanding the owned fleet to three vessels and one managed vessel.

• Secured new long-term contracts for DS Carolina and SSV Catarina, with significant contract extensions and options exercised.

• Achieved excellent operational and safety performance with Zonda in its first year.

Financial highlights

• Adjusted revenue for Q4 2025 was $57.2 million, with $53.2 million from rig operations and $4 million from management fees.

• Operating income for 2025 was $129.5 million, with adjusted EBITDA for Q4 at $21.9 million and full-year adjusted EBITDA at $77 million.

• Free cash flow at quarter-end was $43 million; cash and cash equivalents at year-end were $43 million, with restricted cash of $22.3 million.

• Interest-bearing debt stood at $144.3 million, including $135 million in bond loans and $9.3 million drawn under the RCF.

• Net cash provided by operating activities was $63.3 million for 2025.

Outlook and guidance

• Optimism for further contract extensions for Catarina, with one remaining option well likely to be exercised, potentially extending operations into Q3 2026.

• DS Carolina secured a new contract with Petrobras, including a $26 million mobilization fee, with capex for contract preparation expected in 2026.

• Market outlook is positive in Southeast Asia, India, Africa, and Brazil, with rising rig demand and new opportunities.

• Additional funding will be required to support upcoming capex for contract preparations and potential new contracts.

• Brazilian market remains stable, with Petrobras targeting 28 rig years annually from 2027 and ongoing renegotiations (RENECO) expected to conclude in early Q2 2026.