Ventura Offshore Holding Ltd.: CAPEX and Financing Update

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.

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