Brazilian deepwater drilling company Ventura Offshore has won a two-contract extension with the country’s state-owned energy giant Petrobras for a sixth-generation semi-submersible platform and a seventh-generation drillship to operate on behalf of Eldorado Drilling, an offshore drilling company backed by a group of well-known Norwegian investors.
Ventura Offshore has secured contract extensions for SS in Victoria and Atlantic Zonda Drill ship, which is Operating abroad in Brazil. As a result, the semi-submersible vessel SSV Victoria has received a firm extension of its existing contract for a period of 1,455 days, with the option of unilateral termination by Petrobras as of day 910 of the extension period, during which it will be deployed in Buzios field In the Santos Basin.
This extension period will begin in January 2027, following a docking period for a Special Periodic Survey (SPS), five-year maintenance plans, and installation of the MPD system. The four-year extension results in approximately $466 million in additional backlog.
On the other hand, the drillship Atlantic Zonda, operated by Ventura Offshore on behalf of Eldorado, has received a 365-day contract extension, keeping it busy until at least the second quarter of 2029, with a reduced day rate in effect until the second quarter of 2028, when the original contract day rates, adjusted in accordance with the contract, will be restored for the remainder of the one-year contract period.
This one-year extension, combined with daily rate adjustments, results in an additional backlog of approximately $145 million. A mutually agreed extension option of up to two years remains available to exercise. Aside from Victoria’s contract extension contribution of approximately $466 million, Ventura is also entitled to an operating fee proportional to Zonda’s accumulated additional contract.
Guilherme CoelhoCEO of Ventura Offshore commented: “We appreciate the constructive dialogue with our client Petrobras and their willingness to reach a mutually beneficial outcome.
“These agreements reflect both organizations’ commitment to an ongoing, long-term partnership and recognize the safe and consistent operational performance our teams continue to deliver outside of Brazil. Importantly, they also enhance Ventura Offshore’s backlog visibility and support our planning for the years ahead.”
While the sixth generation SSV Victoria deepwater semisubmersible DP is capable of drilling in water depths of up to 10,000 feet and has a drilling depth capacity of up to 40,000 feet, the Atlantic Zonda seventh generation ultra deepwater DP drillship can operate in water depths of up to 12,000 feet, with a drilling depth capacity of up to 40,000 feet.
The five-year SPS, maintenance and MPD installation for SSV Victoria in connection with the company’s recently awarded 1,455-day contract extension is expected to have total capital expenditures in the range of $78 million to $81 million, a material portion of which is expected to be paid after contract commencement.
Meanwhile, the drill player explains that preparation DS Carolina For its fixed contract with Petrobras for a period of 911 days Attabu Sibiya The offshore field in Brazil will require a similar mooring for the unit to undergo SPS and maintenance for five years with a total estimated spend, net of mobilization charges, of $27 million to $30 million, of which $6.5 million has already been disbursed.
In addition, the company plans to incur up to $19 million to purchase additional spare parts for its fleet of excavators, which are expected to improve the operational performance and uptime of the units after the commencement of its new contracts.
The Brazilian player owns and operates one drillship, DS Carolina, and two semi-submersible drilling rigs, SSV Victoria and SSV Catarina, in addition to managing one drillship, DS Zonda.
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