Ventura Offshore Secures Brazil Rig Extensions Worth over $600M

April 6 (OE) Offshore drilling firm Ventura Offshore has secured contract extensions for two offshore units operating in Brazil, adding more than $600 million in backlog.

The company said the SSV Victoria semi-submersible rig was awarded a 1,455-day extension of its current contract with Petrobras, expected to contribute approximately $466 million in additional backlog.

The extension is due to start in January 2027 following a docking period for a special periodic survey, maintenance work and installation of a managed pressure drilling system. The rig will be deployed at the Búzios field in the Santos Basin offshore Brazil.

The contract includes a unilateral termination option for Petrobras from the 910th day of the extension period.

Ventura Offshore also said the Atlantic Zonda drillship, a managed unit on behalf of Eldorado Drilling, received a 365-day contract extension, extending operations to at least the second quarter of 2029.

The extension, which includes a reduced day rate until the second quarter of 2028 before returning to original contract rates, is expected to add about $145 million in backlog. The agreement also includes an option for a further extension of up to two years.

Ventura Offshore added it will receive operating fees linked to the additional backlog generated by the Zonda contract.

The SSV Victoria is a sixth-generation ultra-deepwater semi-submersible rig capable of drilling in water depths of up to 10,000 feet, while the Atlantic Zonda is a seventh-generation ultra-deepwater drillship capable of operating in water depths of up to 12,000 feet.

“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.