VTURA.OL Ventura Offshore Holding

Offshore · Drillship / Semisub · 60 documents

Ventura Offshore Holding pays no dividend, in its own words, so our forecast is $0.00 a share.

2026Q3 · our model

$0.00

$204,081/d modelled

STATED

the company's stated decision to pay none

2026Q4 · our model

$0.00

0.0% annualised

$204,081/d modelled

the company's stated decision to pay none

Yields annualise each quarter ×4 at the last close, $3.57 (2026-10-19). Our model is not company guidance.

What will Ventura Offshore Holding pay for 2026Q3?

Company said

Ventura Offshore Holding has published no booked rates for 2026Q3. It pays no dividend, in its own words: “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.” (2026-04-02, source).

—

$0.00

no dividend

Our model

Every day at the company's own last realized rate; dividend by the company's stated decision to pay none.

$204,081/d

modelled

$0.00

modelled · STATED

Rates in, dividend out 2026Q3

Model Your scenario

Set a rate per vessel class and the statement below re-prices: our model’s figures in one column, yours beside them. These are your numbers, not our forecast and not company guidance; nothing you set is saved.

Latest rates

Class	Company earned	Booked 2026Q3	Market now	8 weeks
Drillship · 1	$204,0812026Q2 · fleet avg	—none printed	—no open $/day series
Semisub · 2	$204,0812026Q2 · fleet avg	—none printed	—no open $/day series

Company earned: the issuer’s own reported TCE (linked). Booked: cover the issuer printed for 2026Q3. Market now: the median across the broker route prints we hold for the class — a derived blend, not a vendor index; the trend is rebased to 100 eight weeks ago.

Your rates every day is at your rate

Drillship 92 open days

$/d

Semisub 184 open days

$/d

2026Q3 P&L and cash

Model

Your scenario

Vessel-days, days modelled

Ships on the fleet list × the quarter's calendar days for drillship, semisub: no off-hire or drydock days are deducted there.

276

By class

Class	Days	Model $/day	Yours $/day
Drillship	92	204,081	204,081
Semisub	184	204,081	204,081

Fleet TCE, $/day assumed

204,081

Revenue (TCE basis), $m assumed

Vessel-days × fleet TCE.

56.3

Vessel opex, $m assumed

2026Q2: $31.3m over 276 vessel-days, held per day. Source (2026Q2)

(31.3)

G&A, $m assumed

2026Q2: $4.7m over 276 vessel-days, held per day. Source (2026Q2)

(4.7)

EBITDA, $m assumed

20.3

Hire for chartered-in ships, $m

Not on file for any quarter (not extracted, or not disclosed).

—

Interest expense, $m assumed

2026Q3: $5.1m over 276 vessel-days, held per day.

(5.1)

Scheduled debt amortisation, $m stated

2026Q4: $0.0m over 276 vessel-days, held per day (the issuer’s scheduled principal).

0.0

Drydock cost, $m

No separate drydock cash line on file.

—

Cash break-even, $/day assumed

Σ cash costs above ÷ vessel-days.

148,942

Cushion vs fleet TCE, $/day

55,139

Free cash flow to equity, $m assumed

Revenue − cash costs: the cash available for distribution.

15.2

Maintenance capex, $m

Not disclosed as a cash line; not in the model’s cash.

—

Dividend policy stated

No stated payout policy on file.

The company’s own word sets this dividend; it does not move with the rate.

Output	Model	Your scenario	Δ
Estimated DPS, $/share stated	$0.00
Forward yield, run-rate %	0.0%

Yield annualises the quarter’s DPS × 4 (a run-rate, not a forecast of the year) against the $3.57 close on 2026-10-19.

This dividend is set by the company's stated decision to pay none, not by the rate — your scenario moves the cash line, not the DPS.

Showing the model’s own figures. Setting your own rates needs JavaScript.

Market context — rates, the dividend, and the price

Rates and dividend — realized rate and declared

Realized fleet TCEDeclared DPS

$0k

$150k

$300k

2026Q3

2026Q4

Declared DPS, USD/share — solid: declared · dashed: model

$0.00

Bars are the fleet TCE this issuer reported. Dashed-outline bars are the model estimate — see Dividend forecast.

The line is the declared dividend per share — dashed where it is the model's estimate. Model estimate — not issuer guidance.

How we got the number

How to read this page

Every figure here is built the same way: the fleet's vessel-days are priced at the rate its classes earned, costs and debt service come off, and what is left is measured against the dividend the company actually declared. Nothing is estimated where it can be sourced, and a number that cannot be sourced is withheld rather than filled in. The full method, and the rates behind it →

Where VTURA.OL departs from that

The company has said it pays no dividend, so the page publishes $0.00 with its own words rather than a model figure.
No market index covers this fleet's vessel types, so each is priced at the company's own last realized rate per calendar vessel-day (revenue divided by vessel-days), held flat — the revenue track record shows how that has done.

What drives it — fleet TCE, 2026Q3

Expected fleet TCE

$204,081/d

ASSUMED

How we got to the DPS

The company's stated decision to pay none STATED $0.00

Stated payout policy declined — the company publishes no payout policy this model can read

Earnings bridge — 2026Q2 → 2026Q3

Expected DPS (2026Q3) $0.00

Financials & fleet

Latest quarter 2026Q2 2 qtrs old

Fleet

Realized TCE

$204,081/d 2026Q2

Declared DPS

—

TTM DPS

—

Coverage

—

Revenue

$87.5M

Opex

$31.3M

Net income

$20.4M

1× drillship · 2× semisub current

Revenue model track record model vs realized

Each quarter priced at the previous quarter's realized rate, held flat — the figure the model holds once that quarter is reported — against the rate the fleet actually realized. Average miss 1.6% over 5 backtested quarters.

Quarter	Record	Model $/day	Realized $/day	Model rev $M	Realized rev $M	Miss
2025Q2	backtest	196,522	194,901	53.7	53.2	+0.8%
2025Q3	backtest	194,901	195,348	53.8	53.9	-0.2%
2025Q4	backtest	195,348	192,779	53.9	53.2	+1.3%
2026Q1	backtest	192,779	196,493	52.1	53.1	-1.9%
2026Q2	backtest	196,493	204,081	53.6	55.7	-3.7%

Backtest rows apply today's rule to past quarters using only the prior quarters' reported rates; live rows are the forecast as frozen on the date shown. Revenue is rate × vessel-days, so a miss here is a rate miss.

Fleet model — 2026Q3

Fleet model estimate — not issuer guidance.

Class	Ships	TC	Spot	% Fixed	Guided $/d	Spot $/d	Blended $/d	QTD rev $M	Modeled Q rev $M
Drillship	1	—	—	—	—	—	204,081	—	18.8
Semisub	2	—	—	—	—	—	204,081	—	37.6
Total	3						204,081	—	56.3

Guided rates are issuer-booked cover for 2026Q3 blended with the company's own realized rates for the open days.

Revenue if rates hold

$56.3M

Bear uses booked coverage only; Base prices open vessels at the company's own last realized fleet rate — no market index covers this fleet, so there is no peak-index Bull case.

Model gaps & assumptions

drillship: no index and no guidance — priced at the issuer's own last realized fleet rate $204,081/day (2026Q2, derived: revenue per vessel-day — 55.714m / (3 x 91)), held flat (owner ruling 2026-09-26) · semisub: no index and no guidance — priced at the issuer's own last realized fleet rate $204,081/day (2026Q2, derived: revenue per vessel-day — 55.714m / (3 x 91)), held flat (owner ruling 2026-09-26) · no dividend, in the company's words: “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.” (2026-04-02)

Profit statement highlights

Line	2026Q2	2026Q1	YoY Δ
Revenue	$87.5M	$91.1M	-4.4%
Opex	$31.3M	$58.0M	-47.0%
Net income	$20.4M	$25.8M	-15.0%

Full P&L grid — 6 quarters

Line item	2026Q2	2026Q1	2025Q4	2025Q3	2025Q2	2025Q1
Revenue $M	87.5	91.1	91.2	96.2	91.5	96.0
Voyage expenses $M	—	—	—	—	—	—
Vessel opex $M	31.3	58.0	55.9	66.0	59.1	64.7
G&A $M	4.7	6.2	4.6	5.7	4.5	5.1
Depreciation $M	—	—	—	—	—	—
Interest expense, gross $M	5.1	—	—	—	—	—
Net income $M	20.4	25.8	27.7	22.3	24.0	22.5
Declared DPS	—	—	—	—	—	—

Realized fleet TCE

Benchmark comparison will appear once issuer-printed benchmark data is available.

Benchmark index — monthly average

Rig fleet status

Rig	Class	Dayrate $/day	Contracted to	Source
DS Carolina	drillship	—	2026-09	print
SSV Victoria	semisub	—	2026-07	print
SSV Catarina	semisub	—	2026-12	print
DS Zonda	drillship	—	2029-06	print

Quarter	Backlog $M	Utilization
2025Q1	—	90.7%
2025Q2	—	86.0%
2025Q3	—	91.9%
2025Q4	—	91.5%
2026Q1	—	91.1%
2026Q2	—	93.4%

Guidance & sources

Sources — press, filings & documents

Press & filings by quarter

Quarter	Report	Presentation	Dividend	Other
2026Q4	—	—	—	Satisfaction of the Redemption Condition in th…, New Financing and Notice of exercise of condit…
2026Q3	Ventura Offshore Holding Ltd.: Second Quarter …	Ventura Offshore Holding Ltd.: Company Present…, Ventura Offshore Holding Ltd.: Company Present…, Ventura Offshore Holding Ltd.: Presentation of…, Ventura Offshore Holding Ltd.: Invitation to p…, Ventura Offshore Holding Ltd.: Invitation to p…	Energy Holdings and Ventura Offshore to combin…	Ventura Offshore Holding Ltd.: SSV Catarina …, Ventura Offshore Holding Ltd.: SSV Catarina – …, Ventura Offshore Holding Ltd – Marketing and o…, Ventura Offshore Holding Ltd.: SSV Catarina …, Ventura Offshore Holding Ltd.: SSV Catarina – …
2026Q2	Ventura Offshore Holding Ltd.: First Quarter 2…, Ventura Offshore Holding 2026 AGM Results Noti…, Ventura Offshore Holding Ltd.: Publication of …	Ventura Offshore Holding Ltd.: Presentation of…, Ventura Offshore Holding Ltd.: Invitation to p…, Ventura Offshore Holding Ltd.: Invitation to p…, Ventura Offshore Holding Ltd – Company Present…	—	Ventura Offshore Holding Ltd.: Notice of Annua…, VTURA: Ventura Offshore Holding Ltd Successf…, Ventura Offshore Holding Ltd – Successful plac…, Ventura Offshore Holding Ltd – Result of writt…, Ventura Offshore Holding Ltd – Summons to writ…, Ventura Offshore Holding Ltd.: Fleet Contract …, VENTURA OFFSHORE HOLDING LTD.: Grant of share …, Ventura Offshore Holding Ltd.: CAPEX and Finan…, Ventura Offshore Holding Ltd.: Fleet Contract …
2026Q1	Ventura Offshore Holding Ltd.: Fourth Quarter …	Ventura Offshore Holding Ltd.: Presentation of…, Ventura Offshore Holding Ltd.: Invitation to p…	—	—
2025Q4	Ventura Offshore Holding Ltd.: Third Quarter 2…	Ventura Offshore Holding Ltd.: Presentation of…, Ventura Offshore Holding Ltd.: Invitation to p…	—	VTURA: Financial calendar, Ventura Offshore Holding Ltd.: SSV Catarina – …, Ventura Offshore Holding Ltd.: SSV Catarina – …
2025Q3	Ventura Offshore Holding Ltd.: Second Quarter …	Ventura Offshore Holding Ltd.: Presentation of…, Ventura Offshore Holding Ltd.: Invitation to p…	—	VENTURA OFFSHORE HOLDING LTD.: Grant of share …
2025Q2	Ventura Offshore Holding Ltd.: First Quarter 2…, Ventura Offshore Holding Ltd.: 2025 AGM RESULT…, Ventura Offshore Holding Ltd.: Publication of …	Ventura Offshore Holding Ltd.: Presentation of…, Ventura Offshore Holding Ltd.: Invitation to p…	—	Ventura Offshore Holding Ltd.: SSV Catarina - …, Ventura Offshore Holding Notice of Annual Gene…, Ventura Offshore Holding Ltd.: DS Atlantic Zon…
2025Q1	Ventura Offshore Holding Ltd.: Fourth Quarter …	Ventura Offshore Holding Ltd.: Presentation of…, Ventura Offshore Holding Ltd.: Invitation to p…	—	VENTURA OFFSHORE HOLDING LTD.: DS Carolina res…, VENTURA OFFSHORE HOLDING LTD.: Update on DS Ca…, VENTURA OFFSHORE HOLDING LTD.: Settlement with…, VENTURA OFFSHORE HOLDING LTD.: Mandatory notif…, VTURA: Financial calendar
2024Q4	—	—	—	Ventura Offshore Holding Ltd.: Contract award …