Ventura Offshore scores multimillion-dollar rig extensions with Petrobras

April 3, 2026, by Melisa Cavcic

Brazilian deepwater offshore drilling contractor Ventura Offshore has won two contract extensions with the country’s state-owned energy giant Petrobras for a sixth-generation semi-submersible rig and a seventh-generation drillship it manages on behalf of Eldorado Drilling, an offshore drilling player backed by a group of well-known Norwegian investors.

SSV Victoria rig; Source: Ventura Offshore

Ventura Offshore has secured contract extensions for the SSV Victoria and the Atlantic Zonda drillship, which are operating offshore Brazil. As a result, the SSV Victoria semi-submersible has obtained a 1,455-day firm extension of its current contract, with unilateral termination option by Petrobras from the 910th day of the extension period, during which it will be deployed to the Búzios field in the Santos basin.

This extension period will start in January 2027, following a docking period to perform a special periodic survey (SPS), five-year maintenance plans, and installation of an MPD system. The four-year extension results in approximately $466 million of additional backlog.

On the other hand, the Atlantic Zonda drillship, which Ventura Offshore manages on behalf of Eldorado has received a 365-day contract extension, keeping it busy until at least Q2 2029, with a reduced day rate set to apply until Q2 2028, when the original contract day rates, adjusted as per contract, will be restored for the remaining one-year duration of the contract.

This one-year extension, coupled with the day rate adjustments, results in an additional backlog of approximately $145 million. A mutually agreed extension option of up to two years remains available to be exercised. Aside from the Victoria contract extension contribution of about $466 million, Ventura will be further entitled to operating fees proportional to Zonda’s additional contract backlog.

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Guilherme Coelho, CEO of Ventura Offshore, commented: “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.”

While the SSV Victoria sixth-generation ultra-deepwater DP semi-submersible 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 work in water depths of up to 12,000 feet, with a drilling depth capacity of up to 40,000 feet.

The SPS, five-year maintenance and installation of the MPD for the SSV Victoria in connection with its recently awarded 1,455-day firm contract extension 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.

Meanwhile, the drilling player explains that the preparation of DS Carolina for its 911-day firm contract with Petrobras for the Sépia Atapu field offshore Brazil will require a similar docking for the unit to undergo SPS and a five-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.

In addition, the firm is planning on incurring up to $19 million in additional spare parts for its rig fleet, expected to further improve the operational performance and uptime of the units post 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, aside from managing one drillship, DS Zonda.