April 15, 2026 - Ventura Offshore Midco Ltd (the “Issuer”), a subsidiary of Ventura Offshore Holding Ltd (the “Company”), has today instructed Nordic Trustee AS to summon a written resolution (the “Written Resolution”) for the Issuer’s senior secured bonds maturing 19 April 2027 with ISIN NO0013187179 (the “Bonds”).
The purpose of the Written Resolution is to propose certain amendments to the Bonds in order to address capital commitments arising in connection with the preparation of SSV Victoria and DS Carolina for new long-term contracts commencing in January 2027 (the “Proposal”). The Proposal includes, inter alia, deferral of the remaining scheduled amortisation instalments falling due on the interest payment dates in July 2026, October 2026 and January 2027, such that all such amounts instead become payable on the maturity date in April 2027.
In conjunction with the Written Resolution, the Issuer is contemplating to increase the amount outstanding under the Bonds by issuing additional bonds (the “Additional Bonds”) in an expected amount of USD 75 million (the “Tap Issue”). Following issuance of the Additional Bonds and the scheduled amortization on 19 April 2026, the outstanding amount under the Bonds will be USD 190 million.
In connection with the Written Resolution and the Tap Issue, the Advisor has conducted a pre-sounding with a select group of bondholders. Bondholders holding more than 2/3 of the Bonds have subscribed for the full Tap Issue and voted in favor of the Written Resolution. Existing bondholders wishing to participate in the Tap Issue should contact the Advisor to express their interest.
For further background and details on the proposed resolution, including the Proposal, please see attached summons for the written resolution.
DNB Carnegie, a part of DNB Bank ASA, acts as advisor (the “Advisor”) and Sole Global Coordinator and Bookrunner to the company in connection with the Proposal and the Tap Issue. Clarksons Securities AS and Fearnley Securities AS act as Joint Lead Managers in the Tap Issue.