I'm Guilherme Coelho, CEO of Ventura Offshore, and I would like to thank you all for joining us today. Here with me today are Marcelo Isa, our CFO, and Nolan Hamrey, our financial advisor.

On today's call, I'll provide you an overview of our performance and highlights on the second quarter, cover our fleet and contractual status, including contract awards. Then next, Marcelo will provide a financial overview of Q2, and then I'll provide a brief market overview before wrapping up and opening for questions.

On the questions, as mentioned by the operator, please remember they are to be made in writing. Use the Q&A icon you can see on your screen, on the top part of your screen.

We'll read and respond then. This is our disclaimer, which you are familiar with.

Starting off, very glad to report our very robust operational performance in the second quarter of this year with an uptime of 98%, in line with the continuous improvement observed since last year. A big thank you to our teams offshore for delivering those great results.

On other key highlights for the quarter, in Q2, Ventura Offshore has delivered an adjusted EBITDA of $21.9 million and net income of $20.4 million. Again, this quarter, maintaining we maintained our industry-leading cost structure, operating with an average OPEX of $111.7 thousand per day, including ancillary excluding, sorry, excluding ancillary services for the Catarina, which are fully reimbursed by the customer with a markup margin.

We've discussed this in our last earnings call, but it was in Q2 that we announced the four-year contract extension for the Victoria, the 135-day contract extension for the Carolina, and a one-year contract extension for the Atlan- Atlantic Zonda, with an added backlog in Q2 of over $500 million. With that, our backlog at end of Q2 stood just shy of $1 billion.

We've also raised $75 million through a tap issue on our existing bond loan, revised the terms of said bond to postpone amortization payments through April of 2027, and extended the maturity of our RCF to end of this year. With that, we close the quarter with a free cash position of $105.2 million.

On subsequent events, we announce the exercise of a fourth and last option well under the Eni contract for the sub- semisubmersible Victoria, which is the well we're currently drilling. Last quarter, we talked about the renegotiation negotiations with Petrobras, and the follow-on announcements made in April this year about the extensions on the SS Victoria, DS Carolina, and Atlantic Zonda.

As a subsequent event, we announced the exercise by Eni Indonesia of the fourth and last optional well we have in our contract for the Catarina. These charts, they show how our contractual coverage looks over the years, both on an aggregate backlog and rig-specific contract duration, with the dark green representing firm backlog and firm contractual period depending on the chart you're looking at, and the light green representing optional periods and potential additional backlog.

As and I already highlighted in the past, we have all Ventura Offshore rigs operating in Brazil contracted until 2029 or beyond. Victoria, for instance, has a firm contract until the beginning of 2031.

Carolina and Zonda still have options yet to be exercised, which could take contractual terms to 2031 for the Zonda, and potentially 2033 for the Carolina. A very comfortable position to be in from a revenue visibility standpoint.

From a backlog viewpoint, our current backlog stood at the end of Q2 just shy of $1 billion, as I had I as I've mentioned, taking us through firm contractual commitment all the way to 2033. While the existing options not yet exercised, represented by the light green bars, add an an another potential $617 million to the to the backlog number, which could potentially take this all the way to 2033.

Covering quickly each rig and starting with the Victoria, her last day of operations as per the original contract term with Petrobras was on August 7th. She was mobilized to Guanabara Bay here in Rio de Janeiro to undergo her planned out-of-service period for SPS, regular maintenance, and MPD installation.

Project's going according to plan and expected to end around January of 2027, when contract will resume, and she'll start her four-year extension with Petrobras through early 2031. The Carolina is now in final days before end of her cur- current contract with Petrobras.

Client Client equipment is being demobilized as we speak, and the contract is expected to end on September 7th, end of next week. We will then bring her to Guanabara Bay as well, close to the Victoria, for out-of-service period for SPS, regular maintenance, and contract preparation before starting her Sepia and Atapu contract, also around January of 2027.

On that, probably a word or two on CAPEX guidance estimations given to the market in early April. Both projects are still at very early stages.

The Carolina project has even even officially started yet. We expect to be in the position to provide you with an updated guidance during our Q3 earnings call, when we should have greater visibility of final costs incurred and to be incurred.

At this moment, we see some level of fluctuation in our CAPEX estimations, which is perfectly normal in projects this size, with a slight tick upwards, but not materially different from the figures shared with you a few months back. Moving on to the Catarina, we announced now in July the exercise of the fourth and last optional well by Eni Indonesia.

We are now operating on this well, which should take us into October this year. Good news is that we have since received written confirmation from Eni of their intention to drill one additional well under the existing contract, which would keep the rig busy until end of the year.

It's a matter of time to get this additional well papered up, and an announcement should be made once and if this amendment is indeed signed. On the Atlantic Zonda, she continues to operate very well for Petrobras and closed Q2 with an over 90 points 97.2% uptime and recently celebrated over 1,000 days without any lost-time incident.

An achievement we're very happy and proud about. Her contract is now four-year duration, after the one-year extension we had, firm until 2029, and two additional years remaining to be exercised, which could take her to 2031.

The partnership with Eldorado remains strong and very positive, so much so that we are happy to inform that we executed a marketing and management services contract with them, exact in line with what we have for the Zonda, for the Deep Value Driller drillship as well. We believe to be well-positioned in some of the tender processes in which we are have offered this rig.

Of course, the signing of this contract for the DVD with Eldorado was done prior to the Eldorado-Vantage transaction closing, and the tender processes we are participating with DVD also predate this transaction. Before I hand it over to Marcelo to cover our financials, I just wanted to touch on two topics worth spending a minute or two.

The recent rumors about Petrobras looking at reducing the number of rigs next year and the discussions on the on the Carolina interdiction of last year. Firstly, on the noise around Petrobras looking at rebalancing their rig count in 2027.

We've been getting questions about this, and so have our competitors. It's important to clarify that Ventura Offshore has not been approached by Petrobras at any moment to discuss any change in our signed contractual arrangements.

No calls, no meetings, nothing of the sort. We have absolutely no reason not to be confident with our rigs starting their contract early next year as planned.

Our rigs will be operating for specific consortiums, Sepia-Atapu for Carolina, where Petrobras is partners with TotalEnergies, Shell, Petronas, QatarEnergy, Petrogal, and Búzios for Victoria, where Petrobras is partners with CNOOC and CNPC. We remain very confident about having both rigs on payroll again early 2027.

Finally, a quick comment on the Carolina interdiction. As mentioned in our reports disclosed earlier today, we have now concluded our discussions with Petrobras, and I'm happy to report that the final revenues agreed and settled are exactly in line with what has been accrued in 2025.

With that, I'll hand over to Marcelo Isa, who will cover our financial highlights for the second quarter of 2026.

Thank you, Guilherme. Thanks to everyone for joining Ventura's earnings call.

In Q2, the company generated total adjusted revenue of $59.8 million. This was composed of $55.7 million from the operating activities of our three owned drilling rigs and $4.1 million in management fees.

The income statement reports $67.5 million in revenue from drilling services. However, it's important to highlight that this includes $11.7 million from the amortization of non-favorable contract liabilities, which is a non-cash item.

The company remains committed to keeping OPEX low. Total OPEX for the quarter was $31.3 million, of which $800,000 is related to ancillary services.

The daily OPEX was $111.7 thousand for the quarter, and the average daily OPEX for the year is $109,000, both excluding ancillary services. The adjusted SG&A for the quarter was $6.5 million.

The income statement reports $4.7 million that was adjusted to exclude a tax reimbursement of $1.8 million. As a result, adjusted EBITDA for the period stands at $21.9 million.

Now, looking at the balance sheet. Our ending free cash position in Q2 is $105.2 million.

The variance from Q1 was mainly due to the $75 bond tap in Q2. There is also $27 million in restricted cash held on behalf of the owners of the managed rig.

Next slide, please. The decrease in accounts receivable from Q1 to Q2 was mainly driven by a timing effect on collections.

Amounts expected to be received in March were received in early April. Therefore, the accounts receivable balance in Q2 is normalized.

CAPEX in Q2 was $7 million, of which $3.4 million relates to items for Carolina's new long-term contract. Regarding the interest-bearing debt, the bond loan was amortized by $10 million, and $75 million was raised through the tap issue during the quarter, bringing the bond balance to $190 million.

The $19.3 million draw under the RCF was fully repaid during the quarter. As a result, gross interest-bearing debt in Q2 stands at 19- 1- $190 million.

Along with the bond tap, we also agreed to revise the terms for the bond loan, including the deferral of the remaining installments from July 2026 through maturity. In addition, we extended the maturity of our revolving credit facility to end of 2026.

These actions improve our near-term liquidity profile and are intended to facilitate the contract preparation in SPS for Carolina and Victoria. This is part of the two-step refinance approach, with an initial focus on addressing near-term funding requirements followed by a broader refinancing in the fourth quarter.

I will now hand it back to Guilherme for some market highlights.

Thanks, Marcelo. Now quickly cover our offshore market outlook, and on that, we are very much aligned with the bullish view shared by our colleagues from the industry.

Global offshore field development CAPEX is growing this year by 30% versus last year, according to S&P, which has translated, among other things, into record high number of rig years contracted this year, and increased number of RFIs coming up down on the pipeline, more exploration work, and ongoing tender processes. All that is pointing to an expec- an expectation of floater utilization to go significantly beyond 90% by next year, as shown in this graph by S&P.

As far as Brazil goes, our view remains that the rig market has reached a stabilization between supply and demand, with a rig count around 35 rigs. Petrobras has reduced their rig count, in line with our expectations, but most rigs were absorbed by IOCs, or employed, or about to be employed internationally, as was the case, for instance, with Transocean Mikkelsen going to BP in Brazil, Valaris DS-8 going to Shell in Brazil, and Transocean's KG2 going to ONGC in India, as recently announced.

However, the swing factor remains the success in the exploratory wells in Pelotas Basin, in the known basins of Campos and Santos, which have exploratory work, but more particularly and more importantly in the Equatorial Margin. As you're all aware, Petrobras recently announced the confirmation of hydrocarbons in the Morpho well offshore Amapá, in the Equatorial Margin, supporting the view that the region may become an important long-term growth frontier.

15 exploratory wells are yet to be drilled in the region, and assuming Petrobras is able to prepare commerciality or commercial viability of that region, we could see the demand for additional rigs rising. Now shifting gears to Southeast Asia, a region of particular interest to us due to SSV Catarina.

This region is clearly becoming the biggest growth market in the ultra-deepwater drilling, with Indonesia and India taking the hottest spot, not a bad place to have a rig operating. In Indonesia, Mubadala is targeting FID for the Tangkulo gas development, development drilling expected to commence next year.

We see also other campaigns progressing, Mubadala South Andaman, CCARA. CCARA is the JV between Eni and Petronas.

CCARA's multiyear North Ganal tender, Petronas's Bobara, [Akbar?] 1 exploration well, that impacts Masela LNG project, besides Harbour, who are in the market very soon looking for a floater.

It's fair to say that Indonesia's opportunities remain mostly with Eni and its joint venture, CCARA, which is advancing a multi-year deepwater drilling campaign across the North Ganal, Ganal, and Rapak blocks, supported by a recently announced $6 billion financing facility. These developments will sustain the demand for drilling rigs, and we see that Catarina is very well-positioned to continue to play an important role the development of this important regional hub.

As a matter of fact, the rig has been in the region for seven years now and continuously undertaking drilling and workover activities across multiple Eni blocks. We feel positively about engaging further discussions with Eni about future opportunities for the rig in Indonesia and continuing the successful and long-term partnership.

In India, we saw the the this quarter Q2 starting with the disappointing views of the partial suspension of the ONGC five-rig tender process, which included the need for one DP3 semi. They have progressed though for one or more drillships, and ended up getting one valid offer only, that Transocean's KG2.

Despite this partial suspension of the original tender, the country reinforced since then its upstream growth agenda during the quarter through the approval of the Samudra Manthan offshore exploration project, which carries an approved outlay of approximately $8.8 billion and is designed to accelerate seismic, deepwater, and ultra-deepwater drilling. The initiative builds on recent reforms that opened previously restricted offshore areas to exploration and is intended to reduce hydrocarbon import dependence.

Early activity, including new ONGC deepwater drilling campaigns and ongoing licensing rounds, shows that India is becoming an even more relevant source of future offshore exploration demand, and the reviving of the original tender issued earlier this year is to be expected. In parallel to the ONGC tender, Oil India is also currently in the market for two drillships.

Finally, on Africa, several ongoing tender processes point to a sharp recovery of that region and rig count expected to rise by at least 20%. We have tenders in Namibia, Ivory Coast, Mozambique, Nigeria, and for different companies such as TotalEnergies, Eni, Shell, and ExxonMobil.

All these opportunities amount to a quite an auspicious scenario for DP3 semisubmersible Catarina. Remaining in Indonesia, where we've been since 2019, being a strong possibility, but relocating to India or Africa, where Ventura Offshore has operated in the past, also being attractive opportunities being actively pursued for the rig.

That closes our presentation for Q2 2026. As always, I couldn't close it without thanking our teams offshore and onshore for delivering such great results on both safety and uptime, while maintaining our industry-leading cost structure.

The re-contracting of our rigs, extension with Eni, management services signing for the DVD are all testimony to the great work the offshore teams the Ventura Offshore teams deliver. I also wanted to express my appreciation to our shareholders, partners, and customers for their continued trust in Ventura Offshore.

With that, I close our presentations our presentation, and and we will open for questions. As a reminder, questions are to be made in writing.

Use the Q&A icon you can see on the top of your screen. Starting off first question I have Javier.

Just one second, please. Okay.

Regarding the SSV Catarina, you mentioned one more well with Eni till year-end 2026. What is the day rate for this well, and are there any ongoing talks for further work with Eni into 2027?

If not, how confident are you in securing a follow-on contract to avoid idle time in Q1 2027? It is as I mentioned, it is in the same terms and conditions of the current contract, this additional well, okay, same day rate we currently have.

Yes, we are in discussions with Eni. We are we are optimistic about find finding future work with Eni in in Indonesia.

As I mentioned just just now, we're also looking at opportunities. We expect India to come back online, and we're also participating in opportunities in West Africa.

Second question fr- from Javier is: Following the recent ONGC tender semi cancellation, is India completely ruled out for the Catarina, or do you see the negotiation tactic to sup- suppress semi rig demand and day rates? I think I've addressed this.

We believe ONGC is coming back to the market again after this announcement of the significant investment of $8.8 billion and the government directive to reduce, their dependent their dependence on on hydrocarbon import. We believe that there will be further opportunities in India.

We have operated in India with the the Louisiana. We have operated for ONGC in India for Louisiana, we do have the experience operating there.

We certainly do not rule out India. Third question from Javier is: Given reports of Posco actively seeking rigs, would you consider an outright sale of the Catarina if a fair market offer arises?

We're always open to discussions. If a good offer comes up for for any rig, we will also take a look at it.

The rig is not for sale, that is very clear. We are very confident on opportunities, future opportunities for work for the rig.

We just don't we don't close the door. Okay?

We're always open for for for discussions. Again, the the rig is not for sale, and we remain confident on on future work profile for the the Catarina.

Next question I have also from Javier. He said, "I have lots of questions, Javier."

With Eldorado acquiring Vantage's management capabilities, is there is there a risk they internalize the Zonda's operations once the termination waiver expires in early 2028? I think this is highly unlikely.

The contract with the Zonda is the sorry, the contract with Petrobras is with Ventura Offshore. In our discussions with Eldorado and Vantage, it the intention of all the companies is that we carry on this contract until the end, will sit through that the end of the Zonda contract with Petrobras in Brazil.

Okay. Javier, Can you ca- categorically confirm no, no in caps locks here, no delay request from Petrobras for DS Carolina or SSV Victoria in January 2027?

I did mention this in the call, and we have not been approached through Petrobras about any delays on the Carolina or the Victoria. Next call next Marcus Monsen: Do you see any specific CAPEX requirements for the SSV Catarina assuming continued work in Southeast Asia?

Marcus, that that really depends on what this future work will be. The rig went went through her SPS in 2023, like early 2023, she from an SPS standpoint, should be good to go until 2028, right?

That's when we would, in principle, stop the rig for work, unless of course there there are opportunities that justify stopping the rig, and doing a the the SPS slightly earlier, doing contractual upgrades if needed. Okay?

We Answer to your question is that this is dependent on the next opportun- the next opportunity that materializes. As just again, from a regulatory standpoint, the SPS, we could wait until 2028.

Another question from Roberto Pastore: Could you elaborate further on the Deep Value Driller topic? The Deep Value Driller was a rig owned by the Deep Value Driller company, and it was bareboat chartered to Saipem.

Saipem was operating this rig. Then, Eldorado, the same owners of the Zonda, they purchased this rig.

Okay? They purchased this rig, and they I mean they looked at us.

We are operating the Zonda for them very successfully, very safely to operate this rig for them. That's basically what we did.

We signed contracts. They are pretty much a mirror of what we have for the Zonda, also for the Deep Value Driller, to manage to market and manage this rig for them.

Okay? Once we signed those contracts, we started offering those rigs in a few ongoing tender processes.

What has happened since is that Eldorado and Vantage they they they merged, right? Our contract is valid for the ongoing tenders, but yeah, anything beyond, of course, the merger of those two companies, I'm assuming that Vantage will be the one offering the rig, which makes sense.

Hope this clarifies the question. Okay.

Another question here from Javier: You have mentioned potential consolidation and growth as one of the reasons for the two-step refinancing approach. Should we interpret that as preserving balance sheet capacity for potential acquisitions or fleet growth?

Separately, how much of of up to the $130 million CAPEX of Carolina and Victoria is already committed or spent, and are you still comfortable with that cost estimate? Starting from the second part of your question, as I have mentioned, we have we are going to be We're not going to provide updates this time around.

We are we're seeing, of course, fluctuations. Fluctuations are normal, right?

We are with the numbers have not materially changed since what we have informed two or three months ago, okay? We're going to see the Carolina arrive in Guanabara Bay in about a week's time, and that's when we're going to start to have a better visibility on the needs for the rig, possible saving opportunities, costs that were unforeseen, and that's what makes the the fluctuation.

Again, is very normal in SPSs of this nature. Then to your first question about potential consolidation and growth as one of the reasons of two-step financing, that is correct.

That has not changed. The the the reasons are threefold basically, okay?

One is the opportuni- potential opportunities for growth. Second is the projects themselves, right?

I've just mentioned about, the CAPEX, potential CAPEX fluctuation, by by Q4, we're going to have a significantly better visibility on how much money those projects will cost us, hence why we're going to be providing you an update during Q3. The third one, we're also going to have better visibility on the Catarina going forward.

These are going to be the drivers to determine how much money we're going to be looking for on the on the step two of our refinancing process. Another question here from Stefan Dietel: What are your current estimates for SPS costs for the Catarina, and what kind of contract would be needed to justify the investment?

Stefan, I think I already answered this on the previous question. We do not know how much that is going to be because that's going to be highly dependent on the next contractual requirements that we will have for the for the Catarina, okay?

Again, we don't plan on spending doing an SPS on the on the Catarina before 2028 unless a contract opportunity arrives and any contract opportunity brings about their spec- specific technical requirements that the rig may or may not comply with, and that may or may not require upgrades. The kind of contract that will justify investment, an SPS has to be done due to regulatory reasons, right?

An SPS is not contract dependent. You have to do it every five years.

What you do is you move your SPS, you push it, you bring it forward or you push it further down the the line depending on when the contract starts to avoid idle un- unnecessary idle time in the middle of a contract, okay? Hope to have answered your question on that.

Hey, there you go. Another question here: What is the size of the dividend you are thinking about for next year?

A question from Sahil Constantini. Sahil, this is going to be dependent on factors, and the refinancing, the visibility on the Catarina future inflow, but our intent is to distribute our free cash flow in dividend, okay?

100% of the free cash flow that we generate starting 2027, our idea is to di- distribute that as dividend, okay? A question from Fredrik from Clarksons.

Congrats on the solid Q2, thank you. Can you talk a bit more in detail around the discussions you are having with Eni for a potential extension of the Catarina?

Is this well-based term, and how many months of works this work might be added in if the discussions are successful? If discussions with Eni are not successful, is there a risk of downtime on the rig towards year-end or into Q1 2027, or do other opportunities you are pursuing also give you potential of back-to-back work?

Fredrik, as you as you as you would expect, there's not a whole lot I can disclose in terms of discussions we're having with Eni. What what I can say is that we we are engaged in discussions because, again, the Catarina has been doing a very good job for for Eni, Eni has a very important field that they need to develop.

They they are now looking for two drillships. One drillship I think is to start this year, the second one in 2028.

There is an opportunity for the Catarina to continue to contribute on the development of of their fields. We're optimistic about something coming up, but again too early for me to to provide you more more detail.

Of course, our intention is to keep the rig in direct integration. If there is a risk of some idle time, it really going to depend on the outcome of those discussions, Fredrik.

If there is some some idle time, what what we could potentially do is, just bring forward our SPS so that you can have another five years of work without having to stop the rig again. Again, too early to to give you more details on that.

With regards to other opportunities, yes, we're looking at other opportunities. We have not We had the rig actively participating in at least two other tenders.

It could be that we that we see the rig actually going somewhere else, okay? If the idea is always to try and avoid idle time.

Second question from Fredrik is: With regards to the refinancing of the balance sheet, the bond structure makes it favorable to do it before year-end. On the other hand, I'll understand that more visibility on CAPEX and an update on Q3 as you alluded to, and opportunities for the Catarina would be helpful to right-size the new debt facility.

Should we consequently think of the timing of the refi would likely to be second half of the fourth quarter, or could it come earlier? Fredrik, I think by mid-Q2 oh sorry, mid- Q4, we're going to have a pretty good visibility, even before then, of the the CAPEX needs for both rigs.

I think we could potentially see, where we'll be in terms of, growth opportunities, if there's anything coming down the pipeline or not. We might have some some good visibility on the on the Catarina.

I do not necessarily see us changing the original plan of having our refinancing around mid-Q4. I think we're going to have sufficient data to to give us good comfort to go after the refinancing with the right numbers as an objective.

Question from Javier on the Carolina interdiction settlement: Will the Q3 cash inflow be full $20.7 million in dispute? No, no, no, no.

Absolutely not, the number was not $12. $20.7 million, Javier.

This would be considering the rig operating at 100% all the time for 60 days, right? Not even in the budget we consider that, okay?

The number we had accrued for the the for the period in dispute was $5.3 million. We will and our not not our expectations, right?

What we settled was $4.9. These are the numbers that you're going to see in Q3 for the Carolina interdiction.

A question here from Roberto Pastore: How many tenders are you currently working on with the Deep Value Driller and which markets? Roberto, we're working in a few tenders.

I'm not we do not comment on the tender processes while they are still occurring, right? We are we are looking at more than one tender process for the the Deep Value Driller, okay?

Another question from Roberto: On the bond market, several Brazilian and international drillers have refinanced successfully in recent months. In some cases, at meaningfully tighter spreads.

How do you assess the current window for Ventura refinancing, and does the recent issuance activity by peers change your view on timing? Roberto, I refer to the answer to the previous questions.

They do not change our view. I think we have a sufficiently strong story, with over $1 billion backlog, contractual visibility 29, all the way up to 2031, that, we feel very, very confident about going to the market in Q4.

We still think there will be a window open, but, I think the fundamentals of Ventura in terms of revenue visibility gives us sufficient comfort to go to the market in a successful refinancing exercise in Q4. Again, with the added benefit of knowing how much CAPEX CAPEX will be needed for the rigs, with the benefit of knowing whether any consolidation/growth opportunities are down the pipeline, and with the benefit of potentially having a better visibility of the future work for the Catarina.

Okay. There's a question here by Rafael Cobi: Sorry to come back on this subject, but just to confirm my understanding, the marketing operations contract for the DVD was signed with Eldorado before the merger with Eldorado and Vantage.

Now given that Vantage has a marketing operations platform, there's a doubt that this will stay with Ventura. To your first question, that's correct, that marketing and operations contracts for the DVD were signed with Eldorado before the merger with Vantage, okay?

Now, for the existing opportunities, the ones we are offering the rig, the rig will stay with Ventura Offshore, and Ventura will operate the rig. For future opportunities beyond or after the merger of the two companies, I can only assume that Vantage will be offering the rig, right?

I think that makes sense. Ongoing discussions that predate the merger, Ventura Offshore is offering the rig.

For the opportunities after the merger, Vantage should offer the rig and operate. Another question here from Javier: What is a realistic consolidated effective tax rule of thumb we should assume for our 2027 models?

Marcelo.

Javier, I'm going to tell what we are considering country by country, okay? Here for Brazil, the service the service contract for Petrobras, they have on the revenue 11.25%.

Depending on your model, if you are calculating income here in Brazil, 34%. In Indonesia, you you should consider 6% on the revenue.

That's it.

Thanks, Marcelo. Question from José Luis De la Hoz: When can we expect the refinancing to be announced?

José Luis, I think I've answered this already. Again, we're looking at Q4.

I have another question from Javier here. If the Catarina only gets short-term work, how does that impact the late 2026 refinancing, and will the new debt structure still permit dividends without Catarina on a long-term contract?

The answers are no and yes. It would not impact our plans for refinancing Q4.

If the new And the new debt structure will still permit dividends without the Catarina, answer is yes, or even if we don't have a long-term contract for her. One another question here from from Javier: What is the quarterly breakdown of the remaining Victoria, Carolina CAPEX before April 2027, what percentage of this has been successfully deferred with vendors to post commencement?

Javier, as mentioned, we are not going to provide additional details on on the CAPEX for both rigs in this call. Again, we're going to be having some further visibility around the Q3 call, so that's when we plan to provide you guys additional color on the expected CAPEX requirements for the projects.

Again, what we can say is that the numbers today have not materially differed from the numbers we informed the market. One additional question: Given the market outlook in Brazil and the opportunities ahead, how likely do you see an increase in the number of third-party units that Ventura could operate?

Roberto, the outlook in Brazil, as mentioned, is of a stable market. Currently, we do not see necessarily an influx of more rigs into country.

I think supply and demand is pretty balanced. However, that does not stop us from looking at We like the the the business model that we actually pioneered here in Brazil with the Zonda of of managing third-party units.

Zonda has been a successful case. That's so much so that we are we are repeating that with the Deep Value Driller, and we'll, of course, be more than open to to repeat that with other assets, as long as, of course, the assets meet our standards of of of asset integrity, condition, we can deliver to the customer what Ventura usually delivers, okay?

Another question here Roberto on the two-step refinancing. Reference to potential consolidation is one of the elements requiring more visibility later in 2026.

Without commenting on any specific transaction, can you explain how that factor influences refinancing structure or timing, whether anything has actually progressed since Q1, and what happens to the plan if that does really does not materialize? Roberto, this is opportunistic, okay?

Of course, I'm not commenting if anything materialized or has progressed, right? That that goes without saying.

This is opportunistic, right? If that doesn't happen, it doesn't happen.

The refinancing plans carry on, right, without this element, right? We still have the CAPEX requirements for the rigs, right, and we still have the Catarina.

The refinancing plans are unchanged, okay? Now, would a potential consolidation or potential growth acquisition change how we go about refinancing?

It could potentially change that, of course. It could change the nature of the refinancing we're looking at.

Okay? A refinancing will happen on on on on Q4, all conditions remaining as as as they are today.

Okay? I'm not sure if that answers your question, but I mean I I cannot really comment on whether anything has actually progressed since Q1 because it's nothing's appropriate.

Okay? Thank you for the question.

I think I think that was the last question, and nothing more came up. I wanted to once again thank you all for your interest in Ventura Offshore, for your questions, and for your continued support, and we'll talk again in August.

Thank you very much. Have a great day.

Thank you.