Guilherme Coelho
CEO & Director
Good morning, good afternoon, everyone, and welcome to Ventura Offshore’s Q1 2026 Earnings Call. My name is Guilherme Coelho, I’m the CEO of Ventura Offshore. And I’d like to thank you all for joining us today.
Here with me are Marcelo Issa, our CFO; Mardonildo Filho, our Chief Strategy Officer; and Olav Amri, our Financial Adviser. And we’ll provide you an overview of our performance between January and March of this year, a brief overview of the market, and at the end, open for questions. [Operator Instructions]
So next slide, this is our disclaimer, which you guys are familiar with.
Okay. So very glad to report our robust operational performance in the first quarter of the year, with an uptime of 96.8%, in line with the continuous improvement we have been observing since last year. Another key highlight for the quarter, in Q1, Ventura Offshore has delivered an adjusted EBITDA of $21.5 million and a net income of $25.8 million.
Again this quarter, we maintained our industry-leading cost structure, operating with an average OpEx of $106,700 per day, excluding ancillary service for the Catarina, which are fully reimbursed by the customer with a markup margin. So again, demonstrating our cost discipline throughout the quarters and the years. I’ve been having this call with you now for 2 years, and proud to see that we’ve been able to demonstrate our cost control since our call #1.
We also closed the quarter with a strong free cash position of $37.2 million. That’s prior to the bond tap that we’ll talk about in a second. On uptime, as I already indicated, we delivered
