All Share Combination
Energy Holdings and Ventura Offshore have signed a letter of intent for an all-share combination.
The combination creates a larger and more diversified listed energy services platform with approximately USD 1.3 billion in contracted revenue backlog.
Under the proposed transaction, Energy Holdings will acquire 100% of Ventura Offshore. Existing Energy Holdings shareholders are expected to own approximately 55% of the combined company, with Ventura Offshore shareholders holding approximately 45%.
Based on Energy Holdings’ closing share price on 10 September 2026, the combined group would have an implied pro forma equity value of approximately USD 1 billion.
The transaction is expected to strengthen cash generation, financial flexibility and the capacity for shareholder distributions, while creating additional growth opportunities in offshore drilling and related services.
Completion is targeted for Q1 2027, subject to definitive agreements, due diligence and customary shareholder, court and regulatory approvals.
Following completion, Energy Holdings will remain the listed parent company, and management also intends to evaluate a potential US dual listing and IPO.
