Constellation Oil Services, an offshore oil and gas drilling services provider in Brazil, has reported adjusted EBITDA of $233 million for 2025, exceeding its initial guidance by 37%, driven by strong fleet utilization and improved contract economics.
The company posted net revenue of $597 million for the year ended December 31, up 6% year-on-year, as the EBITDA margin stood at 39%.
Contract extensions for the Gold Star and Atlantic Star rigs, alongside new contracts for Alpha Star and Laguna Star, supported performance. The company also began operations of the drillship Tidal Action and the jack-up rig Admarine 511, expanding its third-party asset management activities.
Constellation ended the year with cash of $228 million, up from $183 million a year earlier, while net debt declined to $418 million from $460 million. The company reported a contract backlog of $1.7 billion.
Operational uptime across the fleet reached 95% in 2025. Constellation owns and operates seven offshore drilling rigs and also manages two third-party units, including the drillship Tidal Action and the jack-up Admarine 511.
The company said it ranked first in Petrobras’ Sondópolis performance index, which assesses uptime, efficiency, safety and overall operational performance.
Looking ahead, Constellation is pursuing an uplisting to the Oslo Børs main market, subject to approvals, aiming to improve access to institutional capital and enhance trading liquidity.
“2025 results underscore the resilience of our operations, supported by high fleet utilization, improved contract economics, and the successful execution of key contract transitions. Combined with a robust and diversified fleet, these factors strengthened our cash flow generation and position us well to capitalize on the next growth cycle in the Brazilian offshore market,” said Rodrigo Ribeiro, Chief Executive Officer of Constellation.