Constellation, a major offshore oil and gas drilling services provider in Brazil, operating 22% country´s offshore drilling rigs, has outlined its plan to list the…
Constellation, a major offshore oil and gas drilling services provider in Brazil operating 22% country´s offshore drilling rigs, has outlined its plan to list the company’s shares Euronext Growth Oslo.
Constellation, with 1,800 employees and a 45-year track record, is currently in the first quartile of Petrobras’ ranking of drilling contractors, operating all its rigs under one single hub in Brazil.
According to the company, it is well positioned to benefit from Brazil’s ultra-deepwater drilling activity, driven by the vast potential oil and gas reserves in the pre-salt layer offshore Brazil.
Constellation owns and operates a fleet of seven offshore rigs, including six ultra-deepwater dynamically positioned rigs, with contract backlog of approximately $2.1 billion with a remaining average duration of 2.8 years as of fourth quarter of 2024.
Additionally, starting in the third quarter of 2025, Constellation will manage and operate the Tidal Action rig from Hanwha.
“We are excited to list Constellation on Euronext Growth, enhancing share liquidity for our investors. With a strong contract backlog and a cost efficiency advantage, we anticipate robust cash generation to support debt reduction while preserving financial flexibility.
“The company remains committed to a capital allocation and financial policy framework that prioritizes debt repayment,
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