Constellation Oil Services (COSH) Corporate Presentation 2024 summary

Company overview and leadership

• Operates the largest offshore drilling fleet in Brazil, with about 21% market share and 44 years of experience.

• Management team has deep industry expertise, with key leaders averaging over a decade in oil and gas roles.

• Employs 1,800 people and maintains a strong safety and ESG culture.

• Key clients include Petrobras, Shell, ONGC, TotalEnergies, Karoon Energy, 3R Petroleum, and Enauta.

• Successfully emerged from restructuring in 2022, improving operational efficiency since.

Fleet and operational performance

• Owns seven modern offshore units, including ultra-deepwater drillships and semisubmersibles.

• Fleet is fully committed for 2024, with five rigs transitioning to new contracts in 2025, offering repricing opportunities.

• Maintains high historical fleet utilization, averaging above 90% except during 2018-2020 downturn.

• Achieved operational milestones such as drilling Brazil's deepest and fastest UDW wells and reducing idle time between contracts.

• Demonstrates strong performance with Petrobras and exposure to international oil companies.

Market position and industry trends

• Holds a leading position in Brazil, the world's largest UDW market, with 21% of rigs and robust regulatory compliance.

• Brazil accounts for 26% of global floater activity and 21% of uncontracted floater demand through 2030.

• Demand for rigs is supported by a pipeline of new FPSOs and exploratory wells, with Petrobras as the main demand driver.

• Fleet is diversified to address exploration, production, intervention, and decommissioning needs.

• Day rates in Brazil are leading global benchmarks, with recent fixtures at $360k/day for semis and $460k/day for drillships.