Constellation Oil Services (COSH) Investor presentation summary

Market leadership and operational footprint

• Holds about 25% share of the Brazilian offshore drilling market, the largest UDW market globally, with over 800 offshore wells drilled and more than 2 million meters drilled over 46 years of operations.

• Operates one of the largest hubs in the world with 9 units from a single base in Rio de Janeiro, supporting high fleet utilization and predictable cash flows.

• Maintains a strong client base including Petrobras, TotalEnergies, Karoon Energy, and others, with a proven track record in both onshore and offshore projects.

Financial performance and capital allocation

• Achieved $539 million in revenue and $203 million in adjusted EBITDA for the last twelve months ending Q3 2025, with a contract backlog of $1.9 billion.

• Net leverage reduced to 2.2x in Q3 2025, targeting below 1.0x by 2027 through disciplined deleveraging and financial discipline.

• Plans to initiate a $100 million annualized base dividend in 2026, with step-ups and special distributions as leverage decreases.

• Structured capital allocation prioritizes sustaining capex, maintaining a $100 million liquidity floor, and returning excess cash to shareholders.

Market environment and growth outlook

• Offshore drilling demand in Brazil remains robust, driven by Petrobras and international operators, with visibility through 2031 and multiple FPSO projects sustaining activity.

• South America is experiencing accelerated deepwater expansion, especially in Guyana and Suriname, with Brazil maintaining leadership in floater operations.

• Recent and upcoming bid rounds in Brazil are expanding opportunities, with 38 offshore blocks awarded and up to 23 more to be released in 2026.