Constellation Oil Services (COSH) Corporate presentation summary

Market leadership and operational excellence

• Holds approximately 25% market share in Brazil's ultra-deepwater offshore drilling sector, with over 800 offshore wells and 2 million meters drilled in 46 years.

• Operates one of the largest offshore hubs globally, with 9 rigs in a single base and high fleet utilization supporting predictable cash flows.

• Recognized for top-ranked operational performance, maintaining strong client relationships with major industry players.

Strategic initiatives and financial strength

• Recent recapitalization and refinancing have strengthened the capital structure and expanded the shareholder base.

• Euronext and Oslo listings have increased visibility and investor engagement.

• Contract repricing and new contracts have raised backlog to approximately USD 2.8 billion.

Shareholder returns and capital allocation

• Clear path to recurring shareholder distributions, with a baseline annual dividend of USD 100 million starting in 2026.

• Strong cash flow generation supports deleveraging, with net leverage targeted below 1.0x by 2027.

• 2026 EBITDA guidance is USD 350–380 million, with a minimum liquidity target of USD 100 million.