Constellation Oil Services (COSH) Corporate presentation summary

Market leadership and operational scale

• 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 based in a single location, supporting high fleet utilization and predictable cash flows.

Financial performance and shareholder returns

• Achieved significant backlog growth to $2.7bn, driven by contract repricing and new agreements, notably the Renecon contract.

• Adjusted EBITDA increased by 58% over three years, reaching $350–385m guidance for 2026.

• Initiated shareholder distributions with a $100m annualized baseline dividend starting in 2026, and completed first $25m payment.

• Net leverage reduced from 1.8x to 1.6x, targeting below 1.0x by 2027.

Contract backlog and fleet status

• Maintains a robust $2.7bn contract backlog, providing 24 rig years of coverage and high contract coverage rates through 2028.

• Major clients include Petrobras, Karoon, and Brava Energia, with contract coverage as high as 95% for some rigs.