Constellation Oil Services (COSH) Investor presentation summary

Market leadership and operational excellence

• Holds a leading position in Brazil's ultra-deepwater drilling market, the largest globally for UDW operations.

• Maintains a 46-year track record of operational excellence and high fleet utilization, consistently above 94%.

• Recognized as the top performer by Petrobras, with seven rigs currently operating for the client.

• Over 800 wells drilled throughout its operating history.

Financial performance and capital management

• Achieved a 49% increase in dayrates and a 67% rise in adjusted EBITDA, reaching $350–385 million guidance for 2026.

• Strong contract backlog of $2.5 billion provides long-term revenue visibility.

• Completed recapitalization, refinanced at lower costs, and steadily reduced net leverage to 1.2x.

• Uplisted to Oslo Børs, enhancing capital market access.

• Committed to attractive shareholder returns, with a $100 million baseline dividend and a $40 million step-up for 2026, subject to approval.

Fleet, contracts, and client base

• Operates a highly contracted fleet with robust backlog and diversified client base, primarily Petrobras.

• Contract coverage remains high, with several rigs under firm contracts extending into 2029.

• Fleet includes ultra-deepwater, midwater, and shallow water rigs, supporting a range of offshore projects.