Constellation’s net revenue grows 36% in 2023 and reaches US$552 million

Constellation, leader in the offshore drilling market in Brazil, recorded net revenue of US＄552 million in 2023, a growth of 36% compared to the previous year. The result before interest, taxes, depreciation and amortization (Ebitda) was US＄ 185 million, 176% higher than in 2022. The company released its 2023 financial results to the market this Tuesday, 26th.

The company ended the year with US$90 million in cash, up from US$61 million recorded at the end of 2022, and a contract backlog of US$1.5 billion.

“The year 2023 was excellent for Constellation. It is worth noting that the majority of our active fleet does not yet benefit from the current levels of daily rates that the market has been practicing. Our expectation is that, by the year 2026, when we will have 100% of our active fleet reaching its full potential in new contracts, we will deliver an Ebitda in the order of US$500 million. Other priorities for the company are the initiatives mapped out in our ESG plan, such as continuing to reinforce our commitment to equality gender and develop projects to decarbonize our operations and, in the long term, diversify our service portfolio. The positive results in 2023 and the super market cycle reinforce our growth plan. Having the largest fleet in the region puts us in a position advantageous. With economies of scale, we can be more competitive and generate a greater financial return for our shareholders”, said Rodrigo Ribeiro (photo), CEO of Constellation.

The company currently has a fleet of 7 offshore rigs under contracts whose terms vary between 2024 and 2028. Our active fleet includes 3 drilling ships, one of which is a 7th generation, 3 semi-submersible platforms and an anchored rig that allows us to carry out a wide spectrum of offshore activities. Last year the company diversified its client portfolio by signing with 3R Petroleum. In addition to the independent operator, the rest of the fleet is contracted by Petrobras, its main client, with six chartered rigs.

Constellation has around 25% market share in the offshore drilling segment in Brazil, the largest ultra-deepwater market in the world. Around 26% of all active floaters are currently positioned in the country.