Foresea completes one year with 100% of its fleet contracted

(PN) Foresea has 100% of its fleet contracted and had operational uptime (operation quality index) of 98.2% in 2023, the highest in the Brazilian market. According to the CEO of Foresea, Rogério Ibrahim, the drilling sector should remain at a very competitive level in 2024, with increased demands and a stabilization of the tariff recovery experienced until the beginning of this year. Currently, Brazil has 42 contracted rigs and Foresea accounts for 18% of them.

“A year ago, we were a business unit and transformed into an international offshore drilling company, with a new capital structure and new shareholders who trusted our experience. Today we are already repaying this trust by generating value for them. We were very successful and in that first year we consolidated our leadership position,” said Ibrahim.

With its own fleet consisting of ODN I, ODN II, Norbe VI, Norbe VIII and Norbe IX rigs, Foresea operates in deep and ultra-deep waters for the offshore upstream oil and gas industry in Brazil and abroad. Its main client is Petrobras, which recognizes it as one of its best partners, with Foresea being the leader of PEO-SONDAS, the state-owned company’s Operational Excellence Program. “We ended 2023 with one of the largest contract portfolios in Brazil and with the best rated operational performance on the market. This result is the result of the high performance of our technical teams, who work with strict security standards, a non-negotiable value for us”, highlighted the CEO.

In addition to having its own five rigs chartered to Petrobras, Foresea also operates Hunter Queen for PRIO, the second largest oil company in Brazil. Foresea’s first financial statement showed US$141 million in cash and a profit of US$65.8 million. The company’s contract portfolio (backlog) totals US$ 1.6 billion. This week the company’s Board of Directors announced that it will make its first dividend payment to shareholders, in the amount of US$33 million, on July 10th. It will be the first Brazilian company in the offshore drilling sector to distribute dividends.

“We are facing a new cycle of growth in the oil and gas market, one of the most dynamic and thriving sectors of the Brazilian economy, and Foresea is prepared to be a protagonist in this movement. We have efficient, innovative operations and a very low level of debt. We are studying the market in search of business opportunities that will lead us to the growth we want. But, as we have a privileged capital structure, we can evaluate and wait for the best moment”, concluded Ibrahim.