Foresea closes 2024 with a net profit of US$ 18 million and a backlog of over US$ 1.7 billion

Foresea, a leader in the offshore drilling sector, announced excellent results it obtained in 2024, having achieved an adjusted EBITDA margin of 37% and operating cash generation of over US$ 130 million in the period. In December, the company won a new three-year contract for the Norbe IX drillship — within the Sepia-Atapu consortium. With this, it reached a backlog of US$ 1.7 billion and guaranteed its fully contracted fleet until 2026.

In 2024, Foresea’s net revenue reached US$ 488 million, a result 34.2% higher than the previous year. Growth was driven primarily by improved fleet daily rates from new contracts initiated in late 2023 and throughout 2024. Adjusted EBITDA totaled US$183 million, supported by increased revenues and active cost and expense management. Net income for the period reached US$18 million.

“We were able to deliver exceptional performance, introduce new technologies to our assets, and adapt and innovate to meet the needs of our customers. I am very proud to have delivered another year of solid results, with returns for our shareholders and benefiting the entire partner chain,” highlights Foresea CEO Rogério Ibrahim (photo).

Foresea recorded operational uptime of 99% in the second half of 2024 and an average of 97% for the year, the highest rate in the drilling market. The combination of commercial, operational and financial performances enabled the delivery of robust results to shareholders. The company was the first offshore drilling company in Brazil to return capital to shareholders, distributing a total of US$70 million over the past year.

About Foresea – Foresea offers offshore drilling solutions and has its own fleet of rigs ODN I, ODN II, Norbe VI, Norbe VIII and Norbe IX, all with active contracts. The company has international APIQ2 quality and efficiency certification for its entire fleet and has the highest operational uptime rate in the market.

It operates in deep and ultra-deep waters for the upstream offshore oil and gas industry in Brazil. Its main values ​​include high operational performance achieved with respect for the safety of its personnel and the environment, as well as partnership and customer trust.