March 24 – Constellation Oil Services, the largest offshore oil well drilling company in Brazil, presented its financial results for 2025, a year marked by consistent advances in its operational and financial performance.
The company recorded adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) of US$233 million in 2025, 37% above the initial guidance for the year, with a margin of 39% on revenue.
Reported net revenue was US$597 million, a 6% increase compared to 2024, due to high utilization and efficient fleet management. The Gold Star and Atlantic Star rigs had their contracts extended until the end of the year, and the Alpha Star and Laguna Star units underwent successful contractual transitions. The company also began operations of the drillship Tidal Action and the jackup platform Admarine 511, expanding its presence in the operation of third-party assets.
“The 2025 results demonstrate the strength of our operation, with high fleet utilization, new contracts on more attractive terms, and the completion of significant transitions. This combination, coupled with a robust and diversified fleet, strengthened our cash generation and puts us in a privileged position to take advantage of the opportunities of a new growth cycle in the Brazilian offshore sector,” says Rodrigo Ribeiro, CEO of Constellation.
Constellation ended the year with US$228 million in cash, up from US$183 million at the end of 2024, and a contract backlog of US$1.7 billion. During the period, net debt decreased from US$460 million to US$418 million.
During the year, the company’s fleet achieved operational availability (uptime) of 95%. Today, of the 43 offshore drilling units operating in South America, 37 are in Brazil. Constellation owns and operates a diversified fleet of seven offshore rigs capable of meeting different offshore needs in the region: Alpha Star, Amaralina Star, Atlantic Star, Brava Star, Gold Star, Laguna Star, and Lone Star, in addition to operating two third-party units, the Tidal Action, from Hanwha Ocean, and the Admarine 511, from ADES Holding Company.
The company also holds the top position in the Sondópolis ranking, a ranking by Petrobras, its main client, which reflects uptime, operational efficiency, safety performance, absence of incidents and accidents, and overall satisfaction level.
Among its strategic initiatives for 2026, Constellation plans to uplist to the Oslo Børs main market, subject to final approvals. This migration should broaden access to institutional investors, increase share liquidity, and strengthen the company’s position in the international capital market, in line with high standards of governance and transparency.
Brazil Energy Insight 
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