Constellation Oil Services Holding S.A. announced this Friday, February 21st, its intention to list the Company's shares on Euronext Growth Oslo. 

Constellation is a leading offshore oil and gas drilling services provider in Brazil, operating 22 percent of the country´s offshore drilling rigs. With 1,800 employees and a 45-year track record, the Company has built a strong position in the largest and fastest growing market in the offshore drilling industry. Constellation is currently in the first quartile of Petrobras' ranking of drilling contractors and offers a superior cost position due to its scale, operating all its rigs under one single hub in Brazil. 

"We are excited to list Constellation on Euronext Growth, enhancing share liquidity for our investors. With a strong contract backlog and a cost efficiency advantage, we anticipate robust cash generation to support debt reduction while preserving financial flexibility. The Company remains committed to a capital allocation and financial policy framework that prioritizes debt repayment, maximizes dividend potential, and leaves room to pursue accretive growth initiatives," says Rodrigo Ribeiro (photo), CEO of Constellation. 

Constellation is well positioned to benefit from Brazil's ultra-deepwater drilling activity, driven by the vast potential oil and gas reserves in the pre-salt layer offshore Brazil. The Company owns and operates a fleet of seven offshore rigs, including six modern ultra-deepwater dynamically positioned rigs, with industry-leading contract backlog of approximately USD 2.1 billion with a remaining average duration of 2.8 years as of Q4 2024. Additionally, starting in the third quarter of 2025, Constellation will manage and operate the Tidal Action rig from Hanwha. 

"We have seen strong investor interest in Constellation shares on the OTC market. Euronext Growth Oslo offers a robust platform with investors who understand the offshore drilling sector. We look forward to introducing Constellation to a broader equity investor base," says Ribeiro.  

In December 2024, Constellation completed a comprehensive recapitalization, leaving it with only USD 650 million in senior secured notes due 2029 and over USD 180 million in cash, on a pro forma basis. The Company has 1,519,918,308 outstanding shares and does not plan to raise capital as part of the listing. 

A portion of Constellation's shares are already registered in Euronext Securities Oslo (VPS) through Norwegian Depository Receipts (NDRs). Recent OTC trades of NDRs imply a market value of the Company of approximately NOK 8 billion. Pending final approval from the Oslo Stock Exchange and market conditions, Constellation expects to begin trading on Euronext Growth Oslo on or around March 6, 2025. The listing will be for NDRs, with further updates to follow.

Advisers

Clarksons Securities AS is acting as Euronext Growth Advisor to the Company in connection with the listing.

Advokatfirmaet Thommessen AS is acting as legal counsel to the Company, while Advokatfirmaet BAHR AS is acting as legal due diligence adviser.