Foresea, a leading company in the offshore drilling sector, announced this Wednesday (February 19) its outstanding 2024 results, having achieved an adjusted EBITDA margin of 37% and operational cash flow exceeding $130 million during the period.

In December, the company secured a new three-year contract for the Norbe IX drillship, as part of the Sepia-Atapu consortium. With this, Foresea’s contract backlog reached $1.7 billion, ensuring full fleet utilization through 2026.

In 2024, Foresea's net revenue reached $488 million, a 34.2% increase compared to the previous year. This growth was primarily driven by higher daily rates from new contracts initiated in late 2023 and throughout 2024.

The adjusted EBITDA totaled $183 million, supported by increased revenue and active cost and expense management. The net profit for the period amounted to $18 million.

"We delivered exceptional performance, introduced new technologies in our assets, and continuously adapted and innovated to meet our clients' needs. I am extremely proud that we achieved another year of solid results, providing returns to our shareholders and benefiting our entire network of partners," emphasized Foresea's CEO, Rogério Ibrahim (photo).

Operational Excellence and Market Leadership

Foresea recorded a 99% operational uptime in the second half of 2024 and an annual average of 97%, the highest in the drilling market. The combination of commercial, operational, and financial performance enabled the company to deliver strong results to shareholders.

Additionally, Foresea became the first offshore drilling company in Brazil to return capital to shareholders, distributing a total of $70 million throughout 2024.

About Foresea

Foresea provides offshore drilling solutions and operates a proprietary fleet consisting of the ODN I, ODN II, Norbe VI, Norbe VIII, and Norbe IX drillships, all under active contracts. The company holds the APIQ2 international certification for quality and efficiency across its entire fleet and boasts the highest operational uptime rate in the market.

The company specializes in deepwater and ultra-deepwater operations for the offshore upstream oil and gas industry in Brazil. Foresea’s core values include high operational performance, safety, environmental responsibility, and strong partnerships built on trust.