Constellation Reports 1Q26 Results

28 May 2026 01:37 CEST

Luxembourg, 27 May 2026 – Constellation Oil Services Holding S.A.
(“Constellation” or the “Company”) reports today its 1Q26 results. The earnings
release is available on the Company´s Investor Relations website at
ir.theconstellation.com.

1Q26 Highlights:

Fleet uptime reached 99.1% in 1Q26.

Contract backlog reached US$ 2.7 billion, as of 31 March 2026, following the
conclusion of Renecon with Petrobras.

Net operating revenue totaled US$200.7 million in the quarter, up 64.8% compared
to 1Q25.

Adjusted EBITDA totaled US$97.1 million in the quarter, corresponding to a 48.4%
margin, up 122.7% versus 1Q25.

Cash and cash equivalents, including short-term investments, totaled US$217.5
million as of 31 March 2026, compared to US$227.7 million as of 31 December
2025, reflecting temporary working capital movements.

Net debt increased by 6.3% to US$444.3 million, compared to US$418.1 million as
of 31 December 2025, primarily driven by interest accruals during the quarter
and changes in cash and cash equivalents.

Capital expenditures totaled US$42.6 million in 1Q26, mainly related to the
contract transitions of Amaralina Star and Lone Star.

The first US$25.0 million tranche of the share premium distribution was paid on
21 May 2026. The second US$25.0 million tranche was approved by the Board on 27
May 2026 and is expected to be paid on 16 June 2026.

We remind you that the Company will host an earnings conference call tomorrow,
Thursday, 28 May 2026, at 10:00 a.m. BRT (09:00 a.m. EDT and 03:00 p.m. CEST).
The conference call will be webcast live at
https://tenmeetings.com.br/ten-events/#/webinar?evento=ConferenciadeResultados1T
26-CONSTELLATIONOIL_862. Participants are recommended to join the call 10
minutes prior to the scheduled start time.

A replay of the webcast will be available on the Investor Relations website.

About Constellation

Constellation is a market leading provider of offshore oil and gas contract
drilling services through its subsidiary Serviços de Petróleo Constellation S.A.
(“Serviços de Petróleo Constellation”). With continuous operations since 1981,
Serviços de Petróleo Constellation has built an unmatched reputation for
excellence in offshore drilling services, obtaining ISO 9001, ISO 14001, ISO
45001, and API Spec Q2 certifications for its quality management, environmental
and safety records and systems.



IMPORTANT NOTICE

Matters discussed in this announcement may constitute forward-looking
statements. Forward-looking statements are statements that are not historical
facts and may be identified by words such as "anticipate", "believe",
"continue", "estimate", "expect", "intends", "may", "should", "will" and similar
expressions. The forward-looking statements in this release are based upon
various assumptions, many of which are based, in turn, upon further assumptions.
Although the Company believes that these assumptions were reasonable when made,
these assumptions are inherently subject to significant known and unknown risks,
uncertainties, contingencies and other important factors which are difficult or
impossible to predict and are beyond its control. Such risks, uncertainties,
contingencies and other important factors could cause actual events to differ
materially from the expectations expressed or implied in this release by such
forward-looking statements. The information, opinions and forward-looking
statements contained in this announcement speak only as at its date, and are
subject to change without notice.

This announcement is made by, and is the responsibility of, the Company.

This announcement is for information purposes only and is not to be relied upon
in substitution for the exercise of independent judgment. It is not intended as
investment advice and under no circumstances is it to be used or considered as
an offer to sell, or a solicitation of an offer to buy any securities or a
recommendation to buy or sell any securities of the Company.
The distribution of this announcement and other information may be restricted by
law in certain jurisdictions. Persons into whose possession this announcement or
such other information should come are required to inform themselves about and
to observe any such restrictions.

This announcement does not constitute or form a part of any offer of securities
for sale or a solicitation of an offer to purchase securities of the company in
the United States or any other jurisdiction. Not for publication, distribution
or release, in whole or in part, directly or indirectly, in or into the United
States of America (including its territories and possessions, any state of the
united states of America and the district of Columbia) (the "united states"),
Australia, Canada, the Hong Kong special administrative region of the people's
republic of China or Japan, or any other jurisdiction in which the publication,
distribution or release would be unlawful.

More information:
Access the news on Oslo Bors NewsWeb site

674664_Earnings Release Q1 2026.pdf
674664_Press Release_1Q26 Results Report.pdf