General Announcement::Constellation Announces Successful Conclusion of Renegotiation with Petrobras

Issuer & Securities

Issuer/ Manager
CONSTELLATION OIL SERVICES HOLDING S.A.
Securities
CONSTEOILUS$650M9.375%N291107A - US650921AA71 - 5TCB
CONSTEOILUS$650M9.375%N291107R - USL67356AA09 - 9QPB
Stapled Security
No

Announcement Details

Announcement Title
General Announcement
Date &Time of Broadcast
02-Apr-2026 05:03:44
Status
New
Announcement Sub Title
Constellation Announces Successful Conclusion of Renegotiation with Petrobras
Announcement Reference
SG260402OTHRQLUR
Submitted By (Co./ Ind. Name)
Joao Pedro Zakour
Designation
Investor Relations Analyst
Effective Date and Time of the event
01/04/2026 17:00:00
Description (Please provide a detailed description of the event in the box below)
Luxembourg, April 1st, 2026 - Constellation Oil Services Holding S.A. ( Constellation or the
Company ) announces the successful conclusion of negotiations with Petr leo Brasileiro S.A.
( Petrobras ).

The amendments add together nearly 10 years of contract extensions for Brava Star, Gold
Star, and Alpha Star, strengthening long-term fleet utilization, earnings visibility and cash generation.
The amendments are structured through a blend-and-extend framework, resulting in approximately
US$1.1 billion of additional backlog, already net of negotiated commercial concessions, increasing the
Company s backlog by 67% to approximately US$ 2.8 billion through 2030. This significant growth
underscores the robustness and operational reliability of Constellation s offshore drilling activities:
Details of the contract extensions:

Brava Star
Extension: 4 years, through December 2030, subject to early termination as of the 910th day
of the extension
Backlog addition: US$569 million (net of discounts)
Contract continuity: Direct continuation from current contract, with no transition period
Operational upgrades: Includes Managed Pressure Drilling (MPD) equipment upgrade, starting
in 2027.
Strategic role: The rig is expected to play a key role in the continued development of the B zios
Field.

Gold Star
Extension: 2 years and 10 months, through December 2028
Backlog addition: US$266 million
Contract continuity: Direct continuation from current contract, with no transition period
Operational upgrades: Includes integrated Drill Pipe Riser services supporting well workover
and plug-and-abandonment operations.
Payment Deferral and Factoring: Invoices generated through December 2027 will be payable
in January 2028, effectively deferring collections. The Company has obtained Petrobras
approval, subject to customary proceedings, for the assignment of these receivables, and is in
advanced negotiations with leading financial institutions to implement a non-recourse
factoring program, under which receivables are expected to be monetized as generated.
Accordingly, subject to execution of the factoring arrangement, The Company does not expect
any material impact on its cash flow or balance sheet.

Alpha Star
Extension: 2 years and 10 months, through December 2030
Backlog addition: US$300 million (net of discounts)
Contract continuity: Direct continuation from current contract, with no transition period
Additionally, as part of such agreements, Constellation will provide new technologies focused on drill
floor personnel safety enhancement for both the Alpha Star and Brava Star.

These contract extensions are highly strategic for Constellation, increasing backlog and
expanding long-term contract coverage, thereby reinforcing revenue visibility and cash flow
stability. For 2026, the price concessions granted as part of the negotiations represent
approximately 3% of the Company s revenue, while the payment deferrals are expected to be
offset through receivables monetization, resulting in a neutral impact on cash flows. Both
effects are fully reflected in the Company s previously disclosed guidance for the year. The
agreement reflects a disciplined and collaborative negotiation with Petrobras and underscores
the strategic importance of our semi-submersible fleet within its portfolio, supporting the
execution of Petrobras business plan with a strong focus on safety, operational reliability, and
advanced technology. said Rodrigo Ribeiro, CEO of Constellation.

Brava Star is a 7th generation ultra-deepwater DP drillship capable of drilling in water depths of up to
12,000 feet and has a drilling depth capacity of up to 40,000 feet.
Alpha Star and Gold Star are both 6th generation ultra-deepwater semi-submersible rigs, capable of
drilling in water depths of up to 9,000 feet and have a drilling depth capability of up to 25,000 feet.
The Company remains focused on operational reliability, safety performance, and consistent execution
as key enablers of sustained commercial success across its fleet.

About Constellation

Constellation is a market leading provider of offshore oil and gas contract drilling services through its
subsidiary Servi os de Petr leo Constellation S.A. ( Servi os de Petr leo Constellation ). With
continuous operations since 1981, Servi os de Petr leo 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.

NOTICE REGARDING FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, which are intended to be covered by the safe harbor created by such sections and other
applicable laws. Where the Company expresses or implies an expectation or belief as to future events
or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis.
However, such statements are subject to risks, uncertainties and other factors, which could cause actual
results to differ materially from future results expressed, projected or implied by the forward-looking
statements. The Company undertakes no obligation to release publicly revisions to any forward
looking statement, including, without limitation, outlook, to reflect events or circumstances after the
date of this news release, or to reflect the occurrence of unanticipated events, except as may be required
under applicable securities laws. Investors should not assume that any lack of update to a previously
issued forward-looking statement constitutes a reaffirmation of that statement. Continued reliance on
forward-looking statements is at investors own risk.

Attachments

Constellation Announces Successful Conclusion of Renecon.pdf
Total size =233K