Constellation secures Petrobras extensions

Constellation Oil Services announced on April 1, 2026, that it has secured contract extensions with Petrobras for three offshore drilling rigs, adding approximately $1.1 billion to its backlog and reinforcing long-term revenue visibility.

The agreements cover the Brava Star, Gold Star and Alpha Star units and represent a multi-year extension of contracted operations. As a result, Constellation’s total backlog increases to around $2.8 billion, with coverage extending through 2030.

The most significant extension was awarded to the drillship Brava Star, which secured a four-year extension through December 2030, valued at approximately $569 million. The unit will continue operating in the Búzios field, in the Santos Basin, and will undergo technological upgrades, including the implementation of managed pressure drilling (MPD) systems starting in 2027.

Meanwhile, the semi-submersible rigs Gold Star and Alpha Star, both built in 2009, were awarded extensions of approximately two years and ten months, keeping them contracted through 2028. The extensions add roughly $266 million and $300 million to the backlog, respectively, and include expanded scopes such as integrated riser services and support for well intervention and decommissioning activities.

All contracts will commence immediately after the expiration of the current terms, ensuring operational continuity for the units. The agreements also include the implementation of new safety-focused technologies on the drill floor, particularly for the Brava Star and Alpha Star units.