Norway · Delayed Price · Currency is NOK Constellation Oil Services Holding Earnings Call Transcripts
Fiscal Year 2026
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Q2 2026 saw revenue and EBITDA more than double year-over-year, driven by new contracts, high fleet uptime, and managed fleet contributions. Contract coverage remains industry-leading, with strong cash flow, reduced leverage, and a step-up in shareholder distributions expected later in 2026.
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Q1 2026 delivered strong revenue, EBITDA, and net profit growth, driven by high fleet uptime, new contracts, and successful Petrobras renegotiations. Uplisting to Oslo Børs and quarterly dividends enhance shareholder value, with robust market conditions and earnings visibility through 2030.
Fiscal Year 2025
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Adjusted EBITDA rose 37% to $233 million in 2025, with strong operational execution and higher day rates. 2026 guidance anticipates significant revenue and EBITDA growth, supported by repriced contracts and robust backlog. Shareholder distributions and an Oslo Børs uplisting are planned.
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Adjusted EBITDA guidance was raised to $195–$210 million on strong execution and contract wins, with a $1.9 billion backlog and high operational uptime. Dividend distributions are expected in late 2026, contingent on leverage and cash targets.
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Q2 2025 saw stable EBITDA margins, improved cash flow, and a strong $2B backlog, with all rigs committed for 2025 and robust contract prospects into 2026–2029. Dividend distributions are expected once leverage falls below 1.25x, and the outlook for Brazil's offshore market remains positive.
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Q1 2025 saw strong operational performance with 97% fleet uptime and $44M adjusted EBITDA, despite a 15% revenue drop. Contract backlog rose 60% year-over-year, and 2025 EBITDA guidance was raised on new contract extensions, supporting a resilient outlook.
Fiscal Year 2024
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Delivered record operational and financial results in 2024, including a 41% EBITDA margin and $2.1 billion backlog. 2025 will be transitional due to contract transitions, but significant growth is expected in 2026 as new contracts ramp up.