Norway · Delayed Price · Currency is NOK Constellation Oil Services Holding Earnings Call Transcripts
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 operational execution and contract wins, with backlog up 22% year-over-year to $1.9 billion. Net leverage improved, and the company is positioned for dividend distributions in 2026 if targets are met.
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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.