Consdale Reports Robust 2025 Performance, Eyes Further Expansion in Brazil

Deep News03-26

Consdale Offshore Services, a Brazilian provider of offshore oil and gas drilling services, reported an adjusted EBITDA of $233 million for 2025, surpassing its initial guidance by 37%, driven by high fleet utilization and improved contract terms.

For the year ended December 31, the company announced a net income of $597 million, a 6% increase compared to the previous year, with an EBITDA margin of 39%.

The performance was supported by contract extensions for the Gold Star and Atlantic Star drilling rigs, along with new contracts for the Alpha Star and Laguna Star. The company also commenced operations for the drillship Tidal Action and the jack-up rig Admarine 511, expanding its third-party asset management activities.

The Tidal Action drillship, owned by Hanwha Ocean, began its first assignment for Petrobras.

Consdale ended the year with a cash balance of $228 million, up from $183 million a year earlier, while net debt decreased from $460 million to $418 million. The company reported a contract backlog of $1.7 billion.

In 2025, the operational uptime for the entire fleet reached 95%. Consdale owns and operates seven offshore drilling rigs and manages two third-party units, including the drillship Tidal Action and the jack-up platform Admarine 511.

The company stated that it ranked first in Petrobras's Sondópolis Performance Index, which evaluates operational uptime, efficiency, safety, and overall operational performance.

Looking ahead, Consdale is seeking to upgrade its listing to the main market of the Oslo Stock Exchange upon approval, aiming to improve access to institutional capital and enhance trading liquidity.

Rodrigo Ribeiro, CEO of Consdale, said, "The 2025 results highlight the resilience of our operations, supported by high fleet utilization, improved contract economics, and the successful execution of key contract transitions. Combined with a strong and diversified fleet, these factors enhance our cash flow generation capacity and position us favorably to capture the next growth cycle in the Brazilian offshore market."

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