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COLOR PALETTE Text 2 48 71 Title bar/Bullets 2 48 71 ACCENTS 1 2 48 71 85 195 250 2 18 103 130 128 211 237 3 33 158 188 157 222 238 4 251 133 0 255 206 151 5 255 183 3 255 226 154 6 142 202 230 210 234 245 Hyperlink 30 124 153 146 213 234 Followed Hyperlink 0 80 117 98 205 255 Lines 2 48 71 Highlights 2 48 71 TABLE Constellation Oil Services Earnings Release | Q2 2026
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COLOR PALETTE Text 2 48 71 Title bar/Bullets 2 48 71 ACCENTS 1 2 48 71 85 195 250 2 18 103 130 128 211 237 3 33 158 188 157 222 238 4 251 133 0 255 206 151 5 255 183 3 255 226 154 6 142 202 230 210 234 245 Hyperlink 30 124 153 146 213 234 Followed Hyperlink 0 80 117 98 205 255 Lines 2 48 71 Highlights 2 48 71 TABLE 2 Constellation Oil Services Holding S.A. and its affiliates (hereinafter “Constellation” or the “Company”) has prepared this presentation solely for informational purposes. This presentation contains proprietary information regarding the Company. This presentation and any information herein shall remain the property of the Company. The Company reserves the right to require the return of this presentation (together with any copies or extracts thereof) at any time, without any advance notice. This presentation is for the exclusive use of the persons to whom it is addressed and their advisors. By receiving this presentation you agree that you will keep all confidential all information contained herein not already in the public domain in strict confidence and that you shall be liable for any misuse or unauthorized disclosure of this presentation or the information contained herein. The Company, in its sole discretion, may use any remedies available at law or in equity to avoid or mitigate any such misuse and/or unauthorized disclosure. All statements, other than statements of historical fact included in this presentation, regarding our strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this presentation, the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “continue,” “predict,” “potential,” “project” and similar expressions (but not exclusively) are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. All forward-looking statements speak only as of the date of this presentation. Although we believe that our plans, intentions and expectations reflected in or suggested by the forward-looking statements we make in this presentation are reasonable, we can give no assurance that these plans, intentions or expectations will be achieved or realized. The actual results may vary from the anticipated results and such variations may be material. The information contained in this presentation does not purport to be all-inclusive or contain all of the information (including potential risks) that an interested party may desire or need. The Company, nor its directors, officers, partners, employees nor advisors nor any other person is obligated to update the projections, estimates or forward-looking statements to reflect events or circumstances or changes in expectations after the date of the distribution of these materials or to reflect the occurrence of subsequent events. You should not rely upon it or use it to form the basis for any decision, contract, commitment or action whatsoever. Except where otherwise indicated, these materials speak as of the date hereof. In furnishing these materials, the Company undertakes no obligation to update or revise any of the information contained herein or to correct any inaccuracies which may become apparent (although the information contained in these materials is subject to revision), nor is the Company obligated to provide any recipient with access to any additional evaluation materials in connection with any matters set forth herein. Neither these materials nor the information contained herein shall be deemed an indication of the state of affairs of the Company, nor shall they constitute an indication that there has been no change in the business or affairs of the Company since the date hereof. This presentation includes certain non-IFRS financial measures. Non-IFRS financial measures are not measures of financial performance in accordance with International Financial Reporting Standards (“IFRS”) and may exclude items that are significant in understanding and assessing our financial results. Because not all companies calculate non-IFRS financial measures identically (or at all), the information presented herein may not be comparable to other similarly titled measures used by other companies. These non-IFRS financial measures should be considered only as supplemental to, and not as superior to, financial measures prepared in accordance with IFRS. Non-IFRS financial measures have limitations as analytical tools, and should not be considered in isolation, or as a substitute for our results as reported under IFRS. The information contained herein may include certain statements, estimates and projections with respect to our anticipated future performance and anticipated industry trends. Such statements, estimates and projections reflect various assumptions concerning anticipated results and industry trends, which assumptions may or may not prove to be correct. Actual results and trends may vary materially and adversely from the projections contained herein. Neither the Company nor any of its affiliates, or their respective officers, directors, employees, representatives, professional advisors or agents, make any representation or warranty, express or implied, in relation to the accuracy, fairness or completeness of the information contained in this presentation or any oral information provided in connection herewith, or any data generated by any of them and accept no responsibility, obligation or liability (whether direct or indirect, in contract, tort or otherwise) in relation to any of such information. In all cases, interested parties should conduct their own investigation and analysis of the Company and the information contained in these materials, and such interested parties shall make their own determinations. Constellation, its affiliates and its and their respective officers, directors, partners, principals, employees, professional advisors, representatives and agents expressly disclaim any and all liability which may be based on this presentation and any errors therein or omissions therefrom. Neither the Company, any of its affiliates, nor its respective officers, directors, partners, principals, employees, professional advisors, representatives or agents, make any representation or warranty, express or implied, as to the achievement or reasonableness of future projections, management targets, estimates, prospects or returns, if any. Any views or terms contained herein are preliminary only, and are based on financial, economic, market and other conditions prevailing as of the date of this presentation or as at the date stated in respect of that information and are therefore subject to change. Past performance does not guarantee or predict future performance. This presentation and the information contained herein do not constitute an offer, prospectus or invitation to sell or the solicitation of an offer to buy any security, commodity or instrument or related derivative, nor do they constitute an offer or commitment to lend, syndicate or arrange a financing, underwrite or purchase or act as an agent or advisor or in any other capacity with respect to any transaction, or commit capital, or to participate in any trading strategies, and do not constitute legal, regulatory, accounting or tax advice to the recipient. You agree that the Company and its representatives are under no obligation to accept any offer or proposal by any person or entity regarding the Company. We recommend that the recipient seek independent third party legal, regulatory, accounting and tax advice regarding the contents of this presentation. You and your directors, officers, partners, principals, employees, agents, representatives and affiliates must not use any information set forth herein for any unlawful purpose. The distribution of this presentation in certain jurisdictions may be restricted by law and, accordingly, recipients of these materials represent that they are able to receive these materials without contravention of any unfulfilled registration requirements or other legal restrictions in the jurisdiction in which they reside or conduct business. 2 Disclaimer
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COLOR PALETTE Text 2 48 71 Title bar/Bullets 2 48 71 ACCENTS 1 2 48 71 85 195 250 2 18 103 130 128 211 237 3 33 158 188 157 222 238 4 251 133 0 255 206 151 5 255 183 3 255 226 154 6 142 202 230 210 234 245 Hyperlink 30 124 153 146 213 234 Followed Hyperlink 0 80 117 98 205 255 Lines 2 48 71 Highlights 2 48 71 TABLE Offshore Market Fundamentals Brazil stands out as a leading offshore market, supported by Petrobras' long-term programs, the Equatorial Margin prospects and growing IOC and independent activity. Fleet Performance and Contract Coverage The fleet delivered a strong uptime of 99%. Contract coverage remains industry-leading, backed by a solid backlog. Corporate Milestones The refinancing extends maturities, lowers debt cost and supports deleveraging. With contracts repriced and distributions underway, Constellation enters the second half of the year in a position of strength. 3 Market & Operational Update
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COLOR PALETTE Text 2 48 71 Title bar/Bullets 2 48 71 ACCENTS 1 2 48 71 85 195 250 2 18 103 130 128 211 237 3 33 158 188 157 222 238 4 251 133 0 255 206 151 5 255 183 3 255 226 154 6 142 202 230 210 234 245 Hyperlink 30 124 153 146 213 234 Followed Hyperlink 0 80 117 98 205 255 Lines 2 48 71 Highlights 2 48 71 TABLE 4 Ultra-deepwater Midwater Shallow Water Brava Star Laguna Star Amaralina Star Alpha Star Lone Star Gold Star Tidal Action Atlantic Star Admarine 511 Client Petrobras Petrobras Petrobras Petrobras Brava Energia Petrobras Petrobras Karoon Petrobras Contract backlog² of US$2.5 billion 4 Roncador Petrobras A solid and well-priced contract backlog² supports company’s strength for the years ahead. Note: (1) Contract coverage accounts for full year firm backlog vs. available days (excluding contract transition and planned stacking) (2) Contract backlog is calculated by multiplying the contracted operating dayrate by the firm contract period, without unpriced extensions. As of 1 July 2026. 4 2026 2027 2028 2029 2030 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Laguna Star Admarine 511 Rig Amaralina Star Gold Star Brava Star Lone Star Atlantic Star Alpha Star Tidal Action Petrobras Roncador Petrobras DPAE Petrobras Brava Energia Petrobras Petrobras Karoon Petrobras Roncador Petrobras Contract Coverage¹ 95% 76% 65% 31% 29%
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COLOR PALETTE Text 2 48 71 Title bar/Bullets 2 48 71 ACCENTS 1 2 48 71 85 195 250 2 18 103 130 128 211 237 3 33 158 188 157 222 238 4 251 133 0 255 206 151 5 255 183 3 255 226 154 6 142 202 230 210 234 245 Hyperlink 30 124 153 146 213 234 Followed Hyperlink 0 80 117 98 205 255 Lines 2 48 71 Highlights 2 48 71 TABLE 5 US$(116)M Contract Drilling Expenses Own Fleet US$(94)M; Managed Fleet US$(22)M US$252M Net Operating Revenue 99% Uptime US$126M Adjusted EBITDA¹ 50% margin; adj. net profit US$51M Note: (1) Adjusted EBITDA is a non-GAAP measure prepared by us and consists of net income plus net financial expenses, taxes, depreciation and some specified one-off adjustments. (2) Net Leverage is calculated by dividing Net Debt / Adjusted EBITDA US$105M Operating Cash Flow Capex US$24M 5 2Q26 Financial Performance 1.2x Net Leverage² Steadily deleveraging US$650M 2033 Notes Successful refinancing completed in August ‘26: 7.7% coupon; 3.7x demand
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COLOR PALETTE Text 2 48 71 Title bar/Bullets 2 48 71 ACCENTS 1 2 48 71 85 195 250 2 18 103 130 128 211 237 3 33 158 188 157 222 238 4 251 133 0 255 206 151 5 255 183 3 255 226 154 6 142 202 230 210 234 245 Hyperlink 30 124 153 146 213 234 Followed Hyperlink 0 80 117 98 205 255 Lines 2 48 71 Highlights 2 48 71 TABLE
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COLOR PALETTE Text 2 48 71 Title bar/Bullets 2 48 71 ACCENTS 1 2 48 71 85 195 250 2 18 103 130 128 211 237 3 33 158 188 157 222 238 4 251 133 0 255 206 151 5 255 183 3 255 226 154 6 142 202 230 210 234 245 Hyperlink 30 124 153 146 213 234 Followed Hyperlink 0 80 117 98 205 255 Lines 2 48 71 Highlights 2 48 71 TABLE Current Backlog at US$2.5 billion 22 Rig years of contracts 95% 76% Contract Coverage¹ and Backlog² (US$M) Contract coverage accounts for firm backlog vs. available days¹ 65% 31% 2026 2027 2028 2029 473 794 679 Note: (1) Contract coverage accounts for full year firm backlog vs. available days (excluding contract transition and planned stacking) (2) Contract backlog is calculated by multiplying the contracted operating dayrate by the firm contract period, without unpriced extensions. As of 1 July 2026 7 2030 258 294 29%
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COLOR PALETTE Text 2 48 71 Title bar/Bullets 2 48 71 ACCENTS 1 2 48 71 85 195 250 2 18 103 130 128 211 237 3 33 158 188 157 222 238 4 251 133 0 255 206 151 5 255 183 3 255 226 154 6 142 202 230 210 234 245 Hyperlink 30 124 153 146 213 234 Followed Hyperlink 0 80 117 98 205 255 Lines 2 48 71 Highlights 2 48 71 TABLE Q2 2026 Financial Summary 8 REVENUE (US$ M) CONTRACT DRILLING EXPENSES (US$ M) Source: Company’s financial statements as of Q2 2026 Notes: (1) Debt less Cash, Cash and Equivalents and short-term investments ADJ. EBITDA (US$ M) NET DEBT(1) (US$ M) 139 252 139 252 Q2 2025 Q2 2026 +81% 55 126 55 126 Q2 2025 Q2 2026 +130% 440 422440 422 Q2 2025 Q2 2026 -4% 76 116 76 116 Q2 2025 Q2 2026 +52% 8
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COLOR PALETTE Text 2 48 71 Title bar/Bullets 2 48 71 ACCENTS 1 2 48 71 85 195 250 2 18 103 130 128 211 237 3 33 158 188 157 222 238 4 251 133 0 255 206 151 5 255 183 3 255 226 154 6 142 202 230 210 234 245 Hyperlink 30 124 153 146 213 234 Followed Hyperlink 0 80 117 98 205 255 Lines 2 48 71 Highlights 2 48 71 TABLE Appendix: EBITDA Reconciliation (1) EBITDA is a non-GAAP measure prepared by us and consists of net income. plus, net financial expenses taxes and depreciation. EBITDA is not a measure defined under IFRS. should not be considered in isolation. does not represent cash flow for the periods indicated and should not be regarded as an alternative to cash flow or net income. or as an indicator of operational performance or liquidity. EBITDA does not have a standardized meaning. and different companies may use different EBITDA definitions. Therefore. Our definition of EBITDA may not be comparable to the definitions used by other companies. We use EBITDA to analyze our operational and financial performance. as well as a basis for administrative decisions. The use of EBITDA as an indicator of our profitability has limitations because it does not account for certain costs in connection with our business. such as net financial expenses. taxes. depreciation. capital expenses and other related expenses. Adjusted EBITDA is also a non-GAAP measure prepared by us and consists of net income. plus, net financial expenses taxes. depreciation and some specified non-cash adjustments. (2) EBITDA margin is a non-GAAP measure prepared by us. EBITDA margin is calculated by dividing EBITDA by net operating revenue for the applicable period. Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by net operating revenue for the applicable period. (3) Costs related to restructuring of charter legal entities, extraordinary one-off costs, and other strategic initiatives requested by the Board. Consolidated Consolidated Statement of Operations: For the three-month period ended June 30, For the six-month period ended June 30, 2026 2025 2026 2025 EBITDA (1) 125.8 67.0 224.2 116.4 EBITDA margin (%) (2) 50.0% 48.2% 49.5% 44.7% Onerous contract provision. net 0.0 (13.9) (1.6) (20.9) Management Incentive Plan 0.0 0.3 0.0 0.4 Other Extraordinary Expenses (3) (0.1) 1.1 0.1 1.3 Oslo Listing Costs 0.7 0.5 0.9 1.3 Adjusted EBITDA (1) 126.4 54.9 223.6 98.6 Adjusted EBITDA margin (2) 50.2% 39.6% 49.4% 37.8% 9
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/Admin/ADVANCED GRAPHICS FILES/Cover and Template/2024/2024_07/4307393-001_Júlia Medeiros Santos_Template 1: Distribution per Share equivalent to a total of US$ 25 million for each tranche. Until 2nd tranche Dividend per Share considers a total of 84,439,906 shares and for 3rd and 4th tranches a total of 87,756,235 shares 2026 Share Premium distribution per share¹ 10 1st Tranche 2nd Tranche 3rd Tranche 0,296 0,296 0,296 Paid Approved by the Board of Directors to be paid on 11 Sep US$
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COLOR PALETTE Text 2 48 71 Title bar/Bullets 2 48 71 ACCENTS 1 2 48 71 85 195 250 2 18 103 130 128 211 237 3 33 158 188 157 222 238 4 251 133 0 255 206 151 5 255 183 3 255 226 154 6 142 202 230 210 234 245 Hyperlink 30 124 153 146 213 234 Followed Hyperlink 0 80 117 98 205 255 Lines 2 48 71 Highlights 2 48 71 TABLE $100 $95-$110 $350-$385 $740-$775 High contract coverage and fleet utilization Commercial momentum, with focus on concluding Renecon and adding backlog to Gold Star and Atlantic Star Fleet capturing higher dayrates from the new contracting cycle Continued operational efficiency improvements Stronger cash generation, supporting shareholder distributions while funding debt service and capex Disciplined cost control 11 Revenue¹ Adjusted Ebitda² Capex³ Shareholder Distribution (Baseline) Note: (1) 2026 Revenue Guidance Range include only the management-fee contribution from managed-fleet. Therefore, reimbursable revenue is excluded from guidance; (2) Adjusted EBITDA is a non-GAAP measure prepared by us and consists of net income. plus, net financial expenses taxes. depreciation and some specified one-off adjustments; (3) Capex figure reflects the expected cash outflow for the period. It may differ from the Capex reported as additions on the balance sheet, which follows the timing of asset recognition rather than actual cash disbursements. US$ million 2026 Guidance Company Guidance Repriced contract portfolio supports earnings growth and shareholder distributions Key Dynamics
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COLOR PALETTE Text 2 48 71 Title bar/Bullets 2 48 71 ACCENTS 1 2 48 71 85 195 250 2 18 103 130 128 211 237 3 33 158 188 157 222 238 4 251 133 0 255 206 151 5 255 183 3 255 226 154 6 142 202 230 210 234 245 Hyperlink 30 124 153 146 213 234 Followed Hyperlink 0 80 117 98 205 255 Lines 2 48 71 Highlights 2 48 71 TABLE Own fleet Managed Fleet GOLD STAR (1) LONE STAR (2) ALPHA STAR (3) AMARALIN A STAR (4) LAGUNA STAR (5) BRAVA STAR (6) ATLANTIC STAR (7) TIDAL ACTION (8) ADMARINE 511 (9) WATER DEPTH (FEET) 9.000 7.900 9.000 10.000 10.000 12.000 2.000 12.000 375 SHIPYARD Keppel FELS SBM Atlantia/GP C Keppel FELS Samsung Korea Samsung Korea Samsung Korea C.F.E.M Hanwha Korea ADES Holding START OF OPERATIO NS/ LAST UPGRADE February 2010 April 2011 July 2011 September 2012 November 2012 August 2015 1997/ Feb. 2011 September 2025 November 2025 CURRENT CLIENT Petrobras Brava Energia Petrobras Petrobras Petrobras Petrobras Karoon Petrobras Petrobras CURRENT CONTRACT START August 2022 January 2026 February 2025 March 2026 October 2025 December 2023 April 2026 September 2025 November 2025 CURRENT CONTRACT END December 2028 April 2027 December 2030 March 2029 July 2028 December 2030 July 2026 July 2028 December 2028 Fleet Summary Report as of 25 August 2026 12 1. On 3 January 2022, the Company announced that the Gold Star was awarded a contract with Petrobras with a duration of 1,095 days. Operations started on 9 August 2022, and the contract was extended until 23 February 2026. On 1 April 2026, the Company announced a new contract extension for 1,042 days. The contract expires in December 2028. 2. On 25 November 2024, the Company announced that Lone Star was awarded a new contract with Brava Energia for a firm term of 400 days plus a 60-day priced option, of which 50 days were exercised, bringing the total firm term to 450 days. Operations commenced on 26 January 2026, in direct continuation of the Petrobras contract. The contract expires in April 2027. 3. On 20 September 2023, the Company announced that the Alpha Star was awarded a contract with Petrobras with a firm duration of 1,095 days. Operations started on 18 February 2025. On 1 April 2026, the Company announced a 1,048-day contract extension , starting on 18 February 2028. The contract expires in December 2030. 4. On 16 December 2024, the Company announced that the Amaralina Star was awarded a new contract with Petrobras for a firm period of 1,095 days, with an option to extend the contract by up to an additional 315 days, subject to mutual agreement between the parties. Operations under the new contract began on 6 March 2026. The contract expires in March 2029. 5. On 23 September 2024, the Company announced that the Laguna Star was awarded a new contract with Petrobras for operations on the Roncador Field, Campos Basin. The contract has a firm duration of 931 days, a priced option of an additional 95 days and a further additional optional period of up to 1,026 days, exercisable only upon mutual agreement. Operations started on 1 October 2025. The contract expires in July 2028. 6. On 8 December 2022, the Company announced that the Brava Star was awarded a 1,095-day contract with Petrobras. Operations commenced on 19 December 2023. On 1 April 2026, the Company announced a 1,455-day contract extension in direct continuation of the current engagement. The contract expires in December 2030. 7. On 26 November 2025, the Company announced an LOI with Karoon for a 70-day campaign. Operations started on 4 April 2026. The scope of work was completed on 30 June 2026 and the final contract obligations, including demobilization activities (preparations for shipyard arrival and hull cleaning), were concluded on 23 July 2026. 8. On 23 September 2024, the Company announced the award of a management contract with Petrobras to operate the Tidal Action on the Roncador Field, Campos Basin. The contract has a firm duration of 931 days and a priced option for an additional 95 days. Operations started on 17 September 2025. The contract expires in July 2028. 9. On 31 March 2025, the Company announced a management contract with Petrobras for the deployment of the Admarine 511 jackup rig for a firm execution period of 1,143 days, with an extension option of up to 472 days. Operations started on 8 November 2025. The contract expires in December 2028. 12