Brazilian offshore driller Constellation Oil Services has announced its intention to list the company’s shares on Euronext Growth Oslo.
The company currently has 1,519,918,308 outstanding shares and has stated that it would not be looking to raise capital as part of the listing.
A portion of Constellation’s shares are already registered in Euronext Securities Oslo through Norwegian Depository Receipts (NDRs).
Recent trades of NDRs imply a market value of the company of approximately NOK 8bn ($720m). Pending final approval from the Oslo Stock Exchange and market conditions, Constellation expects to begin trading on Euronext Growth Oslo on or around March 6, 2025.
“We are excited to list Constellation on Euronext Growth, enhancing share liquidity for our investors. With a strong contract backlog and a cost-efficiency advantage, we anticipate robust cash generation to support debt reduction while preserving financial flexibility,” said Rodrigo Ribeiro, CEO of Constellation.
Clarksons Securities is acting as Euronext Growth advisor to the company in connection with the listing while Advokatfirmaet Thommessen is acting as legal counsel. Advokatfirmaet BAHR is the legal due diligence adviser.
In December 2024, Constellation completed a comprehensive recapitalization, leaving it with only $650m in senior secured notes due 2029 and over $180m in cash, on a pro forma basis.
The company owns and operates a fleet of seven offshore rigs, including six modern ultra-deepwater rigs, with a backlog of approximately $2.1bn with a remaining average duration of 2.8 years as of the fourth quarter of 2024.
Starting in the third quarter of 2025, Constellation will manage and operate Hanwha’s seventh-generation ultra-deepwater drillship Tidal Action. The offshore driller operates 22% of Brazil’s offshore drilling rigs and employs around 1,800 people.
