Constellation Oil Services to List Shares on Euronext Growth Oslo
Brazilian offshore driller Constellation Oil Services has made a significant announcement regarding its plans to list the company’s shares on Euronext Growth Oslo. The decision comes as part of Constellation’s strategy to enhance share liquidity for investors.
The company, which currently has 1,519,918,308 outstanding shares, has clarified that it will not be seeking to raise capital through the listing process. Constellation’s shares are already partially registered in Euronext Securities Oslo through Norwegian Depository Receipts (NDRs).
Recent trades of NDRs have indicated a market value for Constellation of approximately NOK 8bn ($720m). Pending final approval from the Oslo Stock Exchange and favorable market conditions, Constellation anticipates commencing trading on Euronext Growth Oslo around March 6, 2025.
CEO Rodrigo Ribeiro expressed enthusiasm about the listing, citing the company’s strong contract backlog and cost-efficiency advantage. He emphasized the expectation of robust cash generation to support debt reduction and maintain financial flexibility.
Clarksons Securities is serving as Euronext Growth advisor to Constellation for the listing, with legal counsel provided by Advokatfirmaet Thommessen and legal due diligence advisory by Advokatfirmaet BAHR.
In December 2024, Constellation successfully completed a comprehensive recapitalization, reducing its debt to only $650m in senior secured notes due 2029 while holding over $180m in cash on a pro forma basis.
The company boasts a fleet of seven offshore rigs, including six modern ultra-deepwater rigs, with a backlog of approximately $2.1bn and an average remaining duration of 2.8 years as of Q4 2024.
From the third quarter of 2025, Constellation will take on the management and operation of Hanwha’s seventh-generation ultra-deepwater drillship, Tidal Action. With operations covering 22% of Brazil’s offshore drilling rigs and employing around 1,800 individuals, Constellation is a significant player in the offshore drilling sector.