Foresea Expands Deal with Petrobras, Boosts Backlog by $70m

Brazilian drilling contractor Foresea has announced an additional $70 million to its backlog as part of an existing drillship agreement with Petrobras.

Founded in June 2023 through the restructuring of Ocyan’s drilling division, Foresea secured a contract for its drillship Norbe VIII with Petrobras in September of the same year for a duration of three years.

The initial deal valued at around $450 million has now been enhanced to incorporate new technologies and operations specifically designed for shallow waters. The 2011-built Norbe VIII will undergo equipment and system upgrades by December 2025 to improve its operational flexibility across various water depths.

With a fleet comprising four drillships and one semisubmersible, all currently under contract with Petrobras, Foresea’s backlog now stands at an impressive $1.7 billion.