Constellation Oil Services Holding S.A.

Investor Presentation • Nov 26, 2025

Constellation Oil Services

EARNINGS RELEASE Q3 2025

Disclaimer

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. 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Q3 2025 Earnings Highlights

TY 2025 Financial Guidance Increase

Adjusted EBITDA guidance raised to US\$195-210 million

Market update

New developments in "Equatorial Margin" and ANP license rounds continue to open new exploration frontiers and investments opportunities

97% Fleet Uptime

Strong operational performance, with the Semi Fleet achieving 99% uptime

Fleet Update

Successful contract transitions, start-up of third-party operations, and several opportunities for new contracts and extensions

Contract backlog of \$1.9 billion

With a fully contracted fleet for 2025 and a strong coverage secured for 2026, we are strategically positioned to capture Brazil's sustained offshore demand.

New Contract / Extensions

Q3 2025 Financial Highlights

\$138M

Revenues Q3 2025

97% Uptime

\$86M

Contract Drilling Expenses Q3 2025

Increase of US\$ 14 million YoY, mainly due to one-off items in prior year

\$44M

Adjusted EBITDA Q3 2025

32% Adjusted EBITDA Margin

\$170M

Operating Cash Flow 9M 2025

Up US\$ 18 million YoY, driven by the \$24 million Alpha Star mobilization fee received in Q2 2025

\$109M

Additions to PP&E 9M25

Alpha Star and Laguna Star contract transitions accounted for nearly 70% of total Capex

\$195- 210M

Guidance Increase TY 2025

New contracts and extensions drove an upward revision of up to US\$ 25 million to Adj. EBITDA Guidance

Constellation.

Backlog (US\$B) and Contract Coverage¹

Financial Summary

Fleet utilization scenario based on priced contracts as of today

Fleet 100% contracted.

Focus on planning and executing contract

Commercial Activity: Priority to add additional backlog to Atlantic Star and Gold Star.

Assumes only confirmed extension for the existing contracts

Alpha Star under new contract since February. New contracts of Laguna Star and Lone Star expected to start in Q3 and Q4, respectively.

Tidal action operation under Management agreement has started in late Q3 2025 and Admarine 511 in Q4 2025

Rigorous cost control, effective supplier management, and proactive talent retention strategies to mitigate labor shortages and supply chain inflationary pressures

Total of US\$ 55 million of mobilization fees for Alpha Star and Laguna Star to partially offset capex investment

Positive cash flow, indicating cash flow generation more than sufficient to cover the two semi-annual debt service payments and execute contract transitions.

Revenues

US\$195–210mm Adjusted EBITDA

About US\$150mm Capex

Appendix: Ebitda Reconciliation

	Consolidated
Statement of Operations:	For the Three-month period ended September 30,		For the Nine-month period ended September 30,
	2025	2024	2025	2024
EBITDA (1)	49,9	65,0	166,3	184,3
EBITDA margin (%) (2)	36,0%	48,0%	41,7%	43,5%
Onerous contract provision. net	4,0	4,4	24,9	16,8
Management Incentive Plan	(0,1)	(0,2)	(0,6)	(1,3)
Other Extraordinary Expenses (3)	1,8	(1,1)	(0,9)	(1,9)
Adjusted EBITDA (1)	44,2	61,9	142,8	170,7
Adjusted EBITDA margin (2)	32,0%	45,7%	35,8%	40,3%

⁽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.

(/) Fleet Summary Report as of September 2025

	Own fleet								Managed Fleet
	GOLD STAR (1)	LONE STAR (1)	ALPHA STAR	AMARALINA STAR (3)	LAGUNA STAR (4)	BRAVA STAR	ATLANTIC STAR (6)	TIDAL ACTION (7)	ADMARINE 511 (8)
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/GPC	Keppel FELS	Samsung Korea	Samsung Korea	Samsung Korea	C.F.E.M	Hanwha Korea	ADES Holding
START OF OPERATIONS/ LAST UPGRADE	February 2010	April 2011	July 2011	September 2012	November 2012	August 2015	1997/ Feb. 2011	September 2025	September 2025
CLIENT CURRENT A / NEW B	Petrobras	Petrobras	Petrobras	Petrobras	Petrobras A/B	Petrobras	Petrobras	Petrobras	Petrobras
CURRENT CONTRACT START 1	August 2022	September 2022	February 2025	October 2022	March 2022	December 2023	January 2021	-	-
CURRENT CONTRACT END 1	January 2026	January 2026	February 2028	December 2025	July 2025	December 2026	January 2026	-	-
NEW CONTRACT START 2	-	January 2026	-	February 2026	October 2025	-	-	September 2025	November 2025
NEW CONTRACT END 2	-	April 2027	-	February 2029	July 2028	-	-	July 2028	December 2028

• 1. On January 03. 2022, the Company announced that the Gold and Lone Star rias have been awarded contracts with Petrobras S.A. ("Petrobras"). The operations of Gold Star contract started on August 09, 2022, while Lone Star's operations commenced on September 14. 2022. Each contract has a duration of 1095 days and has the option to be extended by mutual agreement in up 17 months. Gold Star contract is expected to mature in January 2026, considering the announced 77-day extension in addition to the 94-day extension which took place in early Q2 2025. Lone Star contract is also expected to mature in January 2026, considering the 46-day extension announced in early O2 2025 and the expected well in progress. On November 25. 2024, we announced that the Lone Star has been awarded a new contract with Brava Energia, for a firm term of 400 days plus a 60days priced option, of which 50 days have already been exercised in November, 2025 bringing the firm contract to a total of 450 days. The operations are expected to commence in direct continuation to its current contract with Petrobras.
• 1. On September 20. 2023 the group announced that the Alpha Star was awarded a new contract with Petrobras. The contract has a firm duration of 1095 days plus a mutually agreed option to extend it for the same period. The operations commenced on February 18, 2025.
• 1. On December 06, 2021, the Company announced a new contract for the Amaralina Star drillship with Petrobras. The job has a total duration of 1095 days. consisting of 730 days of a firm scope plus options to extend the contract in up to 365 days at Petrobras discretion, which was exercised in November 2023. The operations commenced on October 18. 2022, and are expected to end by December 2025, considering the recently announced 27-day extension in addition the the 17-day extension announced in early Q2 2025. On December 16. 2024. the Company announced that the Amaralina Star was awarded a new contract with Petrobras for a firm period of three years, expected to commence by February 2026, with an option for contract extension up to an additional 315 days, subject to mutual agreement.
• 1. On July 6. 2021. the group announced that the Laguna Star drillship was awarded a new contract with Petrobras. The contract has a 3-year estimated duration and includes the use of the MPD system. The operations commenced on March 01. 2022, and ended on July 25, 2025. On September 23. 2024, the company announced the award of a new contract with Petrobras on the Roncador Field, Campos Basin. The contract has 931 days, with a priced option of additional 95 days, and a mutually agreed option to extend it for the same firm period (931 days). The operations have commenced on October 1. 2025.
• 1. On December 08. 2022, the Company announced a contract for the Brava Star drillship with Petrobras. The job has a total duration of 1095 days, plus a mutually gareed option to extend it till the same period. The operations started on December 19. 2023.
• 1. On February 05. 2020. the Company announced that the Atlantic Star was awarded a contract with Petrobras. The contract has a firm duration of 1095 days and was extended by mutual agreement by 389 days. The operations commenced on January 06. 2021. On December 23. 2024, the Company announced a contract extension with Petrobras for an additional period of up to 301 days. The contract is expected to be concluded by January after the full demobilization and hull cleaning of the rig.
• 1. On September 23. 2024. the company announced the award of a new contract with Petrobras to operate with Tidal Action on the Roncador Field, Campos Basin. Tidal Action is a third-party ria owned by the Hanwha Ocean, which will be managed and operated by us under a management fee agreement in connection with charter and service agreements with Petrobras. The contract has 931 days, with a priced option of additional 95 days, and a mutually gareed option to extend it for the same firm period (931 days). The operations have commenced in September 17, 2025.
• 1. On March 31. 2025. the company announced the award of a new contract with Petrobras for the deployment of the Admarine 511 - a jackup drilling rig owned by its commercial partner. ADES Holding Company, which will be used for a campaign of Plua and Abandonment (P&A) of wells at shallow waters in the Seraipe. Alagoas, Ceará and Potiquar basins, in Brazil. The Admarine 511 will be run and operated by Constellation, which will have up to 210 days for mobilizing the rig from its current location in Bahrain, to Brazil, where it will remain under contract for a firm execution period of 1.143 days, with an extension option of up to 472 days, upon mutual agreement between the parties. The operations have commenced on November (Constellation.