Constellation Oil Services Holding S.A.

Investor Presentation • Jan 14, 2026

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Constellation Oil Services

Fearnley Securities Offshore Drilling and Service Seminar January 2026

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Disclaimer

Forward Looking Statement

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.

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Constellation at a glance

With about 19 years of future backlog and consistently delivering positive results over 45 years of activity, Constellation operates in Brazil with a robust UDW footprint.

Safety – core value

We continuously work for safety emerge from our culture, investing in people, programs and systems.

+2,000 employees

Talented teams to support the challenging offshore operations.

Leaders in Brazil

Constellation has about a quarter of the Brazilian market share, which is the largest UDW market in the world.

Sustainability

Through innovation and important partnerships, Constellation is engaged in decarbonizing its fleet, together with many other important initiatives for sustainability

Financial return

Largest fleet in Brazil provide scale and top-tier coststructure in the industry.

Superior Utilization

High fleet utilization strengthens our business by driving predictable cash flows, enhancing profitability, and maximizing long-term asset value

Managed Owned

Anchor Moored SS

Total of 9 operated Offshore Drilling units

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⁴ Accomplishments LTM

Leading contract coverage and robust capital structure drives earnings growth and future distributions.

\$ 1.4bi Awarded \$650m US High Yield 9.375%

\$75m private placement \$300m debt rolled over into junior capital

~\$1.0 billion market cap

Third Party Units

5 new contracts awarded since 4Q24 Over 3x demand, issued in Nov'24

Comprehensive restructuring, closing Dec'24

COSH Listed in Mar'25

Asset light growth

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Offshore Drilling in Brazil

Petrobras Drives Offshore Growth with Strategic Use of Drilling Units Through 2030 and beyond

Source: 1. Petrobras' Business Plan 2026-2030. 2. Petrobras' Live for Drilling Contractors 2025. Activity is the product for # of interventions times average duration for each intervention. 3. Petrobras' Live for Drilling Contractors and Petrobras' Business Plan 2026-2030.

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Brazil E&P Outlook

Licensing Rounds Underscore Brazil's Position as a Global Leader in UDW Oil & Gas Development

Brazil O&G Leadership

Brazil remains a leading country in offshore operations, as evidenced by the two bidding rounds conducted by ANP.

Focus on Equatorial Margin

The distribution of signature bonuses reflects the strong presence of the Equatorial Margin, which captured 85% of the total. Chevron secured operatorship in 9 blocks, while Petrobras and ExxonMobil in 5 blocks each.

5^th OPC (Concession)

A total of 33 offshore blocks were awarded to multiple operators, primarily concentrated in the Santos, Pelotas, and Foz do Amazonas (Equatorial Margin) basins in the 5^th OPC.

3^rd PSA (Production Sharing)

ANP offered 7 pre-salt Santos and Campos Basin areas in October; the largest auction since 2022, with strong international interest, with 5 blocks awarded.²

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Operational Excellence

A 19-Year future backlog combined with proven delivery sets us apart in driving lasting results

Asset integrity

Extend asset life, protect investments, maximize returns

Project customization

Tailored procedures, equipment, and crews for efficiency

Technology & Innovation

Real-time monitoring and automation boost safety & drilling performance

People and Culture

Safe, collaborative, high-performance workplace

Great Place to Work certified; strong retention through recognition & growth

Safety and Efficiency

Training, compliance, leadership, and proactive risk management

Client Satisfaction

• 1 quartile in Petrobras rig ranking

• Trusted by IOCs with proven track record

Cost Synergies and High EBITDA Margin

Fleet integration and local services drive savings and high EBITDA margins

Operational Performance

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Proven Execution: Leading New Rigs Acceptance

Two new rigs successfully mobilized to Brazil — over 300 professionals trained, full regulatory compliance achieved

Rig intake days (from arrival in Brazil until spud in) in recent BR contracts¹

Many maintenance activities had to be carried out during the acceptance phase in Brazil.

New technical standards posed additional challenges to project approval and demanded a high level of adaptability.

Interactions with regulatory agencies were intense, and a dedicated team closely followed the issuance of DSOs with the ANP, ensuring swift responses across multiple fronts.

The strong coordination between teams, combined with the involvement of experienced professionals, essential to ensuring the projects started on schedule.

Note: (1) Benchmarking collected by Constellation based on data available from public sources.

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Fleet Status

With about 19 years of future backlog and contract coverage already building coverage for 2029

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Capital Allocation Framework

Enhanced capital structure and disciplined financial strategy

Liquidity

Distributions to begin once net leverage falls below 1.25x (financial

To maintain availability of at least US\$ 100M

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Closing remarks

Resilient Business Model Driving Shareholder Value Creation

Leading position in a strategic market with high entry barriers

Modern fleet well positioned to capture rising demand

Scale advantages driving industry -leading profitability

Robust liquidity and backlog supporting deleveraging and shareholder value creation

Commitment to safety, operational excellence, sustainability, and trust

USD 539m

Revenue 3Q25 LTM

USD 203m

Adj. EBITDA 3Q25 LTM

USD 1.9b

Contract Backlog

2.2x

Net Leverage 3Q25

24%

Mkt Share Brazil

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Constellation.