Constellation Oil Services 2023 Net Income Rises 36% to $552m

Constellation Oil Services Holding SA’s net income jumped 36% in 2023 to $552m, it said in a statement on Monday.

• The drilling rig provider’s Ebitda surged 176% in 2023 to $185m
• Constellation was able to increase the amount of days its rigs were operating, helping to increase profitability, CEO Rodrigo Ribeiro said in an interview before the results were released
  • “We reduced the window in between contracts,” Ribeiro said. “This is a sign of how much interest there is in the market”
• Co. has a firm backlog of contracts worth $1.5 billion, and also has the possibility of extensions, ...