Caldwell’s Report Shows Strong Performance in 2025, Aiming for Further Growth in the Brazilian Market

MaticHoleFiller · 2026-04-12T16:35:32+00:00

Consolidated Oilfield Services Company expects EBITDA to reach $233 million in 2025, a 37% increase from expectations. The company's annual net income is $597 million, with an EBITDA profit margin of 39%. New contracts and high utilization rates drive performance, and plans are in place to list on the Oslo Stock Exchange.

MaticHoleFiller

2026-04-12 16:35:32

Abstract generation in progress

Brazilian offshore oil and gas drilling service provider Consdale Oilfield Services reported that, thanks to high fleet utilization and improved contract economics, adjusted EBITDA for 2025 reached $233 million, up 37% from its preliminary guidance.

The company announced that its annual net income as of December 31 was $597 million, a 6% year-over-year increase, with an EBITDA margin of 39%.

Contract extensions for the Gold Star and Atlantic Star drilling rigs, as well as new contracts for Alpha Star and Laguna Star, supported the performance. The company also began operations of the drilling vessel Tidal Action and the jack-up platform Admarine 511, expanding its third-party asset management activities.

Hanwha Ocean’s Tidal Action drilling vessel has started its first assignment for Petrobras.

Consdale’s year-end cash balance was $228 million, up from $183 million at the same period last year, while net debt decreased from $460 million to $418 million. The company reported a contract backlog of $1.7 billion.

By 2025, the overall fleet operational uptime is expected to reach 95%. Consdale owns and operates seven offshore drilling rigs and manages two third-party units, including the drilling vessel Tidal Action and the jack-up platform Admarine 511.

The company stated that it ranked first in Petrobras’s Sondopolis performance index, which evaluates operational uptime, efficiency, safety, and overall operational performance.

Looking ahead, Consdale is seeking to upgrade its listing to the main board of the Oslo Stock Exchange upon approval, aiming to improve access to institutional capital and enhance trading liquidity.

Consdale CEO Rodrigo Ribeiro said, “The performance in 2025 highlights the resilience of our operations, driven by high fleet utilization, improved contract economics, and the successful execution of key contract transitions. Coupled with a strong and diversified fleet, these factors enhance our cash flow generation capacity and position us well to capitalize on the next growth cycle in the Brazilian offshore market.”

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