Constellation announces two new contracts awarded with Petrobras

Constellation and Petróleo Brasileiro have signed contracts for the deployment two ultra-deepwater (UDW) rigs – Laguna Star, part of Constellation’s fleet; and Tidal Action, a newbuild rig constructed at the Hanwha Ocean shipyard in South Korea, to the Roncador Field in the Campos Basin.

The agreements total $1 billion, which includes all mobilization fees, extension option clause and additional services requested by Petrobras. The Laguna Star and Tidal Action rigs will operate under these contracts for about 2.5 years each, commencing in the third quarter of 2025.

Laguna Star is a 6th generation ultra-deepwater DP drillship capable of drilling in water depths of up to 10,000 feet and has a drilling depth capacity of up to 40,000 feet. Currently operating under an existing contract with Petrobras, it will complete its current term in the first half of 2025. Afterward, it will undergo adjustments and class inspections before starting operations under the new agreement.

Tidal Action, previously known as West Libra, represents one of the last high-specification units constructed in the previous rig-building cycle. This will be the first instance where Constellation operates a third-party owned UDW unit. The rig is designed to operate at water depths up to 3,600 m. Hanwha Drilling will become the owner of Tidal Action upon its departure from the Hanwha Ocean shipyard.