The Comeback of a Titan: Alpha Star Rejoins Petrobras’ Fleet
In a move that signals a new era for Brazil’s oil and gas exploration, the semi-submersible rig Alpha Star has officially returned to Petrobras’ contracted fleet. Owned by Constellation Oil Services, a leading Brazilian drilling contractor, the rig has embarked on a multi-year drilling mission off Brazil’s coast. This marks the rig’s triumphant return after a two-and-a-half-year hiatus, kicking off a fresh three-year contract with Petrobras starting February 2025.
To ensure the rig’s readiness, Constellation undertook its largest-ever maintenance overhaul, part of a strategic initiative dubbed Owner’s Vision 2025: Rig Scheduled Shutdown Strategies. This program aims to streamline maintenance operations, optimize costs, and enhance safety and reliability—all while keeping sustainability at the forefront. The result? A record-breaking 26-day handover to Petrobras, shaving 27 days off the average 2024 delivery time.
Alpha Star: A Deepwater Powerhouse
The Alpha Star is no ordinary rig. Since its debut with Constellation in 2011, this semi-submersible dynamo has been a key player in Brazil’s ultra-deepwater drilling scene. Equipped with dynamic positioning and capable of operating in water depths of up to 9,000 feet (2,743 meters), the rig is tailor-made for Brazil’s pre-salt basins. With a drilling capacity of 30,000 feet (9,144 meters), it’s a critical asset for tapping into the country’s vast hydrocarbon reserves.
The rig’s return comes on the heels of a five-year deal between Constellation and HMH, aimed at boosting the operational efficiency of three semi-submersible rigs, including Alpha Star. This partnership underscores Constellation’s commitment to staying ahead in a competitive market.
Brazil’s Oil Boom: A Strategic Focus on the Pre-Salt Layer
Brazil’s pre-salt region is a goldmine of untapped potential, and Constellation is positioning itself as a key player in its development. With a contract backlog of $2.1 billion and 20 years of secured work, the company is riding high on demand. Its fleet of seven offshore rigs—six of which are ultra-deepwater dynamos—is primed to capitalize on Brazil’s drilling boom.
The pre-salt fields of Búzios, Tupi/Iracema, and Mero are the crown jewels of Brazil’s oil production, accounting for 80% of current output. Constellation’s plans include incremental FPSOs (Floating Production Storage and Offloading units) and revitalization efforts to sustain and enhance production capacity. Meanwhile, the Campos Basin is set for a major overhaul, with 30% of future exploration and production investments directed here. Over the next five years, approximately 200 new wells are expected to be connected, alongside 420 wells slated for decommissioning as part of responsible resource management.
Constellation’s Global Ambitions: Listing on Euronext Growth Oslo
Constellation isn’t just focusing on Brazil—it’s eyeing global expansion. The company recently announced its intention to list shares on Euronext Growth Oslo, a move aimed at enhancing liquidity for investors and broadening its equity base. With a 45-year track record and 1,800 employees, Constellation is already a top-tier player in Petrobras’ drilling contractor rankings.
Rodrigo Ribeiro, CEO of Constellation, expressed optimism about the listing: “Euronext Growth Oslo offers a robust platform with investors who understand the offshore drilling sector. We’re excited to introduce Constellation to a broader audience and continue our trajectory of growth and innovation.”
The Future of Offshore Drilling: Efficiency, Sustainability, and Growth
As Brazil’s oil and gas sector heats up, Constellation is doubling down on efficiency and sustainability. The company’s focus on revitalization, productive life extension projects (EVPRo), and improving recovery factors underscores its commitment to maximizing production while minimizing environmental impact. With the Alpha Star back in action and a growing fleet, Constellation is poised to lead the charge in Brazil’s deepwater drilling revolution.
