Constellation Announces New Contract Awards for Alpha Star, Gold Star and Lone Star

LUXEMBOURG, July 22, 2019 /PRNewswire/ -- Constellation Oil Services Holding S.A. ("Constellation" or the "Company") announced today that three of the Company's ultra-deepwater (UDW) rigs, Alpha Star, Gold Star, and Lone Star, have been awarded new firm contracts with Petrobras S.A. ("Petrobras") for two years. The drilling activities will be performed offshore of Brazil and operations under each contract is expected to commence by January 2020.

"Securing these three contracts, together with the recently announced contract for Laguna Star, is a remarkable achievement for the Company. Petrobras is a key player in the Brazilian market and this reinforces the long-standing partnership our companies have built over the years. In addition, with our Brava Star and Olinda Star rigs also under contract, a substantial majority of our fleet is currently under contract," said Mr. Guilherme Lima, CEO of Constellation.

Alpha Star and Gold Star are ultra-deepwater DP semi-submersible drilling rigs that started operations in July 2011 and February 2010, respectively. The drilling rigs are capable of drilling in water depths of up to 9,000 feet and have a drilling depth capacity of up to 30,000 feet.

Lone Star is an ultra-deepwater DP semi-submersible drilling rig that started its operations in April 2011. The rig is capable of drilling in water depths of up to 7,900 feet and has a drilling depth capacity of up to 30,000 feet.

About Constellation

Constellation is a market leading provider of offshore and onshore oil and gas contract drilling and FPSO services in Brazil through its subsidiary Serviços de Petróleo Constellation S.A. ("Serviços de Petróleo Constellation"). With continuous operations since 1981, Serviços de Petróleo Constellation has built an unmatched reputation for excellence in offshore and onshore drilling services, obtaining ISO 9001, ISO 14001, OHSAS 18001 and API Spec Q2 certifications for its quality management, environmental and safety records and systems.

NOTICE REGARDING FORWARD-LOOKING STATEMENTS

This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, such statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by the "forward-looking statements." The Company undertakes no obligation to release publicly revisions to any "forward-looking statement," including, without limitation, outlook, to reflect events or circumstances after the date of this news release, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. Investors should not assume that any lack of update to a previously issued "forward-looking statement" constitutes a reaffirmation of that statement. Continued reliance on "forward-looking statements" is at investors' own risk.

SOURCE Constellation Oil Services Holding S.A.