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After The Judicial Recovery Request And Making The Best Bid In The Auction For A Drillship, The Company Is Very Close To Securing Its First Long-Term Contract With Petrobras
Constellation is very close to working for Petrobras, the former QGOG (Queiroz Galvão Oil and Gas) company offered the lowest price in the Brazilian state’s auction for chartering a drillship with a capacity of 2,400m to drill in the BM-S-11 block, in the Santos Basin.
The victory comes at a good time for the company, right after its judicial recovery request and the competition was with large companies such as Ensco, Transocean/Ocean Rig, Seadrill, Petroserv, and Pacific Drilling.
Despite the lack of information from both Petrobras and Constellation, it is speculated in the market that the daily rental rate presented was around US$ 160,000 and that the contract duration will be two years, possibly extending for the same period.
Constellation had offered two drillships from its fleet, the Laguna Star and the Amaralina Star, but the bidding committee requested that only one unit be indicated, so the company chose the Laguna Star.
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The drillship in question, however, is contracted by Enauta (formerly QGEP), drilling in the Atlanta field, in the Santos Basin, and the contract only ends at the end of the year.
This fact should not be a problem for Constellation, as although the bidding document scheduled the drillship to begin operations by the end of August or 120 days after the contract signing, there is a strong possibility that this date will be postponed to the end of the year.
Constellation’s History While It Was Still QGOG
When it was still QGOG, the company had up to six drillships under contract with Petrobras, but the contracts began to end, and the last one concluded in 2018, the same year it requested judicial recovery.
Constellation currently has three short-term contracts with Total, Enauta and Shell.
The Auction
The BM-S-11 is operated by the consortium formed by Petrobras (65%), Shell (25%), and Petrogal (10%), and the competition had Transocean/Ocean Rig offering the drillship Ocean Rig Apolo, which is in cold stack.
Petroserv contested the process with the drillship Carolina, while Seadrill offered the drillship West Tellus, which is operating for Petrobras in Mero, and Ensco submitted a bid with the DS-11.
Until May 2018, two drillships operated in the field, Ocean Mykonos and Ocean Corcovado, from Ocean Rig, which resulted in the discovery of Lula and other fields.
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