Thank you and good morning, everyone. Welcome and thanks for joining us today.

With me are Daniel Hashman, our CFO; and Thiago Cioffi, our Chief Commercial and Innovation Officer. The offshore floater market remains fundamentally healthy.

Global floater utilization stood at 87%, and while we expect some softening towards the to the end of the year as certain contracts roll off ahead of the next wave of programs, contracting activity has remained active, running at approximately 2 times the level seen in the same period last year. This near-term timing gap does not change our conviction.

The market continues to tighten, and we are well-positioned to benefit as demand reaccelerates. Brazil remains one of the most attractive offshore drilling regions globally.

Petrobras maintains an extensive long-term development program and a robust exploratory agenda, and increasing brownfield activity, together with ongoing exploratory campaigns, continues to support a strong level of demand. That said, we do not expect the total number of rigs operating in Brazil to grow further in the short-to-the-medium term.

In fact, we expect Petrobras to release some rigs over this period, with that supply broadly absorbed by IOCs and independents expanding their activity in the region. The Equatorial Margin is one of the most promising offshore frontiers in Brazil.

That promise is already beginning to materialize. Just this month, Petrobras confirmed hydrocarbon indications at the Morpho well, the first deepwater well ever drilled in the Foz do Amazonas basin, indicating an active petroleum frontier, which many compare to the Guyana and Suriname.

It is still early, and further drilling is needed to measure the size of the discovery before we can speak of commercial volumes, but it is highly encouraging signal for the region. Importantly for us, the Amaralina Star is expected to drill the next wells for Petrobras in the Foz do Amazonas, and with the majority of the blocks in Brazil's in 2025 bid rounds located in the basin, taken by major play players, such as Chevron, ExxonMobil, and CNPC, future discoveries could broaden activity well beyond Petrobras in the region.

At the same time, Petrobras continues to advance its regional exploratory strategy, recently announcing another deepwater gas discovery in offshore Colombia. While this development highlights the growing potential of South American offshore basin, Petrobras' strategic focus and investment plans remains firmly centered on Brazil.

The company continues to execute a long-term strategy across its key basins, maintaining a balanced exploratory portfolio without compromising the priority of its Brazilian projects. In our view, this supports a sustained level of offshore activity in Brazil and reinforce a stable outlook for the local market.

Activity beyond Petrobras is also building. Equinor has begun its six-well Raia campaign, targeting first production in 2028.

Brava Energia has started an integrated Papa-Terra and Atlanta campaign with our rig, Lone Star, covering four new wells, a direct demonstration of private market demand for our assets. On the exploratory front, BP's Bumerangue discovery in the Campos Basin is one of its most significant recent deepwater finds, reinforcing a growing pipeline of future demand.

Beyond Brazil, activity continues to expand in other key offshore markets. Guyana and Suriname remain important growth markets, while India is emerging as an attractive offshore basin supported by recent tenders and development plans.

As these markets compete for the same pool of drilling units, we expect the global supply-demand balance to remain supportive of high fleet utilization and healthy dayrates, while expanding the range of contracting opportunities available. Overall, available capacity continues to be absorbed, customers are planning further ahead to secure drilling capacity, and we believe these dynamics position the offshore market for sustained activity over the coming years.

Now, moving to our fleet status. Operationally, the transition cycle we discussed over the last several quarters is now fully behind us.

During the first half of the year, our fleet delivered an outstanding 99% of uptime, one of the strongest operational performance in Constellation's history. This is direct result of the more than $300 million invested across our fleet over the past 2 years, validating our strategy, the quality of our engineering capabilities, and the efficiency of running the entire fleet from a single hub.

It is also worth highlighting that Petrobras continues to rank Constellation as the top performer in its Sondópolis benchmark, reinforcing our operational excellence and supporting superior backlog conversion into revenue and cash flows. Contract coverage remains among the strongest in the industry, with approximately 95% of available days secured for 2026, 76% for 2027, and 65% for 2028.

Combined with a backlog of approximately $2.5 billion, this provides excellent visibility for earnings and cash generation. For the remainder of 2026, our fleet is fully contracted, with the exception of Atlantic Star.

The rig successfully completed its campaign with Karoon Energy at the end of July, and it is now being demobilized for stacking. Atlantic Star has a highly competitive cost profile, both while operating and stacked.

As a moored rig, it also provides access to a distinct market segment. Based on our current market view, Atlantic is the only rig of its type available in the region to work in shallow water fields.

This give us meaningful commercial upside if we convert one of the opportunities we are currently pursuing, while the rig's low stacking costs limits the downside during the idle period. Consistent with our guidance, we expect Atlantic to remain stacked for the rest of 2026 as we continue to pursue commercial opportunities for 2027.

Within our ultra-deepwater fleet, Lone Star is the only rig that remains available for 2027, and we continue to see strong demand for its capabilities. We believe the rig is well-positioned to compete for a wide range of opportunities, and we remain confident in our ability to secure additional backlog at sustainable economics for 2027 and beyond.

Regarding our managed fleet, Tidal Action and Laguna 511 have consistently exceeded our expectations since day one. Both rigs were mobilized, accepted by Petrobras, and brought to full performance in record time.

Since then, they have continued to deliver results above our expectations, driven by operational excellence, strong cost discipline, and the strength of our operating model. These achievements also reflect the quality of our partnerships and our ability to scale through a disciplined light asset strategy when the right opportunities emerge.

On the corporate front, we also achieved an important milestone after quarter end with the refinance of our capital structure through the issuance of our new 2033 senior secured notes. We are very pleased with the successful pricing of these 7-year notes, a transaction that extends the maturity and reduced the cost of our debt.

It reinforce our commitment to a financial discipline and to the continued deleveraging of our balance sheet, a positive outcome for debt and equity investors. Daniel will discuss the transaction in great detail shortly.

Looking at where we stand today, Constellation enters the second half of the year from a position of strength. We have completed our fleet transition cycle, and we continue to deliver strong operational performance.

We maintain one of the strongest contract coverage profiles in the industry and operate in a market supported by solid, long-term fundamentals. With contracts repriced, the financing complete, and shareholder distributions underway, the company is very well positioned to deliver another year of solid financial and operational performance.

Before passing the torch to Daniel, let me briefly address some of the recent market noise around Petrobras' rig demand for next year. We are not currently in negotiations with Petrobras regarding our contracts, and our existing signed contracts remain fully in place and unchanged.

Importantly, we have no new contracts starting next year with Petrobras. All our 2027 contracts are extensions of rigs already in operation, we are not exposed to any start-up postponement.

Termination provisions remain unchanged and are essentially linked to performance, and with our 99% uptime in the first half of the year and the number one ranking position in Petrobras' Sondópolis, we remain well clear of those triggers. With the highest contract coverage among our peers through 2027 and 2028, if any upcoming discussions are arise, we would engage from a position of strength.

With that, I'll hand the call over to Daniel.

Thank you, Rodrigo. I'll now walk you through our financial performance for the second quarter.

Net operating revenue totaled $252 million, an increase of $113 million compared to the same period last year. Other than the outstanding uptime delivered by the fleet during the quarter, the main drivers were the addition of managed fleet operations contributing a combined $27 million, as neither of the rigs was operating in the prior-year period; Lone Star contributing $23 million of incremental revenue under its new contract with Brava Energia; and Amaralina Star and Laguna Star contributing approximately $22 million and $21 million, respectively, following the commencement of their new Petrobras contracts at higher dayrates; Atlantic Star contributing approximately $9 million from its contract with Karoon; and a positive $10 million FX impact, reflecting the appreciation of the Brazilian real against the US dollar, with the average exchange rate strengthening from 5.67 reais in second quarter '25 to 5.05 reais in second quarter '26.

On costs, contract drilling expenses, excluding depreciation, totaled $116 million in second quarter '26, up $40 million year-over-year. This increase was mainly explained by $22 million of reimbursable costs related to the managed units, Tidal Action and Admarine 511, neither of which were operating in the comparable period; a $11 million increase in payroll related to charges and benefits, mainly reflecting the appreciation of the Brazilian real against the US dollar, inflation adjustments, and higher short-term incentive provisions, reflecting the company's strong operating and financial performance during the period; and a $7 million increase in operating expenses, mainly related to the start of new Petrobras contracts, which required a higher level of additional services.

On a first-half basis, G&A totaled approximately $21 million, up $4 million year-over-year. Most of the increase was driven by payroll-related charges and benefits, which is in line with the opex variation and driven mainly by the appreciation of the Brazilian real and the incentive programs to employees.

Adjusted EBITDA reached $126 million in second quarter '26 with a 50% margin, up from $55 million and a 40% margin in second quarter '25, an increase of approximately $72 million year-over-year, more than doubling the prior-year level. In the first half of the year, adjusted EBITDA reached $224 million with a 49% margin.

These results reflect higher dayrates, strong fleet uptime, and contributions from managed fleet operations, combined with continued cost discipline. Net financial expenses totaled $60 million in the quarter, an increase of approximately $52 million compared to second quarter '25.

This increase was primarily driven by $50 million related to warrant provisions associated with the trigger of the liquidity event, as well $16 million in bond interest expenses. These impacts were partially offset by $9 million in financial income, mainly comprising gains on our FX hedge program, interest earned on short-term investments, and sub-lease income.

Taxes totaled approximately $9 million compared to $4 million in the prior year, mainly reflecting higher profitability and taxable income in Brazil. At the bottom line, net profit was $1 million in the quarter.

It is worth noting that this figure was impacted by one-off non-cash provision of $50 million related to the warrants. Excluding this effect, adjusted net profit reached $51 million in the quarter.

The warrants date back to our emergence from the 2022 restructuring and were designed to incentivize our legacy shareholders to approve the plan, offering them upside should a qualified liquidity event occur. That event, which I will address in more detail later, took place in mid-August, triggering the exercise of the warrants.

It marks how far we have come since 2022, delivering value to our shareholders. For the third quarter, the provisioned warrant liability is being settled via the issuance of common shares.

Regarding our first-half results, we are pleased with our performance so far this year, which has come in above our initial expectations. At this stage, we are maintaining our full-year guidance, taking a prudent approach as we head into the second half of the year.

This also reflects the previously communicated Atlantic Star stacking period, which remains fully incorporated in our outlook. That said, we are confident in our ability to continue delivering strong results, and we will provide the market with more detail as our visibility for the remainder of the year continues to improve.

Now moving to cash. Cash flow provided by operating activities totaled $134 million in the first half of '26 compared to $110 million in the prior year.

The period benefited from the collection of the Amaralina Star mobilization fee of $39 million, partially offset by other net working capital movements, including the deferral of the Gold Star collection, which has impacted $16 million in accounts receivable; $18 million in trade and other payables, primarily related to capex accrued in fourth quarter '25 and paid in first half '26; approximately $17 million of client retentions and reimbursements recorded in other current assets, which are expected to be collected in the second half of the year. Regarding the working capital effect of the Gold Star collection deferral, we are at an advanced stage of the structuring of a factoring facility.

The facility is meant to provide optionality should the need arise. The decision to use will take into account our commitment to meeting all cash obligations, while maintaining the level of net leverage within the limits of our financial framework.

Capital expenditures totaled $24 million in the quarter, primarily related to $10 million for Amaralina Star, associated with its upgrades to the new Petrobras contract; and $6 million for Lone Star, associated with the life-cycle work performed during its transition to the current contract with Brava Energia. The remaining capex was deployed across the fleet and mainly related to the maintenance activities and condition-based maintenance.

Cash flows used in financing activities totaled approximately $80 million in the first half compared with $31 million in the prior year. The increase mainly reflected $50 million in shareholder distributions paid in two equal installments in May and June, while the $30 million semi-annual bond coupon payment remained broadly stable year-over-year.

Cash and short-term investments closed at $226 million as of June 30th, broadly stable versus year-end 2025. Total debt was essentially flat at $647 million, while net debt reached $422 million, up 0.9% versus year-end.

Importantly, despite a slight increase in net debt, our net leverage ratio declined to 1.2 times from 1.8 time at year-end 2025, supported by the substantial improvement in the last 12-month adjusted EBITDA. This reinforces our deleveraging trajectory, despite the shareholder distributions made during the first half of the year.

Just before opening the line for questions, I would like to update you on our latest developments. First, we successfully issued $650 million of senior secured notes due in 2033 with a 7.7% coupon, with the transaction settled early this month.

Investors' reception was exceptional, with demand more than 3.7 times the offering size, allowing us to attract a high-quality institutional investor base. The refinancing extends our debt maturity profile, reduces annual principal amortization from originally $75 million to now $50 million, and lowers annual cash interest expense by approximately $11 million.

In 2026, it is expected to reduce debt service by more than $40 million, net of transaction costs and the premium paid to repurchase the 2029 notes. The transaction also introduced a more flexible covenant package, while maintaining scheduled amortization and supporting our commitment with continued deleveraging.

The 2033 notes were rated B+ by both S&P and Fitch, the latter following a one-notch upgrade both on our corporate and issuance ratings, further validating the company's continued deleveraging and improving credit profile. Combined with our recent uplisting in the Oslo Børs main market, we believe these developments represent another important step in Constellation's capital market evolution, strengthening our access to long-term investors while reducing our overall cost of capital.

On distributions, our $100 million program remains our baseline commitment for 2026. As announced yesterday, the third tranche of this year's dividend program is now trading ex-dividend at approximately 29.6 US dollar cents per share and is payable in September 2026.

Following the issuance of additional shares by company just announced today, and applying yesterday's announced dividend per share to the increased number of shares outstanding, the total cash distribution for this tranche is now expected to be approximately $26 million. We remain confident in our strategy to grow shareholder distributions as we continue generating strong cash flow, deleveraging the balance sheet, and reinforcing the sustainability of our dividend program.

With all three pillars progressing well, we expect to be in a position to confirm a step-up in distributions later this year. As previously disclosed in our uplisting prospectus, the company structured a management incentive plan and warrants back at the time of our 2022 restructuring, designed to activate once we reached a qualified liquidity event.

On August 17th, we announced in a press release that this threshold has been reached, following a series of block trades that together surpassed 20% of company's outstanding shares after our uplisting. This activated the MIP and entitled warrant holders to exercise their outstanding warrants.

We are proud to reach this milestone, which has been highly anticipated since the restructuring and reflects the successful recovery of the company over the past few years. For more details on the settlement of the MIP and the warrants, please refer to the press release available on our IR website.

To conclude, I would just like to thank our teams today strong execution behind our uplisting and refinancing this year and our crews and operation teams for the fantastic uptime they continue to deliver across the fleet. Their work is what allow us to keep improving our financial results and to create even greater potential for returns to our shareholders.

Our focus remain unchanged: safe and disciplined execution, financial rigor, and consistent delivery. With that, I'll turn the call over to the operator so we can begin the Q&A session.

Thank you.

There have been recent news items that Petrobras has approached rig owners to look at the potential to delay contract start-ups that would otherwise commence in 2026 and 2027. Today's reports show no change to the Brava Star start-up, which would have been the one rig that would fit the description on your end.

Can you comment on whether such discussions with Petrobras have taken place? If so, should we expect any changes to your fleet schedule?

Hi, Fredrik, this is Rodrigo here. Thank you very much for your question.

I I must start the Q&A today emphasizing our performance on the on the quarter and on the on the six months of the year. It's really amazing to see our fleet performing with 99% of uptime.

This is incredible, even considering the basically no downtime allowance that we have for most of our contracts with Petrobras. This certainly create a positive wave of improving even more the great relationship that we have with with our main clients here.

We are prepared to capture the value on on that. I think we I I I made it clear on my prepared remarks that in general, we we do not comment on any market speculation or or even bilateral commercial discussions with with our clients.

Considering the the number of comments on this topic, I want to make it very clear that we are not in any renegotiations with Petrobras and going straight to your question, you shouldn't expect any change on our fleet schedule due to those renegotiations. Of course, I have to to mention that is part of our regular work to be always in discussions with our clients, seeing what is next, exploring opportunities for the future.

This is part of our day-to-day process. There is nothing like the Renecon that we concluded a few months ago with Petrobras.

We are not engaged on on on any formal discussions for renegotiations. By saying that, I I also want to emphasize that we have concluded our rig transitions.

All the rigs are already on in in ongoing contract operations, with the new contracts performing very well. We have no new contracts starting with Petrobras from now to 2027 and even even reducing any possibility of speculation on new contracts as well.

We we remain very confident with the the Petrobras plan. They have a robust pipeline in front of them in all the spectrums, on on the P&A campaign, also on the workovers, on the drilling projects that they have ahead of them, considering the number of FPSOs.

Now, the very positive news that we were expecting for many years in Brazil regarding to the confirmation of oil discovery in the Brazilian side of the Equatorial Margin. This is great news for all of us, especially the incumbent rig operators in in in Brazil.

For us that we are already starting our preparation to mobilize Amaralina Star for the region, it's a it's the the best we could expect for the future as well. Keep following our plans and we'll we'll have no change due to any renegotiation with Petrobras.

Something I would like to just highlight, as I see more questions coming about this topic that has been quite a hot topic in the industry recently, I think super important to just re-emphasize what Rodrigo said. No impact expected for Constellation.

Although we are not in a position to comment how this is being treated by Petrobras or with other players and as the industry in general, it's super important just to emphasize our position in which we believe that due to the fact that we have all of our contracts already commenced, and we are operating at a 99% uptime, we do not have any impact coming for Constellation on that front, although how this is being given to the market and how the this could affect others, would leave for others to comment. Not much that we can add on that front.

I have questions on three of your semis. Have there been any progress on potential factoring agreements for the Gold Star?

Two, you say in the report that the Atlantic Star will be stacked for the remainder of 2026. Do you see any potential work for her in 2027?

Number three, and for the Lone Star, are you in discussions to extend or re-contract the rig for the remainder of the year and beyond?

Hey, Fredrik. Thanks again for another question.

I'll get started here with the factoring and I'll pass it to Rodrigo to go through the other market questions. Regarding to the factoring, I would just start by giving you a pretty high level of confidence regarding the structure, in which we already have a bank provider that is fully aligned in order to execute the factoring at the time that we would be ready for.

Just important to remember that we've had recent refinancing effort, which was really considerable in many fronts. One, really management together with the banks and being involved in that transaction that consumed and required a lot of our attention.

Second as well, this changes completely the documentation with the indenture that we have to do with the factoring. Before it was a more complex and lengthy process that we would have to get the factoring on the prior indenture.

By having refinanced the debt, this will be way simpler, although we have to go back to square zero with Petrobras on all of the documentation. This is not negative at all.

It's just part of a process in which we have to now deal with the Petrobras bureaucracy again, in which we are already in advanced phase, and we will be ready really soon to be able to execute the factoring as we kind of planned for and how we put it out to the market in second quarter saying that we would be ready by year-end to be executing this factoring. I just reassure our high level of confidence, and we are in process of having that.

We should come with more news and communicate to the market once we are ready, and then going to be a matter of optionality. The company will opt for the best timing in order to be discounting and selling the receivables that we have outstanding.

Right now, in the Q2 figures, as we highlighted in the script and the prepared remarks, we have $16 million outstanding that we would have collected that would be contributing to our working capital. We should expect this number to keep growing up to the time that we execute the factoring later on in the year.

Yeah. No, and, Fredrik, Rodrigo here.

I will continue with your follow-ups in in terms of the the fleet, Atlantic and and Lone Star. I think it's important to start mentioning that now that we have all the transitions concluded, myself, Thiago, we and the the marketing team, we we we are very focused on Atlantic and Lone.

Those are proper questions. I want to start by saying that we are very pleased with the Atlantic Star performance this year, generating the cash flow that fully explain and underpins all decisions to maintain the rig with with our fleet and and pursuing the next contracts.

We we in our forecast indicates that Atlantic Star will generate approximately $22 million on on free cash flow in 2026, even assuming the rig will remain stacked from from July to to through December. It's a it's what we expect.

By saying that, I want to reinforce that we remain pragmatic with the with the capital allocation for these rigs, and our commitment is remain exactly the same that we have communicating to the market, not allowing the rig to burn the company's cash. We have constructive discussions that are currently under underway that can indicate projects for the for the rigs in the future.

As I as I mentioned, we'll we'll be very selective pursuing projects that will not need to invest heavy amount of capex on on the rig, and and allocating the rig where it makes sense. As also as important factor, as we demobilized the rig to a shipyard here in Guanabara Bay, and prepared the the all the preservation process for the rig, we can see that what we have envision in our plans that indicate Atlantic has a low-cost and resilient cost composition for the stacking period is being proven.

We are able to do what we are supposed to do with the in in the range that the investment that we designed for confirming all these that I'm sharing with you. Indications are in line with our plans, and we will continue to work with Atlantic as a potential upside, but of course always protecting the the the downside.

We we are not in a position to mention a next project for the rig now, but we are confirming all our indications from the past that you all should look to Atlantic as potential upside only, and we have been very conservative with the way that we are positioning the rig in our fleet. Lone Star is a different story, right?

We are the only company with the focus that we are putting for many years on the independent market in Brazil. This is a market that never frustrated us since we decide to allocate one of our DP rigs for the independent market in Brazil.

Lone is currently operating for Brava Energia, performing well, advancing the project there for their campaign, and is effectively effectively the the only DP rig with a availa- clear availability for 2027 here in Brazil. Certainly, we can be continue to be very competitive with with these rigs, and we are currently working with three opportunities that we can't we can't comment for the rig that could add backlog for 2027 and 2028.

That continues to be the plan. We will maintain the rig active and and operating, and the focus will continue to be the the independent market.

Congratulations on the results. From what we can see, the company is already delivering leverage below the 2026 target and will very likely be below 1 time by year-end.

What are the expectations regarding a possible change in targets and a potential extraordinary dividend payment in the short term?

Next question: You expect to confirm a step-up in distributions later this year. Does that mean an increased quarterly payment during '26 or an announcement for '27?

What will determine the size of the increase? First-half adjusted EBITDA reached $223.5 million, meaning only around $161.5 million is required in H2 to reach the top of guidance.

With Atlantic Star stacking already assumed, what prevents you from raising guidance?

Hey, guys, thanks for the questions. I see that there are more questions on the same topic, we'll try to get all of them answered here by giving you a little bit more details on guidance.

As well, drive this as a segue within the impact on potential step-up on dividends, that as I already mentioned in the remarks, we expect to be lifting later this year. First with the guidance, very important to say how pleased we are with the first half of 2026, in which we had 99% uptime, which certainly keeps being our target to keep up at that level, and certainly is something that is higher than the expectations.

Keep delivering at that level will allow us to beat the guidance. It's just not something that we are in a position at this stage to already be lifting the guidance.

We will continue being conservative, as we have as we already indicated Atlantic Star idle in the second half of the year. We feel pretty good about the cost dynamics and the overall cost discipline that we have across the company and being able to keep this in the second half of the year as well.

There's another dynamic that we also have to continue making progress before giving any confirmation. Yes, we believe we have the ability to beat this guidance, to deliver on the upper range or to beat it.

It's just not something that we are providing a very specific guidance at this stage. We'll keep monitoring that, and as we keep up with our IR activities with the overall investor community, we'll keep informing our progress as we get into the third quarter, and hopefully soon we'll be able to provide more color on that.

With that, great results on the first half and with really high expectations on being able to deliver on the higher range of the guidance or beating guidance, it's something that we had communicated at the beginning of the year as well that the $100 million dividend was our baseline. That at a proper timing, we would have our board assessing what would be the step-up on the dividends, which I can indicate that we expect to take place in the upcoming weeks or months as we get together with our board, and we will be discussing what exactly should be the step-up to still happen by the end of this year.

There is more to come on that. We understand that there is a lot of anxiety and speculation in the market regarding on exactly the amount.

At this stage, I would just confirm the strategy remains exactly as we communicated at the beginning of the year, is to make sure that the company executes well, keep generating more cash, and to add on top of that, which I think is really good point to reflect as well, is the refinancing that we completed ahead of time, with a really good result for the company, giving us even greater flexibility, which certainly comes at a really good timing for the discussions that we'll be having in the upcoming weeks in order to confirm the step-up that we'll have for later this year. Once again, we'll be confirming this at a proper timing, and we will be communicating to the market on this both, the guidance increase, potentially, within the second half, and with a step-up on dividends is still to happen this year.

Question one: Are you bidding on the Equatorial Margin? Do any of your units need upgrades to qualify?

Second question: Is there any expectation of a Petrobras tender later this year? If so, how many contracts do you believe will be offered?

Question number three: Last quarter, you said Petrobras has replenished its rig demand for '26 and '27, and that the next tender would most likely kick off in Q4 2026 or Q1 '27 for '28 requirements. Do you still see that the timeline as likely given the recent news related to Petrobras?

If so, Laguna Star contract runs to around mid-'28, it sits right in that window. Do you see Laguna being discussed as part of that process and potentially securing continued work that populates the 2028 and beyond backlog?

Hello. Thank you very much, Luis, Daniel, and Alberto for the questions.

Thiago here. To the first question, if you're bidding in the Equatorial Margin, well, what we can say is that we already have one of our rigs, the Amaralina Star, selected to work in this region.

This was a process that took part a couple of years ago, and the unit is already upgraded and and been made ready to work in the region. As you are aware, as of today, there is a rig from a competitor working up in the north region.

We anticipate that this replacement may take place somewhere next year. What we're doing right now is planning together with the client the timing for the next wells to be drilled in the region once the environmental license is approved.

This rig has a set of upgrades in place. We need MPD, we need riser fairings, and and some extension of services like two highly capable ROVs.

Everything is is been ready for the the next wave of wells to be drilled in the region. As public news, you know that the business plan from Petrobras forecasts about 15 wells to be drilled in in the region over the next 5 years.

We see as very encouraging the recent news associated to the discovery in the region, it may trigger certainly additional appraisal and and activity within those blocks. Other than that, related to the timing of Petrobras coming to the market, as as per Alberto's question, we we keep the same view.

The the biggest and comprehensive renegotiation of contracts, which took place last year and was executed 1st of April this year, was mainly focused on the on '26 and and '27. We see that there are units coming out of contract in '28, at least five rigs in in Brazil.

Petrobras is potentially coming to the market late this year, early next year in order to re-contract this capacity. We see that, although fleet is flattening in in in Brazil, there is space for re-contracting those rigs from '28 onwards.

The number of rigs to be contracted is still unclear. It depends on some variables within Petrobras on on where those rigs should be allocated.

There is dependency on exploration and and results of ongoing activity. Again, and and and certainly, the recent news are quite constructive on building up demand in in the country and and securing continuity for for the Brazilian fleet.

On the MPD installation for Brava Star, which starts in the first quarter of 2027 on a rig already in operation, could you give any more color on the expected cost and potential out of service time?

Alberto, this is Rodrigo here. Thank you for for your question.

The the MPD specification for Brava Star was part of the legacy Renecon negotiations with with Petrobras. This is actually the only real capex that we have to invest on on on our fleet in in in an exchange of the of the whole package of the negotiations and and $1 billion of additional backlog that we concluded with with with Petrobras.

No, there is no out of services time planned for the rig to install the MPD, basically due to two main things: this rig had already worked with with MPD in the past, it's pretty much MPD-ready and and the adequacies that we have to do for a full MPD is is relatively simple simple and and much simpler than a rig that have never never worked with with the with this system. Number two, we had negotiated a a window of a standby with the rig continue to receive revenues from from from the client to execute this scope of work that is missing on on the rig.

Due to those two points, we have no out of services expected for the rig. In terms of investment, it's I think we have mentioned before, it's around $20 million, and most of them most of this investment will be post this year as well.

That that's the the MPD case. As as Thiago mentioned before, I think this is the this will be the second rig with the MPD, because Amaralina Star that is being mobilized for the Equatorial Margin also will have this provision, and this is also part of the capex that we are disclosing this year in terms of adequacy of the rig for the for the next contract.

You expect Petrobras to release rigs while private operators absorb capacity. How confident are you that non-Petrobras demand can absorb those units without pressuring Brazilian dayrates?

Thank you for the question. A very good opportunity to explore the market beyond Petrobras in in Brazil.

I believe that certainly we can see a strong presence not only from private operators, but from IOCs in the region, a very good comeback from BP, as well Shell with opportunities and and a strong campaign, Equinor as well. I would say that we cannot only think about independents, but also consider how the IOCs have been spending in in the region.

We also saw that on recent auctions from ANP and on the bid rounds, there was acreage acquired in in very key regions as the Foz do Amazonas with the presence of Exxon, Chevron as well coming back, and also in the south of Brazil. Certainly, we are we are confident that there will be demand for rigs outside of Petrobras.

We saw over the Renecon that the reduction of the Petrobras fleet was mainly taking place towards '26 and '27. This and and it's minor, there's not as many rigs getting out of contract.

Some of those rigs already demobilized outside of Brazil and are operating in in other geographies. Apart from that, certainly there is there are the independent operators in Brazil, which are also demanding activity.

Timing for, instance, for '28 onwards is quite it's quite positive for the independent operators as well. That said, we are we are certainly confident.

With regards to dayrates, I I don't see any difference on on that side if compared to global dayrates. Even though we may have modifications on the national market, the dayrates are somehow globally affected.

If rates are being pressured in any specific geography, the rigs can move elsewhere. This would be more a a global behavior than than an individual behavior in Brazil.

I just want to give a big thank you for our teams. We have very competent, committed, and motivated team to not only continue to deliver what we are guiding, but also to look for ways for the company to to grow.

I thank you all for joining us today and for your continued interest on on Constellation. We really appreciate your support and we look forward to speaking with all of you again in the next quarter.

If you have any additional questions, don't hesitate to contact our IR teams, and I hope you have a great day. Thank you.