Constellation Oil Services reported during its third-quarter 2025 earnings call that the semi-submersible Atlantic Star is set for a new assignment following the signing of a letter of intent (LOI) with Karoon Energy.
The Atlantic Star, introduced in 1997 and currently under contract with Petrobras until January 2026, is being lined up for deployment in the Santos Basin. Constellation chief executive Rodrigo Ribeiro explained that Karoon intends to use the unit for a shallow-water heavy workover on one of its producing wells. Karoon had earlier disclosed in August that it needed a rig to intervene on well SPS-92 after an electrical submersible pump failure.
The planned campaign, located at the Karoon-operated Bauna field, carries an estimated value of $25 million. Operations are expected to begin in April 2026 and continue for 77 days, corresponding to a dayrate of roughly $325,000.
Ribeiro noted that the LOI could represent the Atlantic Star’s first job outside Petrobras in many years, linking the development to opportunities emerging from Petrobras’ divestment of mature assets to independent companies.
Constellation’s quarterly results showed a $14.3 million net loss, compared with a $2.5 million profit a year earlier, while net revenues stood at $135.6 million. By September 2025, the company’s backlog reached $1.9 billion, equivalent to 19 rig years.
