Tidal Action

[escveritas]

Hanwha Drilling is delighted to announce that in conjunction with our partner, Constellation Oil Services Holding S.A., we have been awarded our first contract for the Tidal Action worth approximately $500 million. The drillship is currently being reactivated in the Hanwha Ocean shipyard and will commence operations for Petrobras in the 3rd Quarter of 2025. It will be deployed to the Roncador field in the Campos Basin offshore of Brazil. This contract will be for 30 months plus some optional periods. Given the scope of work and timing, this contract is an ideal fit for the Tidal Action.

Tidal Action will be managed by our partner, Constellation. We are excited to partner with Constellation with its history of operational performance, quality people and excellent relationships with its customers.

We thank both Petrobras and Constellation for providing us with this significant milestone for Hanwha Drilling.