Foresea Reports its 2023 First Semester Results, the first one as a Pure Drilling Company

LUXEMBOURG, Sept. 18, 2023 /PRNewswire/ — 

  • Launch of Foresea, on June 7, 2023. A leading company in the drilling market in Brazil, a pure-play drilling company, created from the restructuring of Ocyan’s drilling unit
  • Firm backlog of USD 1.3 billion at the end of June 2023
  • Addition of USD 450 million from Norbe VIII’s new contract awarded this month
  • Total contract drilling revenues of USD 176 million in the first half of 2023
  • EBITDA of USD 45 million with an EBITDA margin of 25.5%
  • Total debt reduction of USD 2.5 billion
  • Revenue efficiency: 96.5% in the first semester of 2023
  • Solid financial position, with Net Debt/ EBITDA1 ratio of 1.1x

Financial Highlights

thousands of U.S. dollars

H1 2023

H1 2022










EBITDA Margin (%)

25.50 %

46.3 %

Operating Income (loss)



Net Debt



“I’m proud to be part of the birth of Foresea, a leading offshore drilling company operating in Brazil, that benefits from excellence in operations and the highest safety standards and enjoys a very healthy balance sheet position,” said Rogerio Ibrahim, President and Chief Executive Officer. He added, “In the first months of operations we delivered a strong operational performance, achieving operational efficiency of 98.7%. We also just finished ODN I’s special periodic survey and it is now ready to start a new 3-years contract with Petrobras from October this year.”

“I’m also glad to announce that Norbe VIII was awarded a new 3-year contract with Petrobras at better prevailing rates. This new contract will add approximately $450 million to our current firm backlog. We now have our fleet fully contract until the end of 2024.”

“We see strong demand both locally and internationally, with longer contracts being sought by customers, especially here in Brazil, also in an environment with much more healthy rates.”

Ibrahim concluded, “Foresea is in a very good position, both operationally and financially, to enjoy the positive moment for the offshore drilling market. The company is ready to continue delivering the exceptional operational results and to take full advantage of the longer upcycle we are foreseeing.”

First Semester Results

Contract drilling revenues for the first semester of 2023 totaled USD 176 million.

Revenues efficiency was 96.5% in the first semester of 2023 and marketed fleet utilization rate was 100%, and total utilization rate was 92.3%, mainly impacted by the 10-years SPS taken by ODN I from end of April until the moment and ODN II earning standby rate of 90% during the first 6 months of 2023. Average day rate was approximately $ 235k/day in 1H23.

Total operating costs this semester were 131 million dollars. This implies an average operational cost of our fleet of approximately 130 thousand dollars per day.

EBITDA was $ 45 million in the first six months, translating into a 25.5% EBITDA margin.

In the context of the financial restructuring, we registered in the first semester a loss on impairment in the 5 drilling rigs in the total amount of US$ 1,131 million.

Foresea’s total debt, as recorded on the company’s balance sheet as of June 30, 2023 was $273.6 million. This is a result from the financial restructuring where: (i) previous issued bonds (Bond 21 and Bond 22) were exchanged for cash, company equity or convertible notes (a proxy to equity), resulting in $ 1,453.7 million of debt being written off; and (ii) New Notes of $ 300 million were issued with a 7-year maturity and interest rates of 7.5% p.a.. The convertible notes can be exchanged into equity at any moment as requested by the bold holder or can be mandatory exchanged upon the occurrence of a change of control or if the company conducts a public offering of shares (IPO).

Operational Highlights

Foresea’s rigs presented, once again, excellent operational results, with operational uptime of 98.7% in the first six months of 2023. We were, for the third consecutive time and since the program was created, Petrobras’s number one rig supplier on its Client Operational Excellence Program Audit performance indicator, which takes into account six management parameters: Human Resources, Suppliers, Assets, Integration, Security, Environment and Health.

Conference Call

An online replay of the 1H23 earnings conference call held on September 15 is available on

For additional information, visit

About Foresea

Foresea is a leading offshore drilling company, focusing on offering solutions in offshore drilling, with expertise and excellence in chartering and operating rigs for ultra-deep waters. Foresea operates a high-quality rig fleet of 4 UDW drillships, a semisubmersible and provides operation and management services to third parties’ fleet.

With experience, state-of-the-art technology and a commitment to safety and sustainability, we are always innovating when chartering and operating platforms and ships. Additional information on Foresea is available at

Forward-Looking Statements

This document contains forward-looking financial projections for Foresea Holding S.A. as of June 30, 2023. These statements could contain words such as terms “assumes”, “projects”, “forecasts”, “estimates”, “expects”, “anticipates”, “believes”, “plans”, “intends”, “may”, “might”, “will”, “would”, “can”, “could”, “should”, “possible”, “if,” or other similar expressions. Forward-looking statements are based on management’s current expectations and assumptions regarding future economic conditions, market trends, and the execution of our business strategy, including, but not limited to, any statement that may project, indicate or imply performance or achievements, Please be aware that these forward-looking financial projections are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict, and factors beyond our control, which may cause actual results to differ materially from what is projected and should be considered as estimates only.

We undertake no obligation to update or revise these forward-looking financial projections, whether as a result of new information, future events, or otherwise.

Investors and stakeholders are advised to exercise caution and not to place undue reliance on these forward-looking statements. Actual results may vary, and the company assumes no obligation to provide updates or revisions beyond what is legally required.

1 Annualized 1H23 EBITDA

SOURCE Foresea