Vedder Price is pleased to announce that it represented Constellation Oil Services in connection with new drillship contracts that have been awarded by Petróleo Brasileiro, a state-owned energy company of Brazil.

Constellation and Petrobras signed contracts for the deployment of two ultra-deepwater rigs as part of the transaction. The contracts involve the Laguna Star, part of Constellation’s fleet, and Tidal Action, a newbuild rig that is constructed at the Hanwha Ocean shipyard in South Korea to be managed by Constellation. In total, the value of the contracts amounts to approximately $1 billion, which includes all mobilization fees, extension options and additional services requested by Petrobras.

The Vedder Price Global Transportation Finance team included Shareholder Hoyoon Nam and Associate Erin Gormley in New York, Partner Dylan Potter and Associate Niovi Antoniou in London and Associate Kris Podkonski in Singapore.