Brazilian drilling contractor Constellation Oil Services has concluded a major financial overhaul, reducing debt by more than half and successfully exiting a four-year extrajudicial recovery period.

As a result of the restructuring, Constellation slashed its debt from nearly $2 billion to $918 million and secured a $60 million capital injection by issuing new secured notes.

“We are reorganising our capital structure. The $60 million investment will be used to modernise our rigs so we seek new growth opportunities,” Constellation chief executive Rodrigo Ribeiro told Upstream in an exclusive interview.