Q1 Adjusted EBITDA Doubles to $97M, Fleet Uptime 99%, $1.1B Backlog
PBRA•PBRA’s Q1 adjusted EBITDA jumped to $97 million—over double last year—with 99% fleet uptime, $1.1 billion added to backlog and uplisting to Oslo’s main market. Baker Hughes secured two multi-year Equinor extensions in the North Sea and Brazil’s Santos Basin with a Buy rating and $74 average price target.
1. Q1 Adjusted EBITDA Surges
PBRA reported Q1 2026 adjusted EBITDA of $97 million, more than doubling its year-ago figure, while achieving 99% fleet uptime. Current contracts are priced roughly 50% above legacy levels, and a renegotiated agreement with Petrobras added $1.1 billion to the firm’s backlog ahead of its uplisting to Oslo’s main market.
2. Cash Flow and CapEx Trends
Operating cash flow declined to $29 million from $33 million in Q1 2025, attributed to timing differences, while capital expenditures remained elevated at $43 million due to contract transitions. Management maintained conservative full-year EBITDA guidance despite first-quarter outperformance, citing prudent planning for the second half.
3. Baker Hughes Equinor Contract Extensions
Baker Hughes locked in two multi-year extensions with Equinor to support offshore production in the North Sea and Brazil’s Santos Basin. The contract wins coincide with a Buy rating and a $74 average price target, although momentum indicators point to a potential cooling in upside.
