Hamilton, Bermuda, February 27, 2026 - Paratus Energy Services Ltd. (ticker
PLSV) (“Paratus” or the “Company”) today reported operational and financial
results for the fourth quarter and full-year 2025, highlighted by $115 million
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(FY 2025: $452 million) in combined segment revenues and $69 million (FY 2025:
$261 million) in adjusted EBITDA. The Company and its consolidated subsidiaries
and ownership in Joint Ventures (the “Group”) ended the quarter with $204
million in cash and a net debt balance of $581 million.
Paratus is pleased to announce that its Board of Directors (the “Board”) has
authorized a quarterly cash distribution of $0.22 per share for Q4 2025,
consistent with prior quarters.
“We closed 2025 with strong performance, meaningful cash collections in Mexico,
and continued shareholder returns,” said Robert Jensen, CEO of Paratus. “With
solid cash generation from Seagems, we are well positioned to execute on our
strategic priorities and maximize long-term shareholder value.”
Q4 and full-year 2025 highlights, including notable post-quarter developments:
· Achieved full-year fleet utilization of approximately 99%, with financial
results exceeding initial full-year guidance.
· Combined full-year segment revenues were $452 million while adjusted EBITDA
grew 4% to $261 million.
· Collected $356 million in Mexico, including $209 million through a
receivable monetization agreement.
· Simplified Group structure through sale of its 24% Archer stake, unlocking
$48 million of cash, of which $18 million was applied toward debt reduction.
· Delivered $168 million of capital returns to shareholders through cash
distributions and share buybacks
· Successfully completed acceptance testing across PLSV fleet, with all
vessels contracted with Petrobras at materially higher dayrates by year-end
2025.
· Reported Q4 2025 combined segment revenue of $115 million and adjusted
EBITDA of $69 million.
· Ended the year with $204 million in Group cash and $581 million in net debt.
· Post Q4, declared a $0.22 per share quarterly dividend for Q4 2025,
consistent with previous quarters.
Fontis
Fontis reported contract revenues of $41.8 million (Q3 2025: $54.8 million).
Revenues in the prior quarter included $12.1 million of variable revenue which
is only recognized until it is agreed by the customer. Operating expenses (Opex)
totaled $21.3 million, compared to $19.5 million in Q3 2025, primarily
reflecting higher year-end accruals, while general and administrative expenses
(G&A) were $0.9 million (Q3 2025: $0.5 million). Adjusted EBITDA was $19.6
million, compared with $34.8 million in Q3 2025.
During Q4 2025, Fontis achieved an average dayrate of $114 thousand per day (Q3
2025: $116 thousand per day) and maintained strong technical utilization of
99.5% (Q3 2025: 99.7%). The company’s contract backlog at quarter-end stood at
approximately $20 million (Q3 2025: approximately $56 million).
At the end of Q4 2025, the notional value of the receivable balance was $199.1
million, down from $293.1 million as of Q3 2025. During the quarter, Fontis
received $143 million in payments toward overdue invoices from its client in
Mexico, with payments made via a Mexican government investment fund. Including
these receipts, the Company collected approximately $356 million in 2025. Post
Q4, Fontis received $5 million in collections from its client.
The Company continues to actively pursue the collection of its remaining
outstanding receivables and remains committed to recovering the full amounts
due, consistent with its past practice. While the Company recognizes that the
timing of collections may continue to fluctuate, recent payments and ongoing
government support initiatives provide greater confidence that the payment cycle
is normalizing.
The Company observes continued improvement in the global jack-up market,
supported by operating and tender activity levels in key regions, particularly
in Saudi Arabia, as well as in other markets. Near-term demand for jack-ups in
Mexico in 2026 appears to be driven more by the client’s approved budgets than
by drilling activity required to maintain production, resulting in contracting
processes progressing more slowly than anticipated. Recent public statements by
the national oil company indicating a 34% year-over-year increase in total
capital expenditures, together with its stated objective to increase crude oil
production, point to the potential for improved budget availability and activity
levels over the medium-term. As of the reporting date, Oberon completed
operations in late January and has subsequently been demobilized for warm
stacking in anticipation of new work, while Defender has been awarded a two
-month contract extension. While no assurances can be provided, the Company
remains engaged in ongoing discussions with its client regarding potential
contract extensions in Mexico for Defender, Courageous and Intrepid, in direct
continuation of their existing commitments. If secured, such extensions would be
expected to maintain utilization for these rigs into the first quarter of 2027
and potentially beyond.
Titania and Oberon are currently being actively marketed for new contract
opportunities in Mexico and internationally. The Company has received several
unsolicited bids and indications of interest and is evaluating potential sale
transactions for one or both rigs. Any such transaction will be considered in
the context of broader strategic alternatives for the jack-up business as a
whole. The evaluation of potential sale transactions for Titania and Oberon, as
well as the broader review of strategic alternatives for the jack-up business,
is progressing constructively. The Company intends to conclude its assessment of
these opportunities in the near term, with the objective of determining the most
value-accretive path forward for Paratus and its stakeholders.
Seagems Joint Venture
Paratus’ 50% share in the Seagems joint venture contributed $73.5 million in
contract revenues, a modest increase from $72.6 million in the prior quarter.
Opex totaled $14.8 million (Q3 2025: $21.3 million), while G&A expenses were
$3.9 million (Q3 2025: $3.2 million). The decrease in Opex primarily reflects a
one-time presentation reclassification of certain withholding taxes from Opex to
Income tax. Adjusted EBITDA increased to $51.6 million from $44.8 million in Q3,
driven by stronger revenues and lower Opex.
The JV achieved an average dayrate of $278 thousand per day (Q3 2025: $272
thousand per day) and maintained strong technical utilization of 98% (Q3 2025:
98.4%). Seagems JV’s contract backlog at quarter-end was approximately $1.3
billion (Q3 2025: approximately $1.5 billion). In Q4 2025 the entire fleet
operated under the new Petrobras contracts.
During the quarter, the Seagems JV distributed $38.1 million to Paratus (Q3
2025: $57.8 million), bringing total distributions received in 2025 to $129
million (2024: $97.5 million).
Earlier this year, Petrobras issued a PLSV tender for start-up in 2027-28,
offering four-year contracts across five different lots with varying technical
specifications. The tender deadline is currently set for mid-April 2026, and
Seagems is well positioned to submit a bid with at least one vessel.
The Company has, in recent quarters, evaluated opportunities to expand the
Seagems business and leverage the strong operational platform it has developed.
In this context, Seagems has submitted a commercial proposal in response to a
Petrobras tender for the demobilization of flexible lines. To support this bid,
Seagems has secured access to a third-party vessel, which would be deployed in
the event of a contract award.
Webcast and Q&A Session
Paratus will host a presentation of the Q4 2025 results via an audio webcast
today at 15:00 CET. The presentation will be led by CEO Robert Jensen and CFO
Baton Haxhimehmedi.
To join the webcast, please use the following link:
https://paratusenergy.engagestream.euronext.com/2026-02-27
A Q&A session will follow the presentation, with instructions on how to submit
questions provided at the start of the session.
For further information, please contact:
Robert Jensen, CEO
Robert.Jensen@paratus-energy.com
+47 958 26 729
Baton Haxhimehmedi, CFO
Baton.Haxhimehmedi@paratus-energy.com
+47 406 39 083
This information is subject to the disclosure requirements pursuant to section 5
-12 the Norwegian Securities Trading Act.
Attachments
· Q4 2025 Interim Results Report
· Q4 2025 Interim Results Presentation
About Paratus
Paratus Energy Services Ltd. (ticker: PLSV) is an investment holding company of
a group of leading energy services companies. The Paratus Group is primarily
comprised of its ownership of Fontis Energy and a 50/50 JV interest in Seagems.
Fontis Energy is an offshore drilling company with a fleet of five high
-specification jack-up rigs in Mexico. Seagems is a leading subsea services
company, with a fleet of six multi-purpose pipe-laying support vessels in
Brazil.
Forward-Looking Statements
This release includes forward-looking statements. Such statements are generally
not historical in nature, and specifically include statements about the
Company’s and / or the Paratus Group’s (including any member of the Paratus
Group) plans, strategies, business prospects, changes and trends in its business
and the markets in which it operates. These statements are based on management’s
current plans, expectations, assumptions and beliefs concerning future events
impacting the Company and / or the Paratus Group and therefore involve a number
of risks, uncertainties and assumptions that could cause actual results to
differ materially from those expressed or implied in the forward-looking
statements, which speak only as of the date of this news release. Important
factors that could cause actual results to differ materially from those in the
forward-looking statements include, but are not limited to, management’s
reliance on third party professional advisors and operational partners and
providers, the Company’s ability (or inability) to control the operations and
governance of certain joint ventures and investment vehicles, oil and energy
services and solutions market conditions, subsea services market conditions, and
offshore drilling market conditions, the cost and timing of capital projects,
the performance of operating assets, delay in payment or disputes with
customers, the ability to successfully employ operating assets, procure or have
access to financing, ability to comply with loan covenants, liquidity and
adequacy of cash flow from operations of its subsidiaries and investments,
fluctuations in the international price of oil or alternative energy sources,
international financial, commodity or currency market conditions, including, in
each case, the impact of pandemics and related economic conditions, changes in
governmental regulations, including in connection with pandemics, that affect
the Paratus Group, increased competition in any of the industries in which the
Paratus Group operates, the impact of global economic conditions and global
health threats, including in connection with pandemics, our ability to maintain
relationships with suppliers, customers, joint venture partners, professional
advisors, operational partners and providers, employees and other third parties
and our ability to maintain adequate financing to support our business plans,
factors related to the offshore drilling, subsea services, and oil and energy
services and solutions markets, the impact of global economic conditions, our
liquidity and the adequacy of cash flows for our obligations, including the
ability of the Company’s subsidiaries and investment vehicles to pay dividends,
political and other uncertainties, the concentration of our revenues in certain
geographical jurisdictions, limitations on insurance coverage, our ability to
attract and retain skilled personnel on commercially reasonable terms, the level
of expected capital expenditures, our expected financing of such capital
expenditures, and the timing and cost of completion of capital projects,
fluctuations in interest rates or exchange rates and currency devaluations
relating to foreign or U.S. monetary policy, tax matters, changes in tax laws,
treaties and regulations, tax assessments and liabilities for tax issues, legal
and regulatory matters, customs and environmental matters, the potential impacts
on our business resulting from climate-change or greenhouse gas legislation or
regulations, the impact on our business from climate-change related physical
changes or changes in weather patterns, and the occurrence of cybersecurity
incidents, attacks or other breaches to our information technology systems,
including our rig operating systems. Consequently, no forward-looking statement
can be guaranteed.
Neither the Company nor any member of the Paratus Group undertakes any
obligation to update any forward-looking statements to reflect events or
circumstances after the date on which such statement is made or to reflect the
occurrence of unanticipated events. New factors emerge from time to time, and it
is not possible for us to predict all of these factors. Further, we cannot
assess the impact of each such factors on our businesses or the extent to which
any factor, or combination of factors, may cause actual results to be materially
different from those contained in any forward-looking statement.
Kilde
