Hamilton, Bermuda, August 28, 2026 - Paratus Energy Services Ltd. (ticker
“PLSV”) (“Paratus” or the “Company”) today reported operational and financial
results for the second quarter of 2026, highlighted by $71 million in combined
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segment revenues and $42 million in adjusted EBITDA, from continuing operations.
The Company and its ownership in Seagems ended the quarter with $148 million in
cash and a net debt balance of $282 million (1.6x leverage) pro forma for the
Fontis transaction.
Paratus is pleased to announce that its Board of Directors (the “Board”) has
authorized a quarterly cash distribution of $0.22 per share for Q2 2026,
consistent with prior quarters.
Q2 2026 highlights, including notable post-quarter developments:
· Successfully completed the strategic sale of Fontis’ drilling operations and
jack-up fleet.
· Successfully completed a $250 million five-year bond issuance and redeemed
the 2026 Notes
· Secured approval for the Extended Dry-Docking program for up to 20 years for
five PLSVs, with each vessel expected to require one fewer dry-docking (SPS)
during its lifetime, reducing future capex and allowing for higher revenue
generation.
· Reported combined segment revenue and EBITDA of $71 million and $42 million,
respectively.
· Fleet technical utilization was 93% primarily reflecting maintenance
activities and operational incidents involving Esmeralda and Jade which have
been completed and was reflected in previously announced financial guidance.
· Closed the quarter with $148 million in cash, and net debt of $282 million
pro forma for the Fontis Transaction.
Seagems
Paratus’ 50% share in the Seagems joint venture contributed $71 million in
contract revenues, compared with $74.9 million in the prior quarter. The quarter
-over-quarter decrease was primarily attributable to maintenance activities and
operational incidents involving Esmeralda and Jade. These activities have been
completed, and their financial impact was reflected in previously announced
guidance. Operating expenses were $20.9 million, compared with $19.5 million in
Q1 2026, while G&A expenses were $3.4 million, compared with $3.9 million in the
prior quarter. Adjusted EBITDA was $43.5 million (Q1 2026: $48.1 million).
The JV achieved technical utilization of 93% (Q1 2026: 98.3%) and the contract
backlog at quarter-end was approximately $1.1 billion (Q1 2026: approximately
$1.2 billion).
During the quarter, Seagems distributed $30.2 million to Paratus (Q1 2026: $41.3
million).
Earlier in 2026, Petrobras issued a PLSV tender for contracts commencing in
2028, comprising five lots with varying technical specifications and offering
contract durations of four years. Seagems submitted bids for Jade and a third
-party vessel to which it has secured exclusive access to in the event of a
contract award.
During the quarter, Seagems secured approval to extend the Extended Dry-Docking
(EDD) program up to 20 years of age for its five 550t, Panama-flagged vessels.
This represents an important milestone, as the EDD regime is typically
discontinued once a vessel reaches 15 years of age. Consequently, each of these
vessels is expected to require one fewer dry-docking (SPS) during its lifetime
than would otherwise have been required, reducing future capital expenditure
and, subject to the vessels being contracted for the relevant period, allowing
for higher revenue generation during the time the vessels otherwise would have
been dry-docked. As a result, the extended EDD program is expected to improve
asset utilization, optimize long-term fleet maintenance costs and enhance
overall vessel economics. Seagems continue to seek a similar approval for the
Esmeralda as well.
Completion of the Sale of Fontis
On July 29, 2026, Paratus announced that all remaining conditions for the Fontis
Transaction have been satisfied and that the Fontis Transaction has been
successfully completed. The successful completion of the transaction marks an
important milestone for Paratus. Paratus is now a focused pure-play PLSV company
with a fully contracted fleet, strong cash flow visibility and a simplified
business operating in a resilient and infrastructure-linked segment. We believe
this provides a strong foundation for the Company’s next phase.
At completion of Fontis Transaction, Paratus received approximately $163 million
in cash consideration and a $237 million 2.5-year seller credit bearing interest
at 10% during the first year, 12% during months 13-18 and 14% thereafter.
Separately and related to the sale of the Mexican operations, Paratus received
$20 million as reimbursement of interim funding previously provided by Paratus
to support Fontis’ operations between signing and completion.
The Company is currently evaluating the available alternatives for the use of
the Fontis proceeds, including potential reinvestment opportunities and debt
repayment, and will provide a further update once a decision has been made.
Since Q1 2026, the financial results of Fontis have been classified as
discontinued operations and are included in reconciling items in the segment
note (Note 4). Related assets and liabilities of Fontis are presented as held
for sale.
Webcast and Q&A Session
Paratus will host a presentation of the Q2 2026 results via an audio webcast
today at 15:00 CEST. The presentation will be led by Baton Haxhimehmedi (CFO and
Interim CEO).
To join the webcast, please use the following link:
https://paratusenergy.engagestream.euronext.com/q2-2026
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:
Baton Haxhimehmedi, CFO and Interim CEO
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
· Q2 2026 Interim Results Report
· Q2 2026 Interim Results Presentation
About Paratus
Paratus Energy Services Ltd. (ticker: PLSV) is an investment holding company
with a 50% joint venture interest in Seagems. Seagems is a leading subsea
services company that owns and operates a fleet of six multi-purpose pipe-laying
support vessels, providing support, installation, flexible pipe-laying and
construction services. All vessels are currently operating under contracts 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
