Paratus Announces Receipt of Payment in Mexico

HAMILTON, Bermuda  , Feb. 5, 2025 /PRNewswire/ -- Paratus Energy Services Ltd. (ticker "PLSV") ("Paratus" or the "Company") announces today that its wholly owned subsidiary, Fontis Holdings Ltd. (together with its subsidiaries, "Fontis"), has successfully received full payment of approximately $209 million¹ of overdue invoices from its client in Mexico under the receivables monetization agreement announced on January 24, 2025 ("Receivables Payment"). The Receivables Payment was completed in accordance with the terms of the agreement.

The Company remains committed to its long-standing relationship with its client in Mexico and the Receivables Payments are important to Fontis' continued successful operations in the region.

For further information, please contact:
Robert Jensen, CEO
[email protected]
+47 958 26 729

Baton Haxhimehmedi, CFO
[email protected]
+47 406 39 083

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 (formerly Seabras). Fontis Energy is an offshore drilling company with a fleet of five high-specification jack-up rigs working under contracts in Mexico. Seagems is a leading subsea services company, with a fleet of six multi-purpose pipe-laying support vessels under contracts in Brazil. In addition, Paratus is the largest shareholder in Archer Ltd, a global oil services company, listed on the Euronext Oslo Børs.

Note: (1) Amount includes Mexican standard VAT rate of 16%.

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SOURCE Paratus Energy Services Ltd