Paratus Energy: Q1 2026 Results

HAMILTON, Bermuda, May 29, 2026 /PRNewswire/ -- Paratus Energy Services Ltd. (OSLO: PLSV) ("Paratus" or the "Company") today reported operational and financial results for the first quarter of 2026, highlighted by $75 million in segment revenues and $46 million in adjusted EBITDA, from continuing operations. The Company and its ownership in Joint Ventures ended the quarter with $128 million in cash and a net debt balance of $254 million (1.4x leverage) pro forma for the recently announced sale of the Jack-up business.

Paratus is pleased to announce that its Board of Directors (the "Board") has authorized a quarterly cash distribution of $0.22 per share for Q1 2026, consistent with prior quarters.

Q1 2026 highlights, including notable post-quarter developments:

• Announced sale of Fontis' drilling operations and jack-up fleet, positioning Paratus as the world's only pure-play PLSV company of scale, with all six vessels on multi-year contracts in a highly resilient, infrastructure-linked market segment.
• Post Q1, successfully placed new $250 million five-year bonds, primarily to refinance existing 2026 Notes.
• Delivered continued strong operational performance with approximately 98% PLSV fleet technical utilization.
• Reported $75 million revenues and $46 million in combined segment EBITDA.
• Closed the quarter with $128 million in cash and $254 million in net debt, pro forma for the Fontis transaction.
• Post Q1, declared a $0.22 per share dividend for Q1 2026, consistent with previous quarters.

Seagems 
Paratus' 50% share in the Seagems joint venture contributed $74.9 million in contract revenues, a modest increase from $73.5 million in the prior quarter. Opex totaled $19.5 million (Q4 2025: $14.8 million), while G&A expenses were $3.9 million, consistent with the prior quarter. The increase in reported Opex primarily reflects a one-time impact of presentation reclassification of certain withholding taxes from Opex to Income tax in Q4 2025 that reduced reported Opex in that quarter. Adjusted EBITDA was $48.1 million (Q4 2025: $51.6 million).

The JV achieved an average dayrate of $281 thousand per day (Q4 2025: $278 thousand per day) and maintained strong technical utilization of 98.3% (Q4 2025: 98%). Seagems JV's contract backlog at quarter-end was approximately $1.2 billion (Q4 2025: approximately $1.3 billion). During the quarter, the Seagems JV distributed $41.3 million to Paratus (Q4 2025: $38.1 million).

Earlier this year, Petrobras issued a PLSV tender for start-up in 2028, offering four-year contracts across five different lots with varying technical specifications. The tender deadline is currently set for mid-June 2026, and Seagems is well positioned to submit a bid with at least one vessel.

Sale of Fontis
On March 23, 2026, the Company announced the sale of Fontis' drilling operations and jack-up fleet for a total transaction nominal price of $400 million. Following this announcement, the financial results of Fontis have been classified as discontinued operations and related assets and liabilities of Fontis are presented as held for sale.

As of Q1 2026, two of the Fontis rigs were under contract with the client in Mexico. Titania FE was warm stacked in Mexico, while Oberon and Courageous completed operations in late January and early March 2026, respectively, and have since been demobilized for warm stacking in anticipation of new work. Defender has been awarded contract extensions and is scheduled to operate through late September 2026, while Intrepid continued working under the well-in-progress clause until completing operations around mid-May 2026, and was subsequently demobilized for warm stacking pending new work.

Webcast and Q&A Session
Paratus will host a presentation of the Q1 2026 results via an audio webcast today at 15:00 CET. 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/2026-05-29

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
[email protected]
+47 406 39 083

This information is subject to the disclosure requirements pursuant to section 5-12 the Norwegian Securities Trading Act.

Attachments

• Q1 2026 Interim Results Report
• Q1 2026 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 (held for sale) 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.

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SOURCE Paratus Energy Services Ltd