Paratus Energy: Q4 and Full-Year 2025 Results

HAMILTON, Bermuda, Feb. 27, 2026 /PRNewswire/ -- Paratus Energy Services Ltd. (OSLO: PLSV) ("Paratus" or the "Company") today reported operational and financial results for the fourth quarter and full-year 2025, highlighted by $115 million (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
[email protected] 
+47 958 26 729

Baton Haxhimehmedi, CFO
[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           

• 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.

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SOURCE Paratus Energy Services Ltd