Bermuda's Paratus Energy Reports Q2 2026 Revenue of $71 Million

en.Wedoany.com Reported - August 28, 2026, Hamilton, Bermuda – Paratus Energy Services Ltd. (OSLO: PLSV) announced its results for the second quarter of 2026. During the reporting period, consolidated segment revenue from continuing operations was $71 million, with adjusted EBITDA of $42 million. As of the end of the quarter, the company and its interest in Seagems held cash of $148 million, with a net debt balance of $282 million on a pro forma basis for the Fontis transaction, representing a leverage ratio of 1.6x. The Board of Directors has approved a cash distribution of $0.22 per share for the second quarter of 2026, consistent with the previous quarter.

Key events during and after the quarter include: the completion of the strategic sale of the Fontis drilling operations and the jack-up drilling rig fleet; the completion of a $250 million five-year bond issuance and the redemption of bonds maturing in 2026; and the approval of Extended Dry-Docking plans for five PLSVs, extending up to a vessel age of 20 years. Fleet technical utilization was 93%, primarily reflecting the impact of maintenance activities and operational incidents involving Esmeralda and Jade, all of which have been concluded, with their financial impact incorporated into previously communicated financial guidance.

In the Seagems joint venture, Paratus' 50% share contributed contract revenue of $71 million, compared to $74.9 million in the previous quarter. The sequential decline is primarily attributable to maintenance activities and operational incidents involving Esmeralda and Jade, the impact of which has been reflected in previously communicated guidance. Operating expenses were $20.9 million, compared to $19.5 million in the previous quarter; administrative expenses were $3.4 million, compared to $3.9 million in the previous quarter. Adjusted EBITDA was $43.5 million, compared to $48.1 million in the previous quarter.

The joint venture's technical utilization was 93%, compared to 98.3% in the previous quarter; contract backlog stood at approximately $1.1 billion as of the end of the quarter, compared to approximately $1.2 billion in the previous quarter. During the quarter, Seagems distributed $30.2 million to Paratus, compared to $41.3 million in the previous quarter. Petrobras issued a PLSV tender earlier in 2026, with contracts scheduled to commence in 2028, comprising five lots with varying technical specifications and a contract duration of four years. Seagems has submitted bids for Jade and one third-party vessel, and has secured exclusive rights to that vessel subject to contract award.

During the quarter, Seagems received approval to extend the Extended Dry-Docking plans for its five 550-tonne, Panamanian-flagged vessels to a vessel age of 20 years. The Extended Dry-Docking regime typically terminates when a vessel reaches 15 years of age; with this approval, each vessel is expected to require one fewer dry-docking (SPS) over its useful life, thereby reducing future capital expenditures and generating higher revenue during periods that would otherwise have been spent in dry dock (if the vessel is under contract during such periods), contributing to improved asset utilization, optimized long-term fleet maintenance costs, and enhanced overall vessel economics. Seagems is also seeking similar approval for Esmeralda.

On July 29, 2026, all remaining conditions of the Fontis transaction were satisfied and the transaction was successfully completed, making Paratus a focused pure-play PLSV company with a fully contracted fleet. Upon completion of the transaction, Paratus received approximately $163 million in cash consideration, as well as a $237 million seller's credit with a 2.5-year tenor, bearing interest at 10% for the first year, 12% from months 13 to 18, and 14% thereafter. Additionally, in connection with the sale of the Mexico operations, Paratus received $20 million as reimbursement for temporary financing previously provided to support Fontis' operations between signing and closing. The company is evaluating uses of the Fontis transaction proceeds, including potential reinvestment opportunities and debt repayment. Since the first quarter of 2026, Fontis' financial results have been classified as discontinued operations, with related assets and liabilities presented as held for sale.

Paratus will hold its second quarter 2026 results presentation today at 15:00 CEST via audio webcast, hosted by Chief Financial Officer and Interim Chief Executive Officer Baton Haxhimehmedi. The webcast link is https://paratusenergy.engagestream.euronext.com/q2-2026, with a Q&A session following the presentation. Contact email: [email protected], telephone: +47 406 39 083.

Paratus Energy Services Ltd. (ticker: PLSV) is an investment holding company with a 50% joint venture interest in Seagems. Seagems is a subsea services company that owns and operates a fleet of six multi-purpose pipelay support vessels, providing support, installation, flexible lay, and construction services, with all vessels currently operating under contracts in Brazil.

This information is disclosed pursuant to the disclosure requirements of Section 5-12 of the Norwegian Securities Trading Act.