#USA #Hamilton #Paratus Energy #Fontis Operations #Investment Holding

Paratus Energy Successfully Completes Sale of Fontis Operations

Paratus Energy Services Ltd., trading under OSLO: PLSV, has announced a significant milestone with the completion of the sale of its Fontis drilling operations and jack-up fleet. This noteworthy transaction follows the company’s earlier announcements regarding both the sale process and the clearance received from the Mexican Competition Authority.

Details of the Transaction

The transaction, initially mentioned on March 23, 2026, received the final approval allowing it to be executed successfully. As disclosed, all necessary conditions for the sale were fulfilled, leading to Paratus receiving an impressive cash inflow of approximately USD 163 million. Additionally, the company secured a seller credit worth USD 237 million, which will bear interest set at 10% for the first year, 12% for the next six months, and 14% thereafter.

Furthermore, following the completion of the sale, Paratus received USD 20 million as reimbursement for interim funding that had been offered to Fontis in the duration leading up to the transaction’s completion. This funding was vital for sustaining Fontis' operations during the transaction.

Company Perspective

The Interim CEO and CFO of Paratus, Baton Haxhimehmedi, expressed his satisfaction regarding the successful completion of this transaction. He noted, "This achievement marks a pivotal moment for Paratus as we now transition into a pure-play PLSV company. The fully contracted fleet, combined with strong cash flow visibility, positions us excellently for our forthcoming endeavors. I want to extend my gratitude to all involved for their dedication and hard work throughout this process."

The successful sale not only reflects Paratus Energy's strategic shift but also strengthens its foundation as it prepares for future growth stages.

About Paratus Energy

Paratus Energy Services Ltd. operates as an investment holding company focused primarily on the oil and gas sector. It holds a 50% joint venture interest in Seagems, a prominent subsea services provider that operates a fleet of six multi-purpose pipe-laying support vessels. Currently, all these vessels are under contract in Brazil, further enhancing the company's operational standing in the industry.

Conclusion

As Paratus Energy Services moves forward, the completion of the sale of Fontis is set to enhance its operational efficiency while improving financial stability. This strategic maneuver underscores the company's commitment to refining its business model and aligning itself to a more focused operational pathway. Investors and stakeholders in Paratus can look forward to a more streamlined and profit-oriented future as the company stands poised for its next significant phases of development.