#Bermuda #Paratus Energy #Norway #PLSV #Seagems

Paratus Energy Services Ltd. Reports Q1 2026 Results

Paratus Energy Services Ltd. (OSLO: PLSV), commonly known as Paratus, has recently unveiled its operational and financial results for the first quarter of 2026. The company reported remarkable segment revenues reaching $75 million and an adjusted EBITDA of $46 million from its continuing operations, reflecting its strong position in the energy services market.

In terms of liquidity, Paratus ended the quarter with a robust cash balance of $128 million while maintaining a net debt level of $254 million, corresponding to a leverage ratio of 1.4x. This financial stability is further bolstered by a recent announcement regarding the sale of the company's jack-up business, which aligns with its strategy to consolidate and enhance its operational capabilities.

Moreover, the Board of Directors has approved a quarterly cash distribution of $0.22 per share, consistent with prior quarters, signaling its commitment to returning value to shareholders.

Operational Highlights

The company has seen substantial operational success, with its fleet achieving an impressive technical utilization rate of approximately 98%. Paratus now stands out as a unique entity in the industry, being the only pure-play Pipe Laying Support Vessel (PLSV) company of scale worldwide. All six of its vessels are engaged on multi-year contracts within a resilient, infrastructure-oriented market segment.

The strong performance of the Seagems joint venture has also contributed notably to the company’s results. Paratus holds a 50% stake in Seagems, which reported contract revenues of $74.9 million, marking a slight increase from $73.5 million in the previous quarter. The operational expenses for this joint venture accounted for $19.5 million, while general administrative expenses were stable at $3.9 million.

The average dayrate in the Seagems venture increased to $281,000 per day, with a slight increment from $278,000 in the fourth quarter of 2025. Furthermore, the contract backlog for Seagems at quarter-end was approximately $1.2 billion, an indication of robust future revenue potential.

Strategic Developments

During the quarter, Paratus announced the strategic sale of Fontis's drilling operations and jack-up fleet for a total consideration of $400 million. This move is part of a broader initiative to focus on their core PLSV business, with operations with Fontis categorized as discontinued. Presently, two of Fontis's rigs are contracted out in Mexico, with further operational transitions underway.

Looking ahead, the company is preparing to participate in a tender issued by Petrobras for PLSV services slated for 2028, which could potentially secure extensive future contracts for the firm.

Upcoming Engagements

To share insights pertaining to these results, Paratus will host an audio webcast presentation led by Baton Haxhimehmedi, the CFO and Interim CEO, on May 29, 2026. Interested stakeholders can join through the designated link provided in communications. A Q&A session will follow, offering a platform for further engagement.

Commitment to Shareholders

Paratus Energy Services continues to exhibit a firm commitment to strengthening its operational front while ensuring shareholder value through consistent dividends and strategic growth initiatives. The positive trajectory reflected in the Q1 2026 results further cements Paratus's position in the competitive energy sector.

For additional details and insights, followers and stakeholders are encouraged to reach out to Baton Haxhimehmedi directly via the provided contact information.