#share buyback #Bermuda #Hamilton #Paratus Energy #PLSV

Overview

Paratus Energy Services Ltd. has officially initiated a significant share buyback program, aiming to repurchase shares worth approximately $20 million. This strategic move was communicated in a recent stock exchange notice, highlighting Paratus's ongoing commitment to shareholder value.

The buyback offer is structured as a reverse bookbuilding process, wherein all existing shareholders are invited to submit their shares for sale at a price of their choosing. The final purchase price for all shares will be standardized and determined at the discretion of Paratus, based upon the offers collected during the participation period.

Important Dates

The buyback process began on February 28, 2025, at 09:00 CET and will conclude at 16:30 CET on March 4, 2025. Notifications regarding allocation and pricing will be announced on March 5, 2025. Settlement of transactions is expected to occur on or around March 7, 2025. Shareholders intending to sell must contact the designated manager, ABG Sundal Collier ASA, to place their orders.

Shareholder Participation

The company has emphasized that only existing shareholders can take part in this initiative. Those who wish to engage in the buyback and are not already clients of the managing entity must establish a client relationship beforehand.

Notably, shareholders taking part in this buyback will not receive the upcoming dividend of $0.22, which was also announced on February 28, 2025, as the buyback will take place before the ex-dividend date.

Allocation Process

If the total share volume offered by sellers exceeds the predetermined buyback size, allocations will be made on a pro-rata basis. This approach ensures that all shareholders are treated fairly, allowing them to sell up to their indicated offered amount.

Paratus reserves the right to modify the size of the buyback offer or reject submissions. Furthermore, the company retains the discretion to withdraw or terminate the buyback at any time before its completion.

Largest Shareholders' Stance

Importantly, two of the company’s major shareholders—Hemen Investments Ltd. and Lodbrok Capital LLP—have signaled their intention not to participate in the buyback offer. This information may impact market expectations as the buyback progresses.

About Paratus Energy Services

Paratus Energy Services Ltd. operates as an investment holding company for leading energy service firms. Its primary subsidiaries include Fontis Energy, specializing in offshore drilling, and Seagems, known for subsea services supported by a fleet of specialized vessels. Additionally, Paratus holds a significant stake in Archer Ltd., another prominent player in oil services.

Final Thoughts

This buyback initiative is a clear indication of Paratus's strategy to enhance shareholder return and reflect confidence in its operational performance. Stakeholders should remain informed of all developments as the buyback window approaches its close.

For further inquiries regarding the offer, shareholders and interested parties may contact Robert Jensen (CEO) or Baton Haxhimehmedi (CFO) directly at the provided contact numbers in the initial announcement. This demonstrates the company’s transparency and commitment to its shareholders as it navigates these market actions.