Paratus Energy Services (PLSV) Company Presentation summary

Key investment highlights

• Delivered total shareholder distributions since September 2024 equal to about 30% of current market cap, with a $212m return since IPO and a 24% dividend yield as of Q2 2025.

• Cash, liquid assets, and firm backlog cover 80-90% of market cap, providing strong value support and significant distribution capacity for the next few years.

• Maintains a robust balance sheet with 2.6x net leverage and flexible debt agreements, enabling efficient capital allocation and growth opportunities.

• Demonstrated ability to deleverage, with ~$1bn asset-level deleveraging in Seagems and ~$600m in Fontis since 2015.

• Backed by Seatankers, a major shareholder with a global marine industry presence.

Company overview

• Operates through Seagems JV (subsea services, 6 PLSVs in Brazil), Fontis Energy (offshore drilling, 5 jack-ups in Mexico), and a financial investment in Archer.

• Seagems JV holds ~1/3 of the Brazilian PLSV market, with a $1.6bn firm backlog and 98% fleet utilization.

• Fontis Energy is a leading offshore driller in Mexico, with a $98m backlog and a 14% market share in the Mexican jack-up market.

• Combined group revenue (LTM Q2 2025) is $428m, with EBITDA of $240m and net debt of $632m.

• Listed on the Oslo Stock Exchange, with a market cap of ~$223m as of September 2025.

Market and operational performance

• Seagems and Fontis have maintained high operational utilization (~98%) and strong EBITDA margins (Seagems: 61-68%, Fontis: 52-63%).

• The Brazilian PLSV market is expected to face excess demand, supporting high vessel utilization and rates.

• Fontis benefits from premium jack-up demand in Mexico, with government initiatives to boost shallow water production.

• Both segments are well positioned in the oil & gas value chain, with potential exposure to new markets like carbon capture and offshore wind.