Paratus Energy Services (PLSV) Investor Presentation summary

Key investment highlights

• Industry-leading yield with cash distributions and share buybacks totaling ~30% of market cap since September 2024.

• Strong value support from existing cash, receivables, and contracted cash flows, covering 96-107% of market cap.

• Robust balance sheet with 2.2x net leverage and debt maturities extended beyond firm backlog.

• Substantial firm backlog of $1.7bn in Seagems and $139m in Fontis, providing multi-year revenue visibility.

• Backing from major shareholder Seatankers, enhancing financial stability.

Company overview

• Operates through Seagems JV (subsea services in Brazil), Fontis Energy (offshore drilling in Mexico), and a financial stake in Archer.

• Seagems JV owns six PLSVs with 98% utilization and $1.7bn backlog; Fontis operates five jack-up rigs with $139m backlog.

• Combined LTM Q1 2025 revenue of $446m and EBITDA of $253m.

• 14 years in operation, ~1,500 employees, and a strong operational track record.

Capital allocation and shareholder returns

• Committed to stable, long-term distributions, subject to debt covenants.

• $171m returned to shareholders since IPO through dividends and buybacks.

• Authorized share repurchases up to $100m, with $25m completed.

• Dividend yield of 26%, significantly higher than industry peers.