Paratus Energy Services (PLSV) Q4 2025 earnings summary

Executive summary

• Achieved 99% technical fleet utilization in 2025, exceeding initial financial guidance and demonstrating strong operational performance.

• Full-year revenues were $452 million, flat year-over-year, with adjusted EBITDA up 4% to $261 million.

• Returned $168 million to shareholders in 2025 via dividends and share buybacks.

• Monetized a 24% Archer stake for $48 million, simplifying the group structure.

• Ended 2025 with $204 million in cash and $581 million in net debt, providing solid liquidity.

Financial highlights

• Full-year 2025 net income was $75 million, up from $32 million in 2024.

• Q4 2025 revenues were $115 million, adjusted EBITDA $69 million, and net income $20 million.

• Earnings per share for 2025 were $0.46, up from $0.20 in 2024.

• Year-end 2025 cash balance was $178 million, up from $86 million at year-end 2024.

• Collected $356 million in Mexico during 2025, reducing receivables to $199 million.

Outlook and guidance

• Seagems has strong visibility with $1.3 billion backlog and long-term Petrobras contracts; preparing bids for new Petrobras tenders starting 2027-28.

• Fontis faces limited near-term visibility but is pursuing contract extensions for three rigs.

• No full-year 2026 guidance issued due to uncertainty in Fontis activity levels.

• Strategic review of jack-up business ongoing, including potential asset sales or restructuring.

• National oil company’s planned 34% capex increase and production targets may boost medium-term activity in Mexico.